Has your practice ever had a full financial analysis?
Not the IRS, not your CPA, but an entirely unbiased third-party review of your financial systems and procedures.
Now is the time!
If you are unsure you are maximizing your financial systems, about to bring in a new associate, or thinking of selling your practice, a full Financial Practice Analysis will give you the answers you need or peace of mind.
Maybe you just want assurance that the right systems are in place to help prevent embezzlement in your practice?
Maybe you just don’t know what you don’t know? This is a good place to start.
A Financial Practice Analysis is a remote process so as not to disturb your practice. It focuses on the aspects of your practice that are not owner controlled. For instance, if the practice owner manages the accounts payable (checks and credit card), then it is not necessary to include.
The Financial Practice Analysis includes:
- Comparison of the practice software detail with all financial institution records, analyzing patient, insurance, and patient plan payments for one year
- An in-depth analysis of Adjustments, whether they are acceptable and appropriate
- An in-depth analysis of the Audit Trail Report
- Evaluates additional areas recognized as potential breaches of internal controls
- Back to back comparison with QuickBooks, if utilized
A typical analysis takes approximately 3 weeks to complete, dependent upon the availability of necessary documentation and access.
Additionally, a two-hour follow-up phone call with the doctor will address any action plans determined by the review or answer any questions and concerns.
One detailed report lists suggested changes based on actual determinations, along with supporting documentation. If embezzlement is detected, the cost of the Financial Practice Analysis rolls into the cost of the Fraud Examination.
The Financial Practice Analysis requires doctor participation and must be ordered by the doctor owner. Learn to oversee your practice business with confidence!