by David Hewitt, Senior VP of Sales
As a hospital administrator, you know firsthand the importance of managing your organization’s finances effectively. One area where you can make a significant impact is in the accounts payable process, where even small errors or overpayments can add up to significant losses.
This is where recovery auditing comes in. Recovery auditing is the process of identifying and recovering overpayments or errors in an organization’s accounts payable process, helping you to recoup lost funds and improve your financial performance.
But with so many options to choose from, how do you select the right recovery audit provider for your hospital? Here are some key factors to consider:
1. Expertise: When selecting a recovery audit provider, it’s important to find someone who has a deep understanding of the accounts payable process and is able to identify and recover any overpayments or errors that may have been missed by your internal team. Look for a recovery audit provider with a proven track record of success in this area and a strong understanding of best practices and industry standards.
2. Experience: Choose a recovery audit provider who has experience working with organizations similar to yours and a track record of successfully identifying and recovering overpayments or errors. This will give you confidence that they know what to look for and will be able to effectively identify any issues in your accounts payable process.
3. Communication skills: It’s important to choose a recovery audit provider who is able to communicate effectively with your team and clearly explain the audit findings and recommendations. Look for someone who is approachable and able to work collaboratively with your team to identify solutions and implement improvements.
4. Cost: Be sure to consider the cost of the recovery audit and compare it to the potential recovery to ensure that it is a cost-effective investment. You want to find a balance between a reasonable price and a provider who will be able to deliver the best results for your organization.
5. A meaningful client list: It can be helpful to consider a recovery audit provider’s list of clients when making your decision. If a provider has a large number of happy clients, it may be a good indication that they are reliable and effective at what they do. This can be especially valuable if you are able to speak with some of their clients to get first-hand feedback on their experiences.
6. Data privacy and security: It is essential to choose a recovery audit provider who takes data privacy and security seriously. They should have strong protocols in place to protect your confidential financial information and ensure that it is not compromised during the audit process.
7. Customization: Every hospital is unique, and you may have specific needs or requirements for your recovery audit. Look for a recovery auditor provider that is able to customize their approach and offer solutions tailored to your hospital’s specific needs. This can help to ensure that the recovery audit is as effective as possible and addresses any specific issues or concerns you may have.
By considering these factors, you can select a recovery audit provider that is well-suited to your hospital’s needs and has the expertise and experience to help you identify and recover any overpayments or errors. This can help you to improve your financial performance and better serve your patients and community.