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(Politico)   HHS hires McKinsey to audit the almost $200 billion in emergency relief funds given to hospitals in the pandemic relief bill. By a shocking coincidence many of those hospitals have highly lucrative contracts with...yep. Mckinsey   (politico.com) divider line
    More: Facepalm, Health care, Health care provider, global consulting firm McKinsey, Healthcare, Department of Health, health care providers, federal recovery funds, Co.'s extensive health care business  
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664 clicks; posted to Politics » on 22 Jun 2020 at 8:36 PM (17 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



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2020-06-22 11:30:38 AM  
The business world is basically an Escherian-level 3d circle jerk of hands and dicks. You'll have to take my word for it because I don't have the artistic ability to draw hands that look like penises depending on the angle, but I assume stairs moving in all directions are involved.
 
2020-06-22 11:47:05 AM  
All an auditing firm does these days is certify that the criminality doesn't rise to the level of jeopardizing the board.
 
2020-06-22 1:46:19 PM  
Oh good it's this thread.

McKinsey will receive $4.5mm for auditing $200B in CARES funding.  For point of reference, it's hard to audit a $1B organization for $250k, so this isn't at all unreasonable.  Moreover, all NFP healthcare organizations must disclose their financials annually, and though we can't drill down to the facility level on for-profit entities, those 10Qs give lots and lots of detail that a junior analyst could uncover dirt on.

But, yes, this is clearly rampant fraud including penalty of massive civil fines, lifetime bar, and significant jail time are worth defrauding CMS.

Or something.
 
2020-06-22 1:48:30 PM  
*because, not including
 
2020-06-22 8:41:38 PM  

bdub77: The business world is basically an Escherian-level 3d circle jerk of hands and dicks. You'll have to take my word for it because I don't have the artistic ability to draw hands that look like penises depending on the angle, but I assume stairs moving in all directions are involved.


thumbs.gfycat.comView Full Size
 
2020-06-22 8:43:22 PM  

Byno: Oh good it's this thread.

McKinsey will receive $4.5mm for auditing $200B in CARES funding.  For point of reference, it's hard to audit a $1B organization for $250k, so this isn't at all unreasonable.  Moreover, all NFP healthcare organizations must disclose their financials annually, and though we can't drill down to the facility level on for-profit entities, those 10Qs give lots and lots of detail that a junior analyst could uncover dirt on.

But, yes, this is clearly rampant fraud including penalty of massive civil fines, lifetime bar, and significant jail time are worth defrauding CMS.

Or something.


McKinsey was recently involved in billions of dollars in price gouging for PPE sold to state and local governments.  They have a conflict on interest with the organization under investigation.  That creates a conflict of interest.  There are other firms who can perform the audit.
Of course, Donald Trump and McConnel's crony capitalism means foxes guarding hen houses.
 
2020-06-22 8:47:06 PM  
During my career, where I've worked (more than one organisation) has brought in McKinseys, PWC and one other) can't remember)... all sucked. Giant waste of cash.
 
2020-06-22 8:47:55 PM  
It never ends .. Just another day with the best people put in place by Mr. shiat for brains ..
 
2020-06-22 9:20:32 PM  
https://en.wikipedia.org/wiki/Arthur_​A​ndersen

Let's see how much of history is going to repeat itself here...

/Should be a law requiring third party accounting oversight of public (and publicly traded) entities above a certain size.  This should be done on an annual or bi-annual basis, and never be done by the same accounting firm twice in a row.  Negative findings should be turned over to DOJ for investigation.
//The University of California ($21.1 Billion endowment, $34.5 Billion annual budget) has never had a third party audit.  Ever.  They regularly have internal audits that have no serious findings...
 
2020-06-22 9:54:27 PM  

Northern: McKinsey was recently involved in billions of dollars in price gouging for PPE sold to state and local governments.


Linky?
 
2020-06-22 11:15:20 PM  
Audit the hospitals, which have received not enough help as it is, and yet the businesses that received some 511 billion for PPP should be shielded from public view and have little oversight due to the efforts of the GOP. Good stuff. Your master Mammon smiles on you republicans.
 
2020-06-23 11:11:06 AM  

Byno: Oh good it's this thread.

McKinsey will receive $4.5mm for auditing $200B in CARES funding.  For point of reference, it's hard to audit a $1B organization for $250k, so this isn't at all unreasonable.  Moreover, all NFP healthcare organizations must disclose their financials annually, and though we can't drill down to the facility level on for-profit entities, those 10Qs give lots and lots of detail that a junior analyst could uncover dirt on.

But, yes, this is clearly rampant fraud including penalty of massive civil fines, lifetime bar, and significant jail time are worth defrauding CMS.

Or something.


Additionally the list of firms that have the capability to provide audit support without any past work at impacted organizations is going to be a null set.
 
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