The complexity of managing a practice's finances often leads to overlooked or undiscovered discrepancies that can hinder profitability and operational integrity.
A comprehensive financial analysis uncovers these potential pitfalls, aligning financial practices with business goals and regulatory requirements.
This level of analysis can expose underlying issues that, when addressed, will streamline financial operations and strengthen the practice's economic foundation.
What You Get
All-inclusive Financial Review Report
This exhaustive report encapsulates the full scope of your practice’s finances, revealing strengths and areas for improvement.
Collection Reconciliation Report
A detailed breakdown of patient collections, ensuring every charge is captured and banked.
Refund Integrity Analysis
A comprehensive review of refund transactions, affirming the accuracy and justification for refunds issued.
Compensation Accuracy Confirmation
A report scrutinizes compensation formulas, verifies calculations, and ensures alignment with production.
Payroll Examination Summary
A thorough analysis of the payroll system ensures that every dollar spent on payroll is accurately accounted for and justified.
What We Do
Inclusion of all Financial Audit services plus:
Patient Collections Reconciliation
Validation that EMR-recorded payments correspond with bank deposits.
Patient Refunds Review
Cross-examination of recorded refunds in the EMR with the actual refunded amounts.
Compensation and Production Formulas Review
An analytical review of compensation structures, ensuring accuracy and fairness in:
Formula calculation verifications.
EMR billing vs. production metric comparisons.
Payroll Systems Review
A meticulous review of payroll processes, guaranteeing:
Timecard and payroll hour alignment.
Accurate PTO tracking and payments.
Correct application of pay rates.
Production bonuses align with due amounts.
Paycheck and HR record consistency.
Why You Need This
Efficiently managing patient collections, refunds, compensation, and payroll are all critical components that impact the fiscal health of your practice.
This service goes beyond the basic Financial Audit to dissect and analyze every financial vein and artery, ensuring absolute financial harmony.
It is designed for practices aiming for a deeper understanding of their financial situation to maximize revenue and operational efficiency.
