When your business revolves around what the government has created…you end up being the tail that is wagged.
HMS Holdings, one of the largest RAC auditing companies profits drop from $9.82 million to $7.04 million dollars.
Let me hear all the docs in unison: boo hoo, we feel so sorry for you!
There are not too many better business models that can be built.
The government has you scour the books, and for every mistake you find, you get a percentage of what is recovered.
This “plummet” in profits is blamed on “…challenges faced by our clients and carriers in adopting several new CMS-mandated claim transaction formats.” Once again I know there are many docs out there feeling sorry for these guys.
Note that total revenue increased from $82.5 million to $107.3 million!
These guys are just printing money, on the back of physicians.
You better have a defense plan in place when the RACs really start coming after physicians