How to find the reliable Healthcare Auditing Company?

Healthcare auditing is conducting reviews of healthcare policies and producers to find their strengths and weakness so as to ensure better delivery of care. Healthcare service is affected by internal and external factors, therefore, it important to hire an auditor. An Internal Auditor plays an important role in such auditing companies. Healthcare auditing companies are many, finding a reliable one should not be taken lightly there are some factors to consider:

1- Knowledge in Healthcare Auditing

The first thing to consider is confirming if the company has knowledge in healthcare auditing. You should ask for proof of training and qualifications that certify them to do auditing in their organization. It’s not mandatory to have a bachelor’s degree in medicine only a Certified Public Medical Accountant (CPMA). This proves they have training in medical terminology, coding systems and regulatory requirements in healthcare.

2- Experience in Healthcare Auditing

Find an auditing company with healthcare experience. Check the resume of the company for experience in healthcare auditing. To get the most value from a healthcare audit company, you should seek out a firm with a depth of healthcare experience throughout the engagement team. Experience assures that the entire auditing process will be efficient as the auditor is already familiar with healthcare objectives and missions.

3- Less risk of misstatement

Healthcare organizations operate differently from other organizations, they encounter more risks hence require a cautious approach. The auditing service should be intuitive to know where misstatement occurs and focus its efforts there to reduce risk in the healthcare organization. This improves both the effectiveness of the audit procedures and the chance that misstatements, whether due to fraud or error, are detected in the healthcare organization financial statements.

4- A good reputation

Choose a company with a well-recognized reputation. Confirming the feedback from the previous client gives you an overview of what to expect. Positive feedback means they do a good job and are effective in auditing.

5- Able to do a full assessment

You should choose an auditing company that is able to handle all assessment. Using one firm for all assessments will save time and money that would have been spent in finding and negotiating with a different auditing firm. They should be able to perform the following assessment: SSAE 16 (SOC 1), HIPAA / HITECH /HITRUST, SOC 2 / SOC 3, PCI Annual Validation, Fed-RAMP Assessment, and ISO Certification.

6- Location of the Auditing Company

Hire a company that operates in the same location as you are. If the auditor is distant they must travel, expenses for the audit will significantly increase. In addition, it helps for frequent communication. This also will significantly decrease travel costs as well as time spent preparing for the audit. The auditing team is like a long-term business partner as they work with you yearly to make sure your success. In order to get the best health care auditor, the management can come up with a committee who will vet if it meets the requirements. Choosing a reputable and experienced healthcare auditing firm that handles multiple assessments and has knowledge in healthcare practices assures quality work and value for your healthcare organization.