Horizon Financial Completes the (SOC) 2 Type II Audit Examination

January 22, 2019

 

Crown Point, IN  {September 13, 2018} – Horizon Financial Management, a company that specializes in ARM outsourcing solutions for healthcare providers, today announced that it has successfully completed a System and Organization Controls (SOC) 2® Type II Audit examination for their Medical Billing and Accounts Receivable Management Services System. Horizon Financial Management retained international business advisory firm Skoda Minotti for its SOC 2® audit work. Horizon Financial Management selected Skoda Minotti after an intensive search based on their reputation as a leading risk advisory and compliance firm.

 

Ben Osbrach, CISSP, CISA, QSA, CICP, CCSFP, partner-in-charge of Skoda Minotti’s risk advisory group says, “We were excited to work with HFM from the very start. They are an intriguing organization delivering high quality services and their business adds to our growing SOC reporting practice.”

 

SOC 2® engagements are performed in accordance with the American Institute of Certified Public Accountants’ (AICPA) AT-C 205, Reporting on Controls at a Service Organization and based on the trust service principles outlined in the AICPA Guide, Reporting on Controls at a Service Organization Relevant to Security, Availability, Processing Integrity, Confidentiality, or Privacy. The SOC 2® Type II report is performed by an independent auditing firm and is intended to provide an understanding of the service organization’s suitability of the design and operating effectiveness of its internal controls. A service organization may select any or all of the trust service principles applicable to their business and HFM chose to report on security, availability, processing integrity, and confidentiality. The successful completion of this voluntary engagement illustrates HFM’s ongoing commitment to create and maintain a secure operating environment for their clients’ confidential data.

 

Skoda Minotti’s testing of HFM’s controls included examination of their policies and procedures regarding network connectivity, firewall configurations, systems development life cycle, computer operations, logical access, data transmission, backup and disaster recovery, and other critical operational areas of their business. Upon completion of the audit, HFM received a Service Auditor’s Report with an unqualified opinion demonstrating that their policies, procedures, and infrastructure meet or exceed the stringent SOC 2® criteria.

 

“The successful completion of our SOC 2® Type II examination audit provides HFM’s clients with the assurance that the controls and safeguards we employ to protect and secure their data are in line industry standards and best practices,” said Sandy Szczerbowski, Director of Operations.

 

About – Horizon Financial Management

 

HFM was established in 2005 and is located in Crown Point, IN. The facility is comprised of a 20,000 square foot building custom designed by HFM Management and able to house 240 employees at capacity.

 

HFM offers ARM outsourcing solutions to healthcare providers including various sizes of hospital systems, physician groups, imaging centers, and surgery centers. With the increasing complexities and sophistication of medical sciences and information technology, optimizing revenue is more challenging than ever for healthcare providers.

 

HFM offers services that help healthcare providers achieve their revenue targets including Original or Day-One billing which translates healthcare provider services to billable claims in electronic format that are sent to clearinghouses and payers for reimbursement that are reconciled through cash application processes and informational reporting.

 

Self-pay project environments can encompass accounts responsible by the patient or guarantor that age within their clients’ accounts receivable and require either Early-Out or Bad Debt Services. Early-Out and Bad Debt Collection Services utilizes telephony technologies, letter campaigns and skip tracing. Early-Out and Bad Debt Collection Services also encompasses data scrubs and wealth scoring with software functionality creating strategies and account flow designed to ultimately bring the self-pay accounts to a viable fruition.

 

HFM also offers Insurance Pre-Collect Services, which involves interfacing into their client’s revenue cycle and patient financial software applications. Aged accounts within their accounts receivable are assigned to their agency by defining criteria such as age, payer class, account balance or medical specialty. Within their project scope, HFM is able to get these claims paid by the payer industry by correcting the healthcare claims with erroneous demographic or financial information. It can also be involved with re-coding medical procedures, re-classifying medical necessity, working out coordination of benefits issues of coordinating the required medical records needed to deem the claims payable by the insurance companies.

 

HFM helps healthcare providers through software conversion projects by working down older accounts receivable on legacy revenue cycle software systems, which are slated to be discontinued for use as newer enterprise systems become implemented.  

 

About – Skoda Minotti

 

Skoda Minotti is a Certified Public Accounting Firm based in Cleveland, OH offering a variety of tax, finance, and business advisory services in virtually every area of business. The Risk Advisory practice specializes in SOC Reporting, PCI DSS Compliance, FISMA, NIST, and other regulatory information security assessments. Staff in Skoda Minotti’s Risk Advisory hold several industry certifications including Certified Information Systems Auditor (CISSA), Certified Information Systems Security Professional (CISSP), Qualified Security Assessor (QSA), GIAC Penetration Tester (GPEN), and GIAC Web Application Penetration Tester (GWAPT). For more information about Skoda Minotti’s Risk Advisory Services, please visit risk.skodaminotti.co

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