Top risk areas healthcare organizations face in 2019

CHICAGO (Dec. 18, 2018) – Increasing pressures on reimbursement, advances in technology, ever-changing cyberthreats and rising expectations for quality care are just a few factors increasing risks for healthcare organizations, according to a Crowe analysis of nearly 3,000 risks across more than 250 healthcare entities. Each innovation brings with it challenges for internal audit and compliance departments. To help healthcare organizations identify and mitigate these risks, Crowe developed the article, “The Top Risk Areas for Healthcare Organizations in 2019.” Crowe is a public accounting, consulting and technology firm with offices around the world.

“Lack of preparation to mitigate risks can cost a healthcare organization money and its reputation at a time when it can least afford to lose either,” said Sarah Cole, Crowe healthcare risk consulting leader. “In a value-based reimbursement environment, every dollar is at risk. If an organization loses that dollar to a compliance problem, it can’t make it up simply by adding a dollar of revenue elsewhere.”

According to Cole, early detection is the best strategy to mitigate risks. The Crowe article groups risk areas into five categories:

• Compliance: 340B Drug Pricing Program, Health Insurance Portability and Accountability Act (HIPAA), nonphysician contracts, pharmacy, and physician contracts and compensation
• Information technology: Business continuity and disaster recovery, cybersecurity (including risks related to biomedical devices), IT governance, system access management and system implementation
• Operations: Case management, financial performance, health information management, joint ventures, physician practices and third-party vendor management
• Patient care: Quality and safety, and telehealth and telemedicine
• Revenue cycle: Billing and collections, charge capture, coding, denials management and patient access

Cole recommends that organizations review the 23 risk areas, determine which ones apply, prioritize them and channel resources to their top 10 risk areas. To download the article, please visit www.crowe.com/hc2019risks

About Crowe
Crowe LLP (www.crowe.com) is a public accounting, consulting and technology firm with offices around the world. Crowe uses its deep industry expertise to provide audit services to public and private entities. The firm and its subsidiaries also help clients make smart decisions that lead to lasting value with its tax, advisory, risk and performance services. Crowe is recognized by many organizations as one of the best places to work in the U.S. As an independent member of Crowe Global, one of the largest global accounting networks in the world, Crowe serves clients worldwide. The network consists of more than 200 independent accounting and advisory services firms in more than 130 countries around the world.

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