Selecting a Valuation Firm – Key Questions to Ask
If you are looking for a valuation firm to support your organization’s compliance program, you’re going to want to do a thorough investigation of each firm under consideration before making your decision. The following guide will help ensure you get the essential information you need.
The National Association of Certified Valuation Analysts (NACVA) provides two types of credentials: the Certified Valuation Analysts (CVA) and Accredited Valuation Analysts (AVA) credentials. Take note of the credentials of the consultants you are considering.
Ask direct questions about a valuation consultant’s experience in your field. How many opinions have they done? Do they have healthcare-specific experience? This is important! Each industry is different, and healthcare compliance comes with numerous unique complexities. The valuation firm you choose should be knowledgeable and experienced when it comes to physician valuations.
Evaluate Their Work
Don’t be afraid to put a consultant to the test. Can they talk about their methodology and how they reached their conclusions? Are you comfortable with that methodology? Do they explain themselves in a clear and concise way? Be wary of too much jargon; a trustworthy expert will be straightforward with you. It is an asset if they are willing to talk to a counterparty, such as a physician, during negotiations. In the case of an audit or an external investigation, it is vital that your organization is working with a firm that can defend and justify its work.
Look at Examples
Ask for a redacted valuation. Is the opinion well-written, focused, and concise?
Examine the firm’s disclaimers. They should be sensible and minimal, without too many caveats.