Molecular Diagnostic Testing
M&A, Technology Due Diligence
Background
To gain a comprehensive understanding of key business applications, either through remote or onsite interviews and documentation review, on the following areas:
- Staffing and IT business support operations
- Business Systems
- Budget and Key Project Plans
- Integrations with Key Business Partners/Entities
- IT Governance and Licensing
Our Role
We examined the clinical capabilities of collecting and diagnosing patient samples, including session and record management, front office scheduling, planning, and invoicing, and patient account management. Additionally, we looked at the back-office operations, which involve Medicaid, Medicare, and third-party revenue assurance, payroll and human resource management, general ledger/financial reporting, and chart of accounts management. We also reviewed account receivable and collections, including adjustments, account payable, purchasing (PO workflow), performance/utilization, managerial, financial dashboard reporting, and technology.
Results
After conducting a thorough analysis of the business process workflow, we have identified certain gaps that require attention. To address these gaps, we recommend integrating similar systems, hiring IT leadership, developing a technology roadmap, and implementing better governance processes with vendor partners. Our primary focus has been on improving staffing, budgeting maturity, corporate security, and cloud infrastructure. Additionally, we assist in evaluating clinical and back-office operations to enhance operational and financial reporting, as well as data analytics.
