South Florida Hospital News
Thursday August 6, 2020
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January 2010 - Volume 6 - Issue 7
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Tech Company Helps Hospitals Recover Lost Charges

Today, many hospitals across the country are losing a large chunk of their charge-based revenue because of billing errors or omitted charges. While these charges are a small part of an organization’s collective bottom lines, these losses can quickly add up over the years. It’s been estimated that up to 5 percent of charges are never billed.

Since 1992, South Florida-based Omega Technology Solutions and its affiliates have been helping health care organizations recover these lost charges.

"We’ve recovered in excess of $120 million for our clients," says Ann Fierro, founder of Omega. "We average between $2.5 and $3 million per hospital. Not only do we recover this money, but we also train their employees. We identify the problem and provide training so they can fix the problem immediately and realize the additional money going forward."

Fierro, who is a nurse by training, earned her CPA to learn more about healthcare finances, budgeting, and reimbursement. After working in critical care, and ER over her career, she migrated to the financial side of the hospital. She soon recognized that there was a gap between clinical delivery and the financial operations of a hospital. In 1992, she started Omega as a consulting firm and recently has been transitioning into becoming a full-fledged technology solutions company. Omega was a pioneer in revenue recovery. Over the past several years, while a number of firms have also jumped into this growing field, very few employ nurse auditors like Omega.

Omega’s services include Patient Accounting Consulting and Charge Master Engagements as well as Full Revenue Cycle Enhancement services such as: Lost Charge Recovery Services, Medicare Compliance Services, Defensive Audit Engagements, ChargeMASTER Compliance and Claims Optimization Projects.

"We help hospitals make money in a variety of different ways," says Fierro. "Through our Lost Charge Recovery Services, we can identify areas of opportunities where they’re not capturing all of their charges. We’ll go back two years, capture those charges, re-bill, and the hospital gets the cash. It’s no risk for the hospital."

Additionally, its Web-based claims scrubber, "OCExaminer," (Omega’s Claims Examiner) will take a batch of claims, check them for compliance with all of Medicare’s edits, and return them with each problem clearly identified for correction. Clients can submit the clean ones themselves, or Omega can submit them directly to the carriers. It has programmed thousands of edits to ensure that commercial and managed care claims are complete and compliant. It also has created an area of user-defined edits so that a facility can make its edits payer specific.

The company also has technology software solutions that identify missing codes and incorrect codes and problems. Its ChargeMASTER software (licensed by Panacea Healthcare Solutions, LLC) identifies everything on the hospital’s chargemaster that can be hard coded and go directly to the bill. Its OCExaminer software scrubs claims to make sure they are compliant and to ensure that hospitals will get paid correctly by different carriers, especially Medicare.

"We can identify lost missing codes, missing charges, charges for implants, charges for drug administration, so the hospital can recoup missing charges themselves," Fierro says. "They can work their claims online and can fix the claims and we can submit it for them."

Fierro says that its focus is to provide hospitals with the highest quality, results-oriented consulting and technology services available today.

"Unlike other firms, we’ll audit the account and look through the medical records manually," she says. "All a hospital has to do is collect the money."

Omega is a member of the Healthcare Financial Management Association (HFMA), preferred vendors for Premier, and has a business alliance with Proginet Corporation. In addition, it is a member of CORE. Most recently, it has been awarded the prestigious Peer Reviewed designation from HFMA. Omega is also a privately owned Certified Women’s Business Enterprise and is dedicated to exceeding the expectations of its clients.

"We’re extremely service-oriented," says Fierro. "Whatever our clients need, we’ll take care of it. We are committed to providing hospitals with the highest quality, results-oriented consulting and technology services available today."

For more information on Omega, visit www.omegatechnologysolutions.com or call 1-800-559-8009.
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