, a wholly owned subsidiary of HMS Holdings Corp. (NASDAQ:HMSY), announced today that it has been awarded a contract by the Commonwealth of Virginia, Department of Medical Assistance Services (DMAS), to serve as the Commonwealth’s Medicaid Recovery Audit Contractor (RAC).
Under the terms of this contract,
will audit both in-state and out-of-state providers participating in the Virginia Medicaid program to identify underpayments and overpayments for all claims paid under the Medicaid and CHIP programs.
The contract has an initial term of three years and includes three one-year renewal options.
has provided cost containment services to DMAS since 1987. During that time, HMS has recovered $346M on behalf of the Commonwealth. Each year,
saves the Commonwealth millions of dollars through its cost avoidance efforts.
is the nation's leader in
coordination of benefits
services for healthcare payers.
's clients include
health and human services programs
in more than 40 states; commercial programs, including
, and over 135
Medicaid managed care plans
; the Centers for Medicare and Medicaid Services (CMS); and
Veterans Administration facilities
. As a result of the company's services, clients recovered over $2.5 billion in 2011, and saved nearly $7 billion through the prevention of erroneous payments.