For some hospitals, the close of the fiscal year comes with a sense of dread—it’s time to run the gauntlet of another audit.
Though audit requirements vary based on whether a hospital is public or private, for-profit or nonprofit, audits are an inescapable reality for every hospital. The audit process can feel like an irritation, yet another project to add to an already full plate, but audits also bring an opportunity to develop stronger accountability and transparency within the organization.
Preparing for an audit can be daunting, but it doesn’t have to spell disaster for your organization. There are steps healthcare executives can take today to allow a smooth audit process down the road.
Always be prepared.
The best way for your hospital to prepare for an audit is to always be audit-ready. Of course, this is easier said than done, especially if financial credibility and accountability haven’t been made a priority across all levels of the organization. It’s only when you haven’t been keeping up with your finances that an audit is a potential issue for your organization.