SOURCE: Panacea Healthcare Solutions

RACauditor.com

December 16, 2009 12:53 ET

Panacea Healthcare Solutions Announces New Partnership to Provide RAC Data Mining Services

TAMPA, FL--(Marketwire - December 16, 2009) - Panacea Healthcare Solutions, LLC is now offering MedLearn's solution as the exclusive RAC Risk Data Mining module at Panacea's RACAuditor.com web site.

With the implementation of the Federal Government's Recovery Audit Contractor (RAC) program nationwide wherein hospitals face significant risk to revenues and profit margins due to very complex appeals processes with stiff penalties, hospitals must understand, manage and reduce their improper payment risk from the RACs and incorporate process improvement initiatives to diminish future financial risk.

Launched in 2008, RACAuditor.com offers a comprehensive suite of 'Best in Class' services that hospitals can trust to meet their RAC data mining, tracking, process improvement, appeal support and other related consulting needs.

RACAuditor.com has partnered with MedLearn to perform a customized inpatient MS-DRG and outpatient improper payment risk analysis on your data and measure it against the Centers for Medicare & Medicaid Services (CMS) benchmark reports. MedLearn's comprehensive data mining products and services provide focused analysis on the same areas targeted by RAC audits. MedLearn provides the data you need to proactively address areas of financial exposure. Now that new vulnerabilities have been posted, it is even more important for providers to use data analytics to identify their risk.

"We feel strongly that hospitals need to stay a step of the RACs in order to reduce their financial exposure and develop criteria and benchmarks for process improvement. This means they too, will need to implement data mining techniques to uncover issues and patient records long before the RACs do. MedLearn's long standing reputation in the coding and compliance field, the size and experience of their consulting staff and their approach to identifying specific areas and patient level claims at risk by incorporating important CERT, RAC, CMS, MedPar, OPPS and OIG data and criterion in their data mining process lead to our decision to form this exclusive alliance with MedLearn," said Frederick Stodolak, CEO of Panacea.

"We are excited that Panacea Healthcare Solutions has selected MedLearn to be its exclusive partner for RAC data mining, and RAC preparedness consulting services, offered among its popular RACAuditor.com services. We have observed the increased popularity of the Panacea Healthcare Solutions offerings and are happy to be among the 'Best in Class' partners chosen by Panacea Healthcare Solutions," stated Mike Rogge, President of MedLearn.

RACAuditor's partnership with MedLearn provides a new data mining program which assists providers in prioritizing their audit and improvement plan by providing reports that stratify likely improper dollar risk by reason for the look back period and on a routine basis going forward. The system allows the hospital to track their progress in relationship to the same goals as CMS. The data mining program starts at the MS-DRG level to identify risk, and after identifying the highest of risk MS-DRGs then filters down to identify the highest at risk claims based on coding, charges, and payments. Outpatient claims are also flagged under this program.

ABOUT PANACEA

Panacea Healthcare Solutions, LLC, (www.panaceahealthsolutions.com) with offices in Florida and New Jersey, provides expert financial and information technology advice and systems that improve bottom line performance to healthcare providers, payers, and software companies. Panacea's areas of expertise included Coding, Compliance, Finance and Reimbursement and Revenue Cycle Consulting and Systems.

ABOUT MEDICAL LEARNING, INC. (MedLearn)

Since its founding in 1991, MedLearn (www.medlearn.com) has become one of the nation's most respected authorities on medical coding, compliance and reimbursement. MedLearn clients can choose from a variety of resources, including publications, consulting services, customized learning and assessments, seminars and online testing and learning. Content for each of these resources comes directly from MedLearn experts, professionals who have years, often decades, of real-world experience in the clinical and business office setting.

Contact Information

  • Michael Kennedy
    Panacea Healthcare Solutions
    Phone: (866) 926-5933 x 702
    Web Site: www.RACauditor.com