By Chuck Buck Original story posted on: January 17, 2012
Heeding songwriter Steven Bishop's old refrain, "you better save it for a rainy day," 52 percent of respondents to an online survey reported that they are budgeting for a reserve fund based upon past RAC experiences.
The survey was conducted Monday during Monitor Monday, a weekly podcast produced by RACmonitor. Behind that group were the 20 percent of respondents who stated that they were budgeting for their reserve fund based on published industry standards. Interestingly, 25 percent responded with the answer "fingers crossed or no reserves or insurance." To the latter point, 1 percent had purchased RAC-specific insurance, while another 2 percent responded that they had an add-on to reinsurance or had a stop-loss policy.
"The more surprising figure, however, is the 25 percent who responded that they have their ‘fingers crossed,'" said Nancy Beckley, president of Nancy Beckley and Associates. Beckley, a regular panelist since the debut of Monitor Monday in January 2010, created this and previous listener polls that have become a regular feature during the half-hour live podcast.
"It's that 25 percent who seem to want more information," Beckley said. "That is why they appreciate the follow-up on Monitor Mondays, because sharing has become so important in dealing with not only RACs, but other Medicare Program Integrity Initiatives as well."