“We completed an AP audit with Finix, and they delivered as promised. There was minimal interruption of day-to-day business. In fact, I actually forgot that an audit was taking place. The final report is one of the best I’ve seen.”
Finix has been serving the healthcare industry for 18 years! We understand the holistic supply chain of a hospital. Relation to supply chain consulting, and relationships with GPO’s and access to their contracting portal. On average we recover $1,222 per bed!
As a West Michigan based company, we naturally grew up serving manufacturing companies. We do a comprehensive review, not just statement calling or sales tax. From auto and furniture to consumer goods and food products, we’re well versed in reducing costs specific to your unique process.
Many governments are required to do an audit by law. We are able to follow government procurement practices, and have audited up to $26 billion in annual spend. We can handle complex state governments with multiple agencies and understand the government rules and requirements.
Alignment is at the core of what we do. By fine-tuning your current systems to work for modern staff and clients, we align your financial and company-wide goals with your most valuable tools — the people and products that work for you.
Statement Calling +
Not just statement calling – we do a real audit.
We physically review every invoice during the audit period.
We perform contract pricing audits to ensure the right price.
Contract language review to protect clients from overpayments in the future.
PO Terms Analysis
Purchase Order language review to protect clients from overpayments in the future.
We do all the work and don’t get paid until we collect.
Not just picking on a few large vendors – every vendor gets reviewed.
Automated and simple claims approval with instant status reporting.
Establish, Analyze, Strategize, Execute
Our Auditing Process
As a leading expert in the realm of auditing, Finix understands the importance of reducing costs. We look at 12 claim types, approach review areas often missed by legacy firms and average over 5x more in recoveries.
Finix can provide clients with specific data download instructions requesting specific tables from each ERP system custom tailored to each client. We don’t require a significant amount of data manipulation from the client, we prefer a full dump of the tables within the ERP system, reducing the workload on client staff. This also ensures that we are not missing any pertinent information while auditing.
Off-site Data Work
Once the data request is received via our secure FTP site, our internal team converts the raw data into a format that is workable with our proprietary system. Once that is complete, our team uses those systems to identify prospect claim areas for further investigation while on site. This process typically takes about 1-2 weeks and does not require any investment of client time.
On-site Kickoff Meeting
Our team will come on site and meet with the client leadership in finance, accounts payable, and procurement to better understand the business and how each client operates. Finix has developed a 30-minute group discussion process to clearly define business processes unique to the client, areas of concern for the staff, and known issues with vendors to be considered out of scope for the audit. This reduces the amount of false positive claims, and helps the auditors understand the terminology used by each client and how each term is defined by the hospital staff.
Finix auditors will begin reviewing all paper invoices for every vendor for the entire audit period. The invoice review will also identify prompt payment discounts offered by vendors and not taken by patron hospitals, duplicate payments made for the same invoice, and taxes charged to the patron hospitals that should have been exempt.
Contract to Invoice Audit
Finix can obtain guest log in access to GPO contracting databases to download price lists to electronically compare to the price paid taken from PeopleSoft or Lawson data. We are the only company with the proprietary technology to audit millions of line item transactions instantly as compared to the contract price at the time of purchase from the GPO. Once those opportunities are identified electronically, we begin reading physical contracts and validating that the contract price was in effect for the time of purchase, at which point we would generate a claim.
Electronic Data Audit
As a follow-up to the offsite data work, Finix continues to work on electronic audit techniques to identify additional recovery opportunities created within the merged data.
Finix performs an account number collection process followed by a vendor account review.
Finix provides a listing of claims identified so far in a simple to read format for discussion and approval. All claims are loaded into the customer portal where live tracking of the audit results are available to every client. Every Friday, or at an interval chosen by the client, an updated claims summary is provided to the client to track audit progress.
Recoveries from Vendors
Once claims are approved by hospital leadership, we begin our collection process with vendors. We use a soft collection process that ensures full buy-in from the hospital staff and the vendor before invoicing our customers, avoiding a “debit-and-run” model employed by legacy audit firms. Our collections team reaches out to vendor contacts, who we track in our database for easy contact, to request that they investigate a potential overpayment. A collections analyst will provide the vendor with all relevant information (spreadsheet, invoices, checks, contract, purchase orders) they require to investigate the claim. The assigned collections analyst will continue to work with the vendor to ensure a timely resolution of the claim.
Once a claim is approved and refunded by a vendor, having been previously approved by hospital staff, a check or credit memo will be requested to be sent to the hospital A/P department point of contact for the audit. Once that check has been received, Finix will invoice the client for the percentage agreed upon.
Audit Report Writing
As the collections team obtains refunds from vendors, the auditors and audit management will be actively generating the written audit report and benchmark report to present to the client. During this time, we are sourcing best practices and client examples for a written report.
Final Audit Report
Once collections activity has wrapped up, Audit Management meets with the client to present the industry-leading Profit+ Audit and Benchmarking Reports.
Finix meets with your management team and relevant employees to discuss the audit findings and recommendations as well as any further consulting opportunities to help implement solutions.
GPO & Technologies
It can be daunting to keep on top of the changing contract details of your GPO or technologies. Finix is well equipped to prevent unnecessary spending and optimize your GPO and technology relationships.
The strongest testament to our success is the number of returning customers with expanded contracts and client leaders championing our services within their networks. Finix does not use auto-renew contracts, allowing our results and professionalism to sell our business. We are proud to claim returning customers and referrals as a significant base for our business in both auditing and consulting.
These are a few relevant testimonials from our clients about their experience with our audit team:
“We’ve worked with Finix on multiple occasions. Their depth of review has recovered over $350,000 for our company and identified future savings of over $1 million. Our previous national audit company only recovered $30,000 for the same time period. Finix also noticed we were being overbilled by our ERP software company, saving us over 75% annually on billing licenses. By rewriting our vendor terms & conditions, Finix put a stop to a $250,000 annual over-shipment problem.”
“Finix was successful at finding us thousands of dollars, which compared favorably to companies utilized in the past, where no dollars were recovered. In addition, the engagement was completed seamlessly with very little staff time on our side.”