Baystate Health, a Massachusetts-based healthcare system, used ACL's Analytics Exchange (AX), automated continuous auditing technology to streamline their billing service and uncovered $2.5 million in lost revenue, and also saved $18 million in cost-avoidance in just two years by preventing duplicate payments and correcting inaccurate billing functions.
Baystate began using AX to automate data investigations in several key areas, including the implementation of a new daily Accounts Payable (AP) test, which identifies potential duplicates before the payments are made. In addition, the Baystate auditors have developed a unique analytic process that compares data between physician and hospital billing systems to pinpoint lost revenues in the Cardiac Catheter Lab, a department in which the detection and correction of problems carry a substantial financial impact.
The internal audit team at Baystate also uses ACL software to support analysis work for the company's external auditors, conducting annual searches for unrecorded liabilities and performing a monthly General Ledger roll forward.
Continuous auditing and monitoring of billing systems across different business units and processes is essential. One of the biggest ways to cut costs is avoid duplicate payments and inaccurate billing this can only be achieved by using the latest technologies.
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