Keeping Medical Bills in Check, Disney to cut 28,000 jobs, Department of Labor announces revisions to paid sick and family leave, Caesars Entertainment buys sports betting Bookmaker William Hill
Keeping Medical Bills in Check
While it wouldn’t be wrong to say that all the work that business managers do is painstaking and requires meticulous diligence and attention to detail, there is one particularly sensitive aspect of the work that stands out in its complexity and intricacy: health insurance and medical bills.
Medical bills are notorious for containing errors where a client could get overcharged for a variety of errors (human errors, incomplete documentation and sometimes, even fraud). Some research studies showed that roughly half of the medical bills contain errors, while other studies claimed it goes as high as 80% of them.
One company that works with most of the large business management companies to help them avoid or correct these mistakes is inAssist, a leading provider of healthcare management and audit solutions.
“inAssist is a 12-year old company which was founded on the principle of verifying every medical transaction,” inAssist’s CEO and Managing Partner Scott Speranza says. “We’ve audited over a half a billion dollars in medical bills, and we have 10,000 clients from the entertainment and high-net-worth space within the business management community.”
Through its work, inAssist is protecting the business managers from a myriad of potential threats, including but not limited to HIPAA violations, privacy breaches, eligibility tracking and leaving their client uninsured due to lack of information and services.
Speranza says that at the partner level, the most important value they bring to their clients is mitigating the issue of risk.
“When a HIPAA violation breach or data transfer that isn’t HIPAA compliant occurs, and that data is released to the general market there could be significant risk to the business management firm that they are not insured against,” Speranza says.
Some of the biggest concerns are that many of these high profile clients have a brand, so if their data gets out and that data hurts their brand or ability to get work, that could lead to a major lawsuit.
“So what inAssist does is it creates a ‘HIPAA firewall’ that says ‘hey we can manage this, host it, and make it secure, so when something does happen, you are protected,” Speranza adds.
Zenith Information Systems, is a full-service accounting and bill pay platform that integrates through multiple banks so when they do a payment, a client can use their interface, do an electronic payment and it flows right through to the recipient.
Jeff Sesar, the owner of Zenith Information Systems, says, “We provide business managers with an accounting product that is designed for an organization to have one single management team handling the affairs of multiple entities, and we do it very efficiently, securely and accurately.”
Jay Barr, COO of business management company Savitsky Satin Bacon & Bucci and a client of inAssist for about 5 years, says that in the past it used to be one person from their company taking care of all medical claims, but as they were growing in size it was becoming a nightmare, as it was simply too voluminous to handle.
“People at inAssist understand medical billing, the insurance side, the carriers’, they have relationships with the doctors and medical advisors. So when they see an explanation of benefits or they see a decline in coverage they have an understanding of what they are looking at. They know what the price should have been, and they know who to contact to get the best service and best prices,” Barr says.
According to Barr, inAssist has handled tens of thousands of claims for them.
“They get us total peace of mind when it comes to medical claims and virtually any aspect of that,” Barr says. “They know how important the security of our clients is. They’ve saved our clients money, they’ve saved our firm money, and they’ve saved our employees so much time.”
🎢 Disney announced this week the need to cut 28,000 jobs due to closures caused by the pandemic. Disney theme parks in other parts of the world have been able to open with limited capacity, but both California theme parks remain closed. The job cuts wil be across Disney’s parks, experiences, and consumer products segments.
✒️ Miller Kaplan explains the revisions set forth by the Department of Labor regarding paid sick and family leave during Covid-19. Some highlights include revisions to the work availability requirement, employer approval of intermittent leave, and revisions to the definition of health care provider.
🎰 Caesars Entertainment buys sports betting Bookmaker William Hill for $3.7 billion in an effort to expand the casino’s ties to the sports betting and online gaming world.