Written by: Kylee Savage, Marketing Manager
Every Recovery Audit firms offers a slightly different approach, but the general approach of most firms follows a similar pattern:
- Discovery —Each firm goes through an investigative or discovery phase in which the Recovery Audit firm will learn about the client, their process, and their preferred recovery parameters.
- Planning — Leveraging information from the “discovery” phase, the audit firm determines and presents a strategy for identifying and recovering payment errors. This phase outlines all tasks, timeframes, and schedules for future client review meetings.
- Data Collection – The Recovery Audit firm provides client’s IT with templates for pulling the necessary data for the review. This process is quite well established and should not require much time from client’s IT staff.
- Auditing — Through automated and manual efforts, the Recovery Audit firms runs trend and anomaly analysis to identify potential errors. It is at this point where industry familiarity plays a big part.
- Recovery —The Recovery Audit firm works directly with suppliers (and client’s staff when needed) to validate and prepare claims for deduction against future payments. When the supplier has a debit balance, auditors will secure a check from the supplier.
- Recommendations —Audit firms offer recommendations from their findings to help the client patch the gaps that caused the financial leakage.
For more information regarding the benefits of using a Recovery Audit firm to help boost your hospital’s bottom-line, or to drive new insights and visibility into your Cost Cycle, contact SpendMend today