What is a protest to the retro adjustment and how does it benefit your company?
Approach Management Services carefully reviews the retro refund adjustments once they are published. There are always claims that for many different reasons are valued incorrectly in our eyes when the snapshot valuation occurs. On every plan year currently in play (2009-2010-2011) Approach submits a protest to the retro adjustment. The aim is to present evidence that certain claims were valued incorrectly and that if correctly charged would have resulted in lower claims costs and thus additional refund to the group. We have just received the response for the SMART A-Team protests and were granted relief on 14 claims for an additional $435,276 in refund, which will be added to the distributions scheduled for June 2014. In addition 21 claims were noted “pending further action” which could result in additional refunds later. Many retro groups do not utilize this powerful tool to increase refunds for their clients, but Approach has always filed protests, and has always been successful in increasing your return as a result. It takes many hours of research and formulating the arguments for these protests, but we believe the $435,276 additional refund is worth the effort!