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September 10, 2018
Even though healthcare organization are often tax-exempt, you’d be surprised at how often they are charged tax—and even more surprised at how many pay it without even realizing. Our own Scott Gillette was working with one of our clients when he discovered that they had been mistakenly paying taxes on their gas bill for years. Take a look. This type of detailed statement review is just one of the many ways The Audit Group works with healthcare groups to manage costs and maximize cash flow. Reach out to our auditing team and learn how our analysis leaves no stone unturned […]
July 11, 2018
Over the last few months, we’ve looked at cash flow issues found at a number of our client health systems. It’s time to take a serious look at the common thread among them: human error. Although it’s difficult at best to quantify exactly how often human error occurs within a health system, our experience tells us not only that human error is real, but many times it’s been systematized; institutionalized within an organization’s processes; incorporated within its culture to the point it becomes invisible. Here are some of the most common ways we see human error impacts cash flow at […]
July 5, 2018
No one likes missing a discount–especially your hospital’s accounts payable department. Tasked with creating savings wherever possible, your staff will take advantage of any discount they can. Unfortunately, we often see situations where vendors fail to apply these discounts, potentially costing your group thousands in lost revenue. About Cash Discounts Many vendors will offer a cash discount if clients pay an invoice within a certain time period. For example, a vaccine vendor may offer a 2% discount on net-30 terms. Although this sounds straightforward, it’s quite possible for the vendor and the hospital to ignore the discount and not catch […]
