In medical mergers, due diligence is essential
The medical industry is a rapidly evolving field. However, that makes it all the more important that firms are deliberate and careful; this is especially true when consider a merger or acquisition. That’s where Due Diligence audits can help.
What are Due Diligence Audits?
In business, due diligence refers to a process of verifying and investigating any subject matter. This includes any potential deals, investment opportunities, or acquisitions. Due diligence means collecting and confirming all relevant information, so that you can make a fully informed choice. Furthermore, a medical Due Diligence audit works under the same principles. These audits typically work by taking a select sample of coded patient encounters, and comparing them to the goals and performance measures being used by the auditor. Due Diligence audits look at critical areas of concern, including compliance, billing quality, and any other red flags. This allows your organization to be prepared when considering a significant investment, such as a merger or acquisition. Other topics for a due diligence audit include billing practices, claims, and reimbursements.
At YES, we pride ourselves on being thorough and complete in our audits. We look at what matters most to you as a healthcare organization. As we’ve discussed before, ensuring that the organization’s coding practices are coherent and integrated is a key part of any merger. Different practices may have different policies, and without proper integration, the combined entity can struggle to work together. YES HIM’s auditing process can help with that. We start by asking the client for relevant data and records, including patient recordings, billing forms, and internal policies. We then analyze the information you give us, examining your coding procedures and ensuring everything is working as it should. At the end of the auditing process, we generate confidential final reports with all the necessary information, including recommendations and performance scores for coders.
For more info on YES HIM’s auditing process, as well as tips on finding a reliable, independent audit vendor, check out our article here. If you’re looking for a due diligence audit for your organization or acquisition, reach out to us!