FIs can’t balance checkbooks

HCFA has problems enough managing its books, but contractors aren’t doing much better, says the annual OIG audit of HCFA finances. In addition to HCFA’s accounting operation, OIG also looked at the accounts receivable for 12 carriers and intermediaries, and didn’t like what it saw. "Some contractors were unable to support the beginning balances, others reported incorrect activity, including collections, and finally others were unable to reconcile their reported ending balances to subsidiary records," OIG noted. Even when the contractors settled up outstanding accounts with insurance companies, the money still was listed as outstanding.