Financial Controls

Ineffective financial controls in a practice can lead to fraud, abuse, theft and non-compliance. How effective are the controls in your medical practice? Fill out and submit the form below and you will receive a complementary evaluation of your practice’s controls.

  1. Do you know the typical daily, weekly or monthly volume of your charges and collections and do you promptly investigate any material deviations?
  3. Are charge slips, cash receipt slips and checks prenumbered, controlled, and accounted for (including voids), are blank documents stored safely, and is access limited?
  5. Have you separated the responsibilities for opening the mail, posting payments and balancing your daily deposit among 3 or more people?
  7. Are your accounting records, including charge posting, cash posting, payroll reports and checkbook kept up to date and balanced daily and monthly?
  9. Do you restrict check signature authority to senior personnel or physicians only, insist on personal signature instead of a signature stamp, and inspect back up invoices before signing checks?
  11. Are all checks stamped "For Deposit Only to Account Number____________" immediately upon receipt and are undeposited checks stored in a safe place pending deposit?
  13. Are all employees required to take annual vacations and do other employees cover in their absence?
  15. Are all adjustments, patient refunds and write-offs approved or monitored by an authorized supervisor?
  17. Do you check the references of new hires carefully and screen candidates and current employees regularly for exclusion from or sanctions by Medicare and other federal programs?
  19. Do you use the "sentinel" effect, occasionally sampling entries, reviewing the general ledger, inspecting reconciliations, checking the cash drawer and asking questions?
  21. (required)
  22. (valid email required)