What should a billing manager do if a significant error is identified in the billing process?

Conducting a retrospective audit is the appropriate action when a significant error is identified in the billing process. This approach allows the billing manager to thoroughly review past transactions and identify the scope of the error, including how it might have affected other billing entries.

A retrospective audit helps to ensure that all billing practices are compliant with regulations and internal policies by providing a mechanism to identify and address discrepancies. It presents an opportunity to rectify errors, recover any potential losses, and put measures in place to prevent similar issues in the future.

By systematically analyzing past billing records, the manager can gain insights into whether the error was isolated or part of a larger issue. This process is essential for maintaining the integrity of the billing system and ensuring accurate revenue cycle management. Once the audit is completed, the results can inform appropriate corrective actions and better practices moving forward.