Audits and on-going monitoring play a vital role in helping healthcare organizations identify and manage compliance risk areas. Together, Compliance and Internal Audits employ a defined approach and systematic controls to protect the organization against the impact of non-compliance. Strategic Management works with healthcare organizations to employ effective auditing and monitoring processes to identify and manage compliance risks.
Compliance Auditing vs. Compliance Monitoring
Ongoing Compliance Auditing is the independent reviewing of the ongoing monitoring process with the objective of verifying that program managers are properly carrying out their monitoring responsibilities, confirming controls are functioning as they were intended and have been effective in mitigating risks of violations.
It also includes verifying that corrective actions taken because of audits are timely, effective and sustainable. Strategic Management works with compliance officers in developing the processes and plans for carrying out this responsibility.
Ongoing Compliance Monitoring is a continuous process by program managers in ensuring their operations remain up to date on compliance risk areas, with any changes in the legal and regulatory environment, and that their staff is following all policies and procedures. Its purpose is to spot compliance risk issues in an organization’s operations or function.
It involves providing current written guidance to their staff, training them on it, and monitoring their compliance. Strategic Management assists Compliance Offices with ensuring there is an effective compliance monitoring program.
Internal Audit Services for Healthcare
Strategic Management’s team of health care compliance consultants conduct internal auditing services, including the areas of:
- Annual compliance audits;
- High-Risk area audits;
- Resolution of audit findings;
- Implementation of a work plan and corrective action; and
- Special audits requested by executive management, the Board, as part of due diligence or under the direction of legal counsel.
Internal Audit Evaluation Services & Management
Strategic Management assesses the role of Internal Audit by examining and evaluating the adequacy and effectiveness of internal controls. The internal audit evaluation also examines whether Internal Audit conducts audits of high-risk areas for compliance with applicable laws, rules and regulations and whether effective controls are in place.
Outsourced Internal Audit Services
Internal audit is a critical function for any health care organization. However, many organizations lack the expertise or resources necessary to perform assessments and operational audits of high-risk compliance areas. Strategic Management’s team of health care compliance auditors fill the role of internal audit by planning and executing audits, analyzing findings and developing a remediation plan to address audit findings. Outsourced internal audit services provide the benefit of reduction of costs and access to a range of expertise that would otherwise be challenging to maintain internally.