Personal lives would be quite different and more challenging without continuous monitoring.
The same might be said for the professional life of a healthcare audit, finance, or revenue cycle leader. What parallels can be drawn? A clean claim that a health plan didn’t reimburse two months ago? Arguing with a vendor over charging for supplies that never came? An unauthorized user logging into the new electronic health records system? Those events occurring on a regular basis would make professional lives quite different and more challenging as well.
Yet such nightmare scenarios happen every day in the healthcare industry to hospitals, health systems, and medical practices that fail to expand their risk coverage by modernizing their internal audit, compliance, and finance processes through continuous monitoring, also called continuous auditing. Think of expanded risk coverage as “what” audit, finance, or revenue cycle leaders should do. Continuous monitoring is “how” to do it.
The art and science of continuous monitoring will be a hot topic at the 2023 Crowe Healthcare Summit in Nashville, Tennessee, Sept. 18-21. Registration is now open.
The science of continuous monitoring
Organizations use technology to modernize their internal audit, compliance, and finance processes and expand risk coverage. Automating the processes allows leaders to continuously monitor transactions in critical workstreams such as finance, IT/cybersecurity, pharmacy/clinical, and revenue cycle. Continuously generating data from those transactions and comparing that data with industry standards and their own historic data lets organizations flag anomalies in transactions in those workstreams, look into the root causes, and immediately address issues to avoid the problem or prevent it from getting bigger or repeating itself. That capability also gives leaders the ability to spot quality assurance issues with their legacy internal audit, compliance, and finance personnel, processes, and technology.
Crowe continuous monitoring technology specifically for healthcare is called Audivate®. Learn more about continuous monitoring and Audivate.
In addition, Crowe offers a specific continuous monitoring solution for finance. Crowe Financial Control Analytics powered by Audivate is a software platform hospitals, health systems, and medical practices can use to improve the accuracy of their financial information and to evaluate the performance of their current financial controls in five key areas:
- Accounts payable
- General ledger
- Payroll
- Supply chain
- Trial balance
Learn more about Crowe Financial Control Analytics.
The art of continuous monitoring
Of course, technology solutions, including Audivate and Crowe Financial Control Analytics, are only as effective as the people who use them. That’s where the art of continuous monitoring comes in. Crowe has an experienced and dedicated team that specializes in healthcare, critical internal workstreams, and continuous monitoring. The team can help guide organizations as they install, deploy, and operate Audivate and Crowe Financial Control Analytics to modernize internal audit, compliance, and finance workflows and expand risk coverage.
Key members of the Crowe continuous monitoring, Audivate, and Crowe Financial Control Analytics teams will be on-site at the 2023 Crowe Healthcare Summit. It’s an ideal opportunity and setting to meet the team members face to face and tap their expertise to learn more about how the move to continuous monitoring can benefit a healthcare organization.
On Wednesday, Sept. 20, at 8 a.m. Central, the team members will lead a breakout session titled “Crowe Financial Control Analytics Finds Errors Sooner To Save You Time and Money.” The team will demonstrate how attendees can use Crowe Financial Control Analytics to detect and rectify account anomalies, inaccurate or dubious journal entries, duplicate payments, lost vendor discounts, and more.
Members of the team also will be in the Crowe Financial Control Analytics booth at the Summit Innovation Hub. There, attendees can ask questions, participate in activities, and share their market feedback.
Continuous monitoring has made personal lives better. Isn’t it time continuous monitoring makes professional lives better as well? Learn more by attending this year’s Crowe Healthcare Summit in Nashville.
