What CFOs in Region 11 are saying about RAC audits
If you haven’t had an RAC audit yet, don’t relax and assume you’re in the clear. Experienced hospitals warn that readiness is, if not all, essential to success.
Be prepared, because it will happen. The feds are absolutely convinced that hospitals are out there cheating.
An RAC audit can be overwhelming. We strongly suggest that you have a multidisciplinary committee or task force established in advance, that you budget ahead for the cost of this work, and that you work with an outside consultant to help review the charts. As CFO, you might want to set up some reserves on your balance sheet.
We’ve found that when our physicians talk to some of the RAC folks, they’re often talking to people who don’t understand all the issues and are not qualified to make determinations. It helps to get your consultants involved.