Internal Audit, Controls, & Compliance

As a host of regulatory requirements are implemented over the next decade, the healthcare sector will undergo a significant transformation. As a result of this metamorphosis, healthcare providers will be presented with both unprecedented risks and unparalleled opportunities. In order to mitigate the inherent risks and capitalize upon the unique opportunities presented by healthcare reform, healthcare providers must abandon the status quo and redefine their business practices. This includes utilizing the Internal Audit function to assist both Boards and Executive Management in the identification and mitigation of organizational risks in this new environment. It is critical that healthcare providers utilize value adding Internal Audit services to identify, prioritize, and evaluate the risks that impact their organizations from a financial and operational standpoint. In this fluid environment, Blue Consulting Services can support your organization with a wide range of flexible and customizable Internal Audit services including:

Risk Assessment

A risk assessment is an overall evaluation of the risks that an organization faces, or is likely to face, at a certain point in time. As part of their risk assessments, Blue Consulting Services calculates the overall risk of each potential risk factor based on their overall operational and financial impact as well as the likelihood that they will occur. Blue Consulting Services can provide its clients with risk assessments that are tailored to be as broad (organization level) or focused (individual processes) as our clients need.

Process/Internal Controls Improvement

Blue Consulting Services process or internal controls improvement services support organizations with urgent issues they have encountered and require specific and immediate remediation. Blue Consulting Services’ team employs a collaborative approach to process and internal controls improvement; working in tandem with the organization to clearly understand the issue, establish the desired result, and develop actionable solutions.

Internal Audit Services

Internal Audit is the process of periodically assessing areas’ functionality, operational effectiveness and efficiency. Typically, these assessments include comparison to best practice benchmarks to establish where value is being added and to determine which components are driving return on an organization’s investment. As such, Internal Audit is a critical part of the control environment. Blue Consulting Services’ Internal Audit offerings include both full outsourcing and team-sourcing (working with the Internal Audit department on specific Internal Audit projects) of the organization’s Internal Audit functions.

Internal Audit Strategic Consulting

Blue Consulting Services provides Internal Audit Strategic Consulting services to organizations in order to help them determine and obtain the correct form, style and resources for its Internal Audit function. Blue Consulting Services’ Internal Audit Strategic Consulting services range from developing the Internal Audit Functionality from the ground up to redesigning and optimizing the performance and efficiency of existing departments.

Corporate Governance

Blue Consulting Services‘ Corporate Governance assistance services include: facilitating the establishment of a first in class governance program; assessing and restructuring existing programs; and performing detailed Internal Audits of program compliance (including the evaluation of fraud using Blue Consulting Services’ Certified Fraud Examiners).