Financial Operations Assessment

The scope of the assessment will be determined during a 60-minute complementary introductory meeting. Typical engagements range from 10 to 40 hours depending on the areas selected for review and the size of the organization.  Our fee will be based on the estimated hours and our standard hourly rate.  

An Executive Summary of Findings and Recommendations will be provided and reviewed at the conclusion of the engagement.  

Successful completion of the assessment will require access to relevant personnel to conduct interviews and ongoing dialog necessary to identify significant processes and systems.  Reports to be reviewed need to be provided prior to the commencement of the engagement.

Areas for Assessment

  • Review process for completing fundamental bookkeeping/accounting responsibilities (cash receipts, revenue, accounts payable, cash disbursement, payroll, fixed assets, journal entries, month-end close, account reconciliation, etc.) and identify areas for improved internal controls or efficiency.

  • Interview leaders and designated stakeholders (such as board members, physicians, or other parties) to identify, define and document the organization’s near-term and long-term financial performance and operations goals.

  • Review current forecasts and supporting assumption information.  Includes operating, capital and cash-flow forecasts.

    Review analytic models for decision making, ROI, capital investments, etc.

  • Targeted review of month end (or quarterly) close processes and account reconciliations to assess consistency, timeliness and completeness (review the recent 3, 6 or 12-month period). 

  • Review financial and other reports provided to management, owners, and board of directors for the most recent year (monthly, quarterly and annual).  Includes financial statements, budget variance reports, capital plans, operational metrics, service line analysis, KPIs, board packages and other analytical reports used by management for decision making. 

    Review financial related tax and regulatory filings, audit reports and financial information provided to financial institutions for covenant or other compliance purposes for the most recent year (monthly, quarterly and annual).  

  • Review KPIs, accounts receivable metrics and aging analysis compared to industry benchmarks.

    Review specific RCM workflow processes for best practices to achieve efficiency and appropriate internal controls.