An insurance agency in Alabama is audited by the State Insurance Commissioner, every three years. If only, my husbands multi-specialty group had been required to have an audit, the group would not have lost 1.2 million dollars. They trusted their bookkeeper of 20 years. Most of the doctor’s were trying to keep their business’s afloat that they did not participate in the business aspect of the clinic. After the woman’s conviction, she was sentenced to 30 months in jail, the doctors said,’no wonder she had so much cash’. They just passed it off to none of their business. Her BMW car tag read something to the effect of ‘CUZICAN’. That pretty well sums it up. She was given too much unchecked power. Even though it may seem like an audit cost too much, protect yourself and insist that your company has a audit at least every three years.
Audits are Good