Financial Analysis

Onsite assessment of accounting records and internal controls in compliance with GAAP accounting guidelines. Perform an audit of the Balance Sheet, Income Statement and bank statements. Assess practice risk levels for potential fraud exposure and provide forensic accounting services if needed.

Billing

Comprehensive review of daily procedures starting with insurance verifications, collection of co-pays, entering charges, submission of claims, denial tracking and collection efforts. Review 3 party contracts. Verify collected fees match or exceed contracted rates. Perform billing integrity audits to review coding compliance.

AR Scorecard

Complete a comprehensive AR Scorecard for facility. Scorecard results are compared to industry standards and outline revenue cycle management weaknesses. Provide tools which track monthly collection ratios, number of days in AR and aging buckets. Recommend staffing solutions and or incentive plans to improve existing AR and collection efforts.

Industry Benchmark Analysis

Comparison to the top industry standards for costs per case, wage expense per case, labor ratio, supply costs per case, etc. Benchmarks are tracked against single or multi specialty ASC and or 100% Physician owned ACS.

Policies and Procedures

Review of policies and procedures and provide feedback for areas of improvement. Review staff efficiency, productivity and morale. Provide suggestions on how to allocate resources more effectively. Analysis of division of labor, computer skills, cross-training and the coordination between front and billing. Provide specific job descriptions and related protocols for each position within the business office.