Physical Financial Exam Through Medical Auditors

One of the fastest growing industries in many major industrial nations today is in the medical field.

This is due to the fact that new cutting-edge medical technology is increasingly being developed.  In addition, there have been significant advances in pharmacology as well as inroads in fighting various diseases.

Adding to this formula in the expansion of the medical field is that the general population around the world is aging to the point that this group has become significant in size.  This is due to the fact that the generation known as the “baby boomers” has begun reaching their advancing years, which has increased the customer base of the medical field.

Consequently, there is a great need for all vocations within the medical field.  Some of these vocations include doctors, nurses, physician’s assistants, laboratory technicians, radiological technicians, etc.

Also, there is a growing need, based on the expansiveness of the medical field, a significant need for medical auditing.

A medical auditor holds their degree as a CMAS (Certified Medical Auditor Specialist) which is different from a CPA or a CPA who has specific training in auditing processes.  Therefore, a definition of what is a medical auditor, areas that they provide accounting for and the value of this provision may prove to be interesting.

The purpose of an auditor is to review the accounting processes of an organization.  This involves a “testing” review of invoices and their payment, accountability processes, such as the handling of cash, any anomalies, sometimes review HR files, etc. Generally, an audit is conducted on a yearly basis or if there is a belief that a significant compromise of the accounting department has occurred.

In regards to a medical auditor, this professional will review a patient’s records and billings to make sure that this process is completed accurately.  If there are discrepancies found, the auditor will bring this to the attention of management so that corrective action can take place, as well as putting in new processes to ensure accuracy in the future.  Additionally, an auditor will capture their findings in a report that is formulated and issued to management and the Board of Directors.

A synopsis of this medical profession can be viewed at http://learningpath.org/articles/Medical_Claims_Auditor_Career_Summary.html

The value that this auditing process brings is twofold.  First of all, it protects the patient who is being served and billed by the hospital for services rendered and ensures that the invoices received by the patients are accurate.

Additionally, it protects the integrity of the medical facility.  This is accomplished as the medical facility allows for their medical records and accounting “books” to be open for review.  This, therefore, sends a strong message to its constituents that their facility adheres to policies that are in keeping with the proper standards as well as fair and accurate.

If a person is interested in this particular specialized field of accounting they may find more information located at http://education-portal.com/articles/How_to_Become_a_Certified_Medical_Auditor_Career_Guide.html

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Tags: medical auditors

By cmps in Uncategorized on November 15, 2014