Develop a plan for determining fair market value
Health Care Auditing Strategies, November 1, 2005
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Chances are, you know physicians and administrators who are less than thrilled about documenting fair market value. What's more, simply hoping that your facility's transactions are conducted at fair market value is not enough to ensure compliance.
Robert A. Wade, Esq., a partner with Baker & Daniels in South Bend, IN, offered strategies for determining and documenting fair market value during his presentation at the American Health Lawyers Association's Fraud and Compliance Forum in Baltimore in September.
Penalties for failing to meet fair market value can result in fines totaling three times the amount paid by Medicare or Medicaid, a $10,000 fine per payment, exclusion from federal programs, and imprisonment.
"A lot of physicians say, 'This [penalty] won't happen to me,' " Wade said. "Educate your medical staff enough so your docs get it."
This is an excerpt from a member only article. To read the article in its entirety, please login.
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