Print - Hayes MDaudit Billing Compliance and Revenue ... · CHALLENGES FOR COMPLIANCE OFFICERS...

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Don’t know what you don’t know May be missing true risk areas Lack of resources limits auditing reach Meeting Increased Regulatory Requirements Limited Resources Increased responsibilities Need to show value to leadership PITFALLS OF PERIODIC AUDITS CHALLENGES FOR COMPLIANCE OFFICERS 617-559-0404 PM SYSTEMS INDUSTRY POISED FOR GROWTH THE ROAD TO RISK-BASED AUDITING MAKING THE MOVE TO RISK-BASED AUDITING FROM RISK IDENTIFICATION TO RISK MANAGEMENT Feedback to Stakeholders Improvement Identify Risk Areas Ongoing Monitoring Periodic • Time-based Every provider Random sampling Dispersed resources Periodic identification Arbitrary detection Uncovers discrete instances Risk-Based • Issue-based High, moderate risk providers Targeted sampling Focused resources Continuous monitoring Early detection Analyzes trends PERIODIC AUDITS VS. RISK-BASED AUDITING LEVERAGE REAL-TIME SOURCE DATA Direct data from your system 835/837s Eliminates distortion of data Enables more effective, faster analysis Allows more relevant benchmarking to peer organizations CLASSIFY PROVIDERS BY RISK High Risk: Series of failed routine audits requiring re-audits Moderate Risk: Multiple consecutive passed audits with some high-risk findings Low Risk: Multiple consecutive passed audits with no high-risk findings IDENTIFY RISK AREAS Use data mining tools Highlight outliers Use worksheets to ensure standardized audit evaluation GO LIVE! Plan, Do, Check, Act EVALUATE THE STATE OF YOUR CURRENT PROGRAM • Resources • Providers • Approach ANALYZE IMPACT/BENEFITS OF RISK-BASED AUDIT STRATEGY Better utilization of resources Improve chances of uncovering problems Early detection & trend analysis DEVELOP YOUR PLAN Timeline with milestones Software acquisition • Implementation • Conversion GAIN LEADERSHIP BUY-IN Improve efficiency and productivity Reduce risks Better utilization of resources WWW.HAYESMANAGEMENT.COM 1 2 3 4 5 6 7 8 8 STEPS TO RISK-BASED AUDITING

Transcript of Print - Hayes MDaudit Billing Compliance and Revenue ... · CHALLENGES FOR COMPLIANCE OFFICERS...

Page 1: Print - Hayes MDaudit Billing Compliance and Revenue ... · CHALLENGES FOR COMPLIANCE OFFICERS 617-559-0404 PM SYSTEMS INDUSTRY POISED FOR GROWTH THE ROAD TO RISK-BASED AUDITING MAKING

• Don’t know what you don’t know• May be missing true risk areas• Lack of resources limits auditing reach

Meeting Increased Regulatory

Requirements

LimitedResources

Increasedresponsibilities

Need to showvalue to leadership

PITFALLS OF PERIODIC AUDITS

CHALLENGES FOR COMPLIANCE OFFICERS

617-559-0404

PM SYSTEMS INDUSTRY POISED FOR GROWTH

THE ROAD TO RISK-BASED AUDITING

MAKING THE MOVE TO RISK-BASED AUDITING

FROM RISK IDENTIFICATION TO RISK MANAGEMENT

Feedback toStakeholders Improvement

Identify RiskAreas

OngoingMonitoring

Periodic

• Time-based• Every provider• Random sampling• Dispersed resources• Periodic identification• Arbitrary detection• Uncovers discrete instances

Risk-Based

• Issue-based• High, moderate risk providers• Targeted sampling• Focused resources• Continuous monitoring• Early detection• Analyzes trends

PERIODIC AUDITS VS. RISK-BASED AUDITING

LEVERAGE REAL-TIME SOURCE DATA

• Direct data from yoursystem 835/837s

• Eliminates distortion ofdata

• Enables more effective,faster analysis

• Allows more relevantbenchmarking to peerorganizations

CLASSIFY PROVIDERS BY RISK

• High Risk: Series offailed routine auditsrequiring re-audits

• Moderate Risk:Multiple consecutivepassed audits withsome high-risk findings

• Low Risk: Multipleconsecutive passedaudits with no high-riskfindings

IDENTIFY RISK AREAS

• Use data mining tools• Highlight outliers• Use worksheets to

ensure standardizedaudit evaluation

GO LIVE!

• Plan, Do, Check, Act

EVALUATE THE STATE OF YOUR

CURRENT PROGRAM

• Resources• Providers• Approach

ANALYZE IMPACT/BENEFITS

OF RISK-BASED AUDIT STRATEGY

• Better utilization ofresources

• Improve chances ofuncovering problems

• Early detection & trendanalysis

DEVELOP YOUR PLAN

• Timeline withmilestones

• Software acquisition• Implementation• Conversion

GAIN LEADERSHIP BUY-IN

• Improve efficiency andproductivity

• Reduce risks• Better utilization of

resources

WWW.HAYESMANAGEMENT.COM

1 2 3 4

5 6 7 8

8 STEPS TO RISK-BASED AUDITING