Why Audit Your Current Billing Company?
Many practices assume their billing company is performing optimally—but without independent verification, you may be leaving money on the table. Common issues we uncover include:
Underperforming KPIs
Collection rates below 90%, days in A/R exceeding 40, or denial rates above 10% indicate suboptimal performance.
Revenue Leakage
Missed charges, coding errors, or inadequate denial follow-up can cost your practice 5-15% of potential revenue.
Compliance Risks
Inaccurate coding or inadequate documentation can expose your practice to audit risk and potential penalties.
Lack of Transparency
Insufficient reporting or unclear metrics make it difficult to assess your billing company's true performance.
Our Audit Services
Independent, objective assessment of your billing company's performance
Performance Audit (2-3 weeks)
Comprehensive evaluation of your billing company's effectiveness across all key metrics.
What We Review:
- Collection rate analysis (gross and net)
- Days in A/R trending
- Clean claim rate and first pass resolution
- Denial rate by category
- Claim submission timeliness
Deliverables:
- KPI scorecard with industry benchmarks
- Performance gap analysis
- Improvement recommendations
- Vendor accountability checklist
Coding Compliance Audit (1-2 weeks)
Independent review of coding accuracy to ensure compliance and optimal reimbursement.
Audit Scope:
- Random sample of 50-100 claims
- ICD-10 diagnosis code accuracy
- CPT procedure code appropriateness
- Modifier usage review
- Medical necessity documentation
Outcomes:
- Coding accuracy percentage
- Compliance risk assessment
- Reimbursement optimization opportunities
- Corrective action recommendations
Revenue Recovery Audit (2-4 weeks)
Identify uncollected revenue in aged accounts receivable and denied claims.
Focus Areas:
- Accounts receivable aging analysis
- Denied claim review and appeal opportunities
- Underpayment identification
- Patient balance collectibility assessment
Results:
- Estimated recoverable revenue
- Priority collection list
- Appeal strategy for denied claims
- Optional: NEOM can execute recovery on contingency basis
When Should You Consider an Audit?
Warning Signs:
- •Revenue declining despite stable patient volume
- •Increasing accounts receivable aging
- •High denial rates or frequent claim rejections
- •Lack of detailed reporting from billing company
- •Slow response times to inquiries
- •Patient complaints about billing issues
Proactive Reasons:
- •Annual performance verification (best practice)
- •Contract renewal decision-making
- •Practice acquisition due diligence
- •Benchmarking against industry standards
- •Exploring opportunities for improvement
- •Preparing for practice expansion
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