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Internal Financial Audits in the ICU

  • J. Christopher FarmerEmail author
Chapter

Abstract

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?

Keywords

Financial audit Fiscal assessment Critical care Committee of Sponsoring Organizations of the Treadway Commission (COSO) Key performance indicators (KPI) 

Notes

Disclosure Statement

The Trajectory Group, LLC, owner, and president. I provide remunerated management consulting services to healthcare institutions, organizations, and agencies.

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Additional Reading

  1. The institute of Internal Auditors (IIA), Supplemental Guidance: the role of auditing in public sector governance. www.globaliia.org/standards-guidance.
  2. Gershengorn HB, Kocher R, Factor P. Management strategies to effect change in intensive care units: lessons from the world of business. Part I. Targeting quality improvement initiatives. Ann Am Thorac Soc. 2014 Feb;11(2):264–9.  https://doi.org/10.1513/AnnalsATS.201306-177AS.CrossRefPubMedGoogle Scholar
  3. Gershengorn HB, Kocher R, Factor P. Management strategies to effect change in intensive care units: lessons from the world of business. Part II. Quality-improvement strategies. Ann Am Thorac Soc. 2014 Mar;11(3):444–53.  https://doi.org/10.1513/AnnalsATS.201311-392AS.CrossRefPubMedGoogle Scholar
  4. Gershengorn HB, Kocher R, Factor P. Management strategies to effect change in intensive care units: lessons from the world of business. Part III. Effectively effecting and sustaining change. Ann Am Thorac Soc. 2014 Mar;11(3):454–7.  https://doi.org/10.1513/AnnalsATS.201311-393AS.CrossRefPubMedGoogle Scholar

Copyright information

© Springer Nature Switzerland AG 2020

Authors and Affiliations

  1. 1.Mayo ClinicRochesterUSA
  2. 2.Avera eCareSioux FallsUSA
  3. 3.VinMec Healthcare SystemHà NộiViet Nam
  4. 4.The Trajectory GroupScottsdaleUSA

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