Billed vs. Collected. What’s the Truth?

Aegis gives investors a defensible view of revenue quality, contract strength, and regulatory risk—before capital moves. We validate what’s in the deck, quantify what isn’t, and map the truth behind the revenue so you buy with confidence (or walk away fast).

Accruals tell a story—cash tells the truth. We reconcile billed and accrued revenue to what actually lands in the bank, exposing optimism, timing effects, and structural drag (denials, underpayments, refunds) that distort valuation. The result: a defensible cash view you can price, paper, and operate against.

What We Cover

  • Cash Waterfall & Reconciliation: billed → allowed → paid, credits/refunds/write-offs, GL to bank.
  • A/R Integrity: aging realism, charge lag, delayed posting, stale balances, seasonality.
  • Payer & Service-Line Yield: rate realization vs. contract, denial and underpayment drag.
  • Accrual Sensitivities: cut-off rules, reserves, bad debt, timing assumptions.
  • Collection Operations: work queues, appeal win rates, recoveries vs. potential.

Deliverables

  • Revenue Bridge (billed → allowed → paid) with variance attribution.
  • Cash Realization Analysis by payer/service line, with trend and cohort views.
  • Adjustment Schedule (refunds, write-offs, takebacks) and exposure estimate.
  • Valuation Sensitivities for EBITDA and purchase price impacts.
  • Findings Deck with evidence, exemplars, and recommended operator actions

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