GRAND RAPIDS, Mich., April 5, 2021 (Newswire.com) – SpendMend, the leading provider of tech-enabled solutions to optimize the cost-cycle for the healthcare industry, announced today they will be presenting a free educational webinar outlining the findings and the projected next steps coming from the Office of Inspector General’s (OIG) latest report on U.S. Hospitals’ management of cardiac device explant credits.
The report confirmed a costly trend of Medicare overpayments going under-reported and frequently unreturned. Each of the 911 hospitals audited was out of compliance to some degree. Out of 3,233 payments reviewed in the sample audit, nearly half (49.2%) were not correctly reported. In response to the findings, the Center for Medicare and Medicaid Services (CMS), in conjunction with the OIG, has announced their intention to recoup several billion dollars in improper payments from U.S. Hospitals.
The educational session will be moderated by Dennis Beall, a 20-year expert in the field of Medical Device Explant Warranty Procedures and Credit Management, and Al Brander, head of the Medical Device Explant practice at SpendMend and former Chief Nursing Officer at Spectrum Health. The material will include data and contributions from several other leading specialists on Explant Warranty Credit Management and Tracking.
The free session will focus on four key areas:
- A detailed overview of the OIG audit findings
- Which hospitals will be targeted in the audits
- What’s at stake if your hospital is non-compliant
- The five critical steps to prepare for the audit
“Most U.S. Hospitals don’t completely understand what is about to hit them,” warns Brander. “For many Health Systems, the bottom-line impact of this most recent audit has crept into the tens of millions of dollars. But with a simple understating of the motivations of both CMS and OIG and a few preventative measures in place, hospitals can avoid millions of dollars in fees and penalties, and more importantly they can ensure they stay off CMS’s excluded provider lists.”