Internal Financial Audits in the ICU
It has been stated, “no money, no mission.” This is especially true in today’s healthcare environment with difficult financial margins and little room for unexpected fiscal “bumps in the road.” So, we routinely ask…what is the financial outlook for our ICU? Are we winning or are we losing? Are we measuring and managing the “right” things? What should we tally besides billing, coding, and revenue collection? Did we effectively and accurately measure our unit costs? What can we do better? Are others succeeding financially (benchmarking) where we are struggling? What are “they” doing differently? What was the value of the care that we provided in our ICU? What was the value of our ICU to the institution, is this quantified, or is it quantifiable?
KeywordsFinancial audit Fiscal assessment Critical care Committee of Sponsoring Organizations of the Treadway Commission (COSO) Key performance indicators (KPI)
The Trajectory Group, LLC, owner, and president. I provide remunerated management consulting services to healthcare institutions, organizations, and agencies.
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