Welcome to Medical Mile
in Grand Rapids, Michigan
Home of SpendMend!
When you enter Downtown Grand Rapids via I-196 you are greeted with Medical Mile. It may have started in 1996 with the Van Andel Institute who is one of the causes SpendMend support, but it has expanded to include hospitals, cancer treatment centers, women and children’s hospitals, heart centers, and multiple universities. An individual can treat all of their physical health related needs along the Medical Mile, but who treats the needs of the hospital. To maintain a healthy functioning system all aspects should be cared for and maintained.
On this education path you will learn about all the areas that financial leakage and government compliance can cause financial havoc.
The Pharmacy System
If you’re a hospital, health system, clinic, or grantee that is eligible to participate in the 340B program, you can obtain drugs at a reduced cost. These savings can be used to support your mission of expanding care to under-served patients and communities while at the same time increasing reimbursements and improving overall revenue. 340B Program participation comes with complex regulatory and audit requirements that must be managed carefully to maintain compliance.
A Bird’s Eye View of the 340B Program
Blog Post
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Recent HRSA Audit Trends
Blog Post
OIG Compliance: Medical Device Explant Warranty Credit Tracking
The OIG has strated auditing hospitals again after pausing during the COVID-19 pandemic. Congress has been promised over $1 Billion in fines delivered to them. Those fines are coming from hospitals like yours. Does your hospital have a system for tracking explanted medical devices from the moment it leaves the body to the when it is sent back to supplies, to when it is checked for the 50/50 rule, and then when the credit comes back from CMS. If NOT or if you’re not sure this path will get you started.
5 Things You Need to do to Prepare for an OIG Medical Device Audit
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Read About the OIG’s Newest Report on Hospital Compliance for Reporting Cardiac Device Credits
Undergoing or Haulted Construction Projects
Hospitals and their representatives typically do not have the resources or time to complete construction contract audits especially during COVID-19. Time constraints, resources, furloughs, and other job responsibilities do not always allow for proper monitoring of the billings against the contract. Contract leakage does not result from fraud or collusion. It is simply the result of errors and oversights occurring when substantial amounts of dollars are paid out to complete a capital project. This contract leakage can result in financial loss for all construction projects.
Compliance: Sales and Use Tax
Determining taxability on purchased items and services within the healthcare industry can be a confusing and time-consuming effort. Every state has its own unique complicated tax requirements and they seem to change all the time. Failing to uphold the standards can lead to millions of dollars in loss and countless hours of non value-add labor trying to reconcile accounts.
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