Eide Bailly Helps Madison Regional Health System Achieve Financial Excellence Goals

“I’ve worked here for about 22 years, and I pretty much have Eide Bailly on speed dial,” said CFO Teresa Mallett. “They’re our go-to resource for cost report questions.” In addition, every three years, Madison Regional Health System engages Eide Bailly to conduct a chargemaster review that often includes physician education on documentation and reimbursements.

When Mallett came on board as CFO, the organization wasn’t estimating its Medicare payable or receivable throughout the fiscal year. Eide Bailly built a model that can be used every month to estimate the Medicare settlement. “That’s helped stabilize our audit entries,” Mallett said, “and gives management and our board a better picture of where we stand on both a monthly and annual basis.”

Mallett can also adjust the hospital’s financials based on what’s actually happening versus having to wait for a yearly cost report to be able to make those changes. And instead of having to put the time and effort into producing interim cost reports, she just uses the model that Eide Bailly built. “It’s customized just for us,” she said, “and is a very useful tool.”

Eide Bailly’s regular chargemaster reviews also reveal areas of potential improvement. As the hospital makes those improvements—some minor and others “bigger ticket items,” according to Mallett—those incremental changes have yielded substantial benefits for the organization.

“Every time we do a chargemaster review we make something better because of it,” she explained. “And because maintaining a good chargemaster is the core driver of our reimbursements, regular reviews also ensure good risk mitigation for our hospital.”