A forensic audit is a thorough examination of a company’s financial documents and information; the audit can be used as evidence in court if needed. For a medical practice, a forensic audit can be performed by government investigators or a private third party; this type of audit can help identify the signs of medical billing or practice fraud.
Benefits of Proactive Forensic Auditing
If you have been informed of an audit or you are concerned with your exposure and possible fraud risk, forensic auditing can help in a variety of ways, including:
- Identify Billing and Treatment Fraud: From overbilling to the misuse of medical codes or other treatment fraud, a forensic auditor can spot the signs billing fraud and launch an investigation to determine both the culprit and extent of the issue.
- Identify Waste or Abuse: A forensic expert can spot both clear and discreet signs of medical fraud or abuse and allow you to take proactive measures to protect your practice.
- Office Staff Fraud: Money flows into and out of your process – and through the hands of multiple individuals in your office. While no one wants to think the worst of people or suspect their in house team, medical practices can and do fall victim to employee embezzlement and fraud. A forensic audit can reveal shocking truths about those you trust with your business – or let you know that you’ve made great hiring decisions when it comes to your team.
- Early Identification if Issues: If you accept Medicare, Medicaid and major medical insurances you could be audited at any time; having a forensic audit as part of your practice management overhaul can identify troublesome areas. Spotting problems early helps in several ways; you can stop losing money and you can ensure that you are fully compliant with all Medicare, Medicaid and OIG regulations. The fines for non-compliance are staggering; a comprehensive audit can set your mind at ease.
Forensic Auditing Solutions
The CoreMD Partners team combines clinical expertise with tough forensic auditing and accounting to shine a spotlight on your practice’s billing records. As a third party, we can give an objective assessment of your current situation and let you know if further investigation is warranted. We can also help you mitigate your risk by spotting troublesome situations early and ensuring that you are fully compliant in the event of an audit.
If you’ve been selected for a government audit or are concerned with the way billing is being handled in your practice, our skilled forensic auditors can help. Contact us to set up a consultation and learn what our forensic auditing solutions can do for you; our goal is to help ensure that your practice is fully compliant and that you are not falling victim to fraudulent practices.