Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
KPMG finds inconsistent accruals, invoicing and revenue-reconciliation issues; committee hears 30/60/90-day ‘quick wins’
Summary
KPMG told the Hospital Authority finance committee it found inconsistent accrual and invoicing practices, gaps in patient-revenue reconciliation with the outsourced revenue-cycle manager and lease recording errors; KPMG and hospital finance staff described short-term fixes and a roadmap for longer-term improvements.
KPMG told the Hospital Authority finance committee that its review of the hospital’s accounting and financial-reporting processes found multiple areas needing improvement, including inconsistent accruals, invoice-recording gaps, discrepancies in patient-revenue reporting and an allowance-for-doubtful-accounts methodology that auditors have flagged.
Hillary Simic, a partner with KPMG, said the firm began on-site work in May and focused on quick wins that could be implemented immediately, followed by longer-term process changes and year-end audit support. "We've come out and have been on-site for a few weeks, really working closely with the team to…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
