Performing a Cash Control Audit in your Healthcare Organization

Why Should You Attend:

Healthcare organizations are increasingly collecting more cash and credit card payments on a daily basis. $20 co-pays, $100 coinsurance, $350 to meet a deductible, and hundreds more from self-pay patients – these are typical collections seen in today’s physician practice and hospital outpatient operations. Cash collections expose an organization to risk of theft as well as to certain compliance risks if payments are not recorded correctly. Since many healthcare organizations operate with rather thin profit margins, ineffective cash controls can be a critical cause for failure. Performing cash control audits is essential in today’s healthcare operations.

This webinar will explain how to conduct a cash control audit. Attendees will learn how strong cash controls can enable their organization to collect more revenue at the point of service.

Areas Covered in the Webinar:

• How to conduct a cash control audit.
• Review of compliance implications to poor cash control.
• Specific vulnerabilities that expose many healthcare providers to risk.
• Critical components of appropriate staffing, segregation of duties, asset protection, and the importance of an audit trail.
• Important Payment Card Industry (PCI) compliance standards that must be followed when collecting credit card payments.
• Ensuring proper checklists are in place.
• How to teach your staff proper cash handling practices.
• Best practices for cash and payment processing in healthcare operations.
• How to protect your organization from fraud.
• How strong cash controls can enable your organization to collect more revenue at the point of service.

Who Will Benefit:

This webinar will provide valuable assistance to any physician practice plan, hospital outpatient center, medical clinic, or any operation that collects cash from patients. Workforce personnel who will benefit include:

• Internal auditor
• CFO
• Controller
• Accountant
• Practice Administrator
• Office Manager

Instructor Profile:

Kevin McPoyle, CPA is the Director of Internal Audit & Compliance with Kennedy Health System of New Jersey. He is a healthcare audit and compliance specialist with over 20 years’ experience assisting healthcare providers, both large and small, with developing systems to ensure compliance, revenue integrity, and operational efficiency. Mr. McPoyle has presented at numerous conferences and seminars and he is the past president of the Metropolitan Philadelphia Chapter of the Healthcare Financial Management Association where he led extensive efforts to design and deliver exceptional professional education for the industry.

Topic Background:

A changing insurance landscape and a growing popularity of high-deductible plans are creating a need for many providers to collect significant sums of money at the point of service. Often times these payments are being collected by front-end staff that have many other responsibilities. The risk of a mistake can be high. High volume cash collections also present a risk for fraud. While no one wants to think that their trusted employees would steal, a national survey of healthcare businesses revealed that more than 12% had lost cash in recent months and over 20% had discovered that they were victims of cash skimming, which is stealing cash before it is recorded.

Follow us :