Price transparency compliance
Assess the status and opportunities
Prices for healthcare services vary widely and have not previously been publicly available. Consequently, patients have not had the opportunity to compare prices across hospitals and shop for lower-price care. Hospital price transparency, now required by federal regulations, is intended to allow patients access to the cost of hospital charges before receiving services. Noncompliance with the regulations is a risk that merits internal audit attention.
In their Fall 2021 New Perspectives publication, The Association of Healthcare Internal Auditors (AHIA) featured Baker Tilly’s article that covers the risks of noncompliance with the Center for Medicare and Medicaid Services (CMS) price transparency rules, and how an internal audit plan can help organizations determine compliance.
Resources
Internal audit: understanding co-sourcing and outsourcing models
Practical tips for using a co-sourced or outsourced model to overcome common internal audit challenges
Risk-based internal audit plans - sharpen your risk assessment focus
In this article, understand the vital role risk assessment play in a successful internal audit plan.
Healthcare internal audit: an enabler of change in an age of disruption
Internal auditing in needs to shift from an assurance function primarily focused on financial matters, to a function that balances assurance with a proactive, forward-looking strategic advisory role.
