A New Approach to Auditing

With our knowledge in finance and supply chain management, we help you not only recover more money, but leave you with sustainable process improvement and cost-savings changes. We’re here to improve the way your organization does business. Our comprehensive approach to auditing ensures we find every possible dollar. 

Healthcare

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!

Manufacturing

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.

Government

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.

Methodology

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.

Invoice Review

We physically review every invoice during the audit period.

Contract Pricing

We perform contract pricing audits to ensure the right price.

Contract Analysis

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.

Collections

We do all the work and don’t get paid until we collect.

Extensive Digging

Not just picking on a few large vendors – every vendor gets reviewed.

Customer Portal

Automated and simple claims approval with instant status reporting.

Headquartered in Grand Rapids, Michigan

An Ever-Growing Footprint of Auditing and Consulting

We work with companies from $20 million in revenue to $26 billion. Originally operating as auditing and consulting experts in the manufacturing sector, Finix has since repositioned itself to meet the ever-present need of the healthcare industry, An Ever Growing Footprint.

We Work With You

We take a holistic perspective with our clients and partners
within the consulting, auditing, and professional services realm.

Our ApproachCase Studies

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.

Data Request

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.

Invoice Audit

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.

Statement Audit

Finix performs an account number collection process followed by a vendor account review.

Claims Approvals

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.

Work with Finix

From healthcare to manufacturing, our nationwide services are here to lead you into sustainable cost-savings.

Expertise

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.

GPO

Technologies

Testimonials

  • “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.”

    AP Manager, $750 Million Manufacturer
  • “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.”

    CFO, Michigan Furniture Manufacturer
  • “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.”

    Controller, 240-Bed Hospital, Division of a $50 Billion Healthcare System
  • “I would like to commend the Finix audit team that worked with us. The project was successful due to their knowledge, professionalism, and self-sufficiency. And the benchmarking report was also very helpful. I recommend them highly.”

    AP Manager, 235-Bed Health System