An upcoming internal financial audit can make even the most experienced provider a little bit nervous. You want to be properly prepared for it, of course, and although an outside perspective can quell those fears, it can be nerve-wracking to have someone new come to take stock of your processes. The reality, however, is that proper billing audits and reporting can be a lifesaver for any facility or practice. The federal government could take serious action against a provider if any of your medical billing and coding services aren’t compliant with regulations that are only becoming stricter every year. Even if everything is above board, a medical billing audit from an outside source could help your revenue cycle improve, greasing the wheels to success.
RevWerx can be your strongest ally in the billing cycle and help you avoid mistakes and ensure reliable revenue cycle management. With full-service billing audits and reporting services, we can look at every aspect of your billing department to fully understand what issues could be resolved and what areas could improve. A proper medical billing audit can identify revenue leaks that potentially cost your facility hundreds or even thousands of dollars. To find out more about what RevWerx can do for you, visit us online or call us at 833.309.0138 today.
5 Things to Do Before an Internal Financial Audit
1. Understand the Purpose of the Audit
Carrying out an internal financial audit can be a stressful and arduous process, but it doesn’t have to be. An internal audit is, above all else, a learning experience for you and your team. It won’t matter how long you’ve been working or how long the organization has been in business – any audit will highlight factors of your procedures that you haven’t even considered. This learning process is valuable and rewarding, and it’s helpful to frame it that way instead of as a process to dread.
2. Sit Down and Form a Plan
It’s important to sit down with your team to make an overall audit plan. Your audit is going to depend on several cogs to keep a machine moving. If the internal financial audit is the machine, then your staff are the cogs. Each of them should have a manageable amount of work to do for the audit, and making a plan early on will keep the weight from being distributed unfairly. An audit takes the whole village to get done. You can keep an audit plan on file to use each year, but the meeting should still occur so that your plan can be amended.
3. Evaluate Your Processes on Your Own
This step can be important for a few different reasons. You want to ensure that things are operating as they should be first, and it can be beneficial to anticipate your weaknesses. If you know what areas could be improved on or which procedures are being performed in a way that differs from written protocol, you can more effectively manage the audit. In addition, taking the time to do your own walk-through of your processes allows you to ensure that you know how to explain them to an outsider. It may be beneficial for you to take your processes in-house.
4. Review Your Compliance
Another crucial step in this process is to ensure that you are meeting compliance standards. This step is more effective when performed before the billing audits.
5. Create a Calendar
As simple as it sounds, creating a calendar often helps to set aside time to meet with our RevWerx team. We want you and your business to be active participants throughout the entire process, so ensuring that you have time to meet is crucial.
Choose RevWerx for Billing Audits Solutions
An audit with RevWerx will not only identify problems within your billing department, but we will also find answers. Our “solution-based” approach leaves our clients feeling satisfied after sizable improvements are made to their processes. If you’re interested in learning more about our medical billing audits and reporting services, contact RevWerx today by calling 833.309.0138 or completing our secure online form. Don’t wait to check up on your billing cycle; let our RevWerx team become your ally today.