RCM Diligence — Checklist — SeekingChartis Corpus

🛡️ Public data only — no PHI permitted on this instance.

Diligence Checklist

Coverage + Open Questions

Auto-tracked from live analytics · partner overrides via URL

7 P0 items still open + 10 P1 — P0 coverage 65%. Do not schedule IC until P0 = 100%.

How to read: P0 coverage is the single go/no-go gauge for IC. Items tied to analytics auto-mark DONE when the analytic is run. Manual items (management references, legal review) need an explicit override — "Mark done" link on each row. All overrides are URL-encoded so you can share a state snapshot by copying the URL.

P0 coverage

65%

Blocking IC

Total done

20/40

50% of all items

Open P0

must close before IC

Open P1

assign owners

Open questions for IC (17)

Every P0/P1 item that remains OPEN or BLOCKED. This list is what the IC Packet "Open Questions" section prints — close the loop on each before the memo ships.

P0Has the HCRIS-Native Peer X-Ray benchmarked the target against 25-50 filed Medicare cost reports?ANALYST

P0Seller legal review — corporate structure, equity rollover, reps + warranties — signed off?LEGAL

P0Commercial payer contract review — top-5 payer contracts' carveouts, escalators, termination clauses, auto-renewal?LEGAL

P0Has the Regulatory Calendar × Thesis Kill-Switch been run to map upcoming CMS / OIG / FTC / DOJ / NSA-IDR events to the target's thesis drivers?ANALYST

P0Has the Covenant & Capital Stack Stress Lab been run to quantify per-quarter covenant-breach probability and equity-cure sizing?ANALYST

P0Quality-of-Earnings memo drafted and reviewed?PARTNER

P0IC Packet assembled (12 sections with partner synthesis + walkaway + open questions)?PARTNER

P1Is the sector sentiment from the market-intel feed consistent with the deal thesis?ANALYST

P1Cost to collect benchmarked against HFMA peer median?ANALYST

P1Corporate Practice of Medicine (CPOM) state exposure assessed?LEGAL

P1TEAM (CMS Transforming Episode Accountability) exposure reviewed?ANALYST

P1Labor + referral leakage reviewed (synthetic FTE, wage inflation, referral concentration)?ANALYST

P1Management team reference calls (CEO / CFO / RCM-ops director) completed?PARTNER

P1Real estate title + environmental + survey report for every owned facility?EXTERNAL

P1Seller disclosure schedule review — pending litigation, regulatory audits, DOJ/OIG matters?LEGAL

P1Has the Payer Mix Stress Lab stress-tested the target's commercial + government payer portfolio?ANALYST

P1Normalised working-capital target estimated + reconciled to seller's proposed peg?ANALYST

Items by phase · click an evidence link to drill in

Phase 1 · Pre-NDA screening

2/4 done · 50%

DONEP0

Has the Bankruptcy-Survivor Scan been run against the 12 named failure patterns?

SCREENING

ANALYST

Item	Phase	Category	Priority	Status	Owner	Question
scan_bankruptcy_survivor	1	SCREENING	P0	DONE	ANALYST	Has the Bankruptcy-Survivor Scan been run against the 12 named failure patterns?
scan_deal_autopsy	1	SCREENING	P0	DONE	ANALYST	Has a historical-analog signature match been run (Deal Autopsy)?
scan_sector_sentiment	1	SCREENING	P1	BLOCKED	ANALYST	Is the sector sentiment from the market-intel feed consistent with the deal thesis?
ingest_ccd	2	INGEST	P0	DONE	ANALYST	Has the Canonical Claims Dataset been ingested from the seller's 837/835 files?
benchmark_days_in_ar	2	BENCHMARKS	P0	DONE	ANALYST	Days in A/R benchmarked against HFMA peer median?
benchmark_denial_rate	2	BENCHMARKS	P0	DONE	ANALYST	First-pass denial rate benchmarked against HFMA peer median?
benchmark_ar_aging	2	BENCHMARKS	P0	DONE	ANALYST	A/R aging > 90 days benchmarked?
benchmark_cost_to_collect	2	BENCHMARKS	P1	OPEN	ANALYST	Cost to collect benchmarked against HFMA peer median?
benchmark_net_revenue_realization	2	BENCHMARKS	P0	DONE	ANALYST	Net revenue realization benchmarked?
benchmark_cohort_liquidation	2	BENCHMARKS	P1	DONE	ANALYST	Cohort liquidation curve computed (shows cohort censoring + liquidation tail)?
benchmark_denial_pareto	2	BENCHMARKS	P1	DONE	ANALYST	Denial Pareto root-cause table produced?
benchmark_qor_waterfall	2	BENCHMARKS	P0	DONE	ANALYST	Quality-of-Revenue waterfall reconciliation run against management revenue?
predictive_denial_model	2	PREDICTIVE	P0	IN PROGRESS	ANALYST	Claim-level denial prediction model trained and calibrated?
predictive_physician_attrition	2	PREDICTIVE	P0	DONE	ANALYST	Physician flight-risk (P-PAM) scored across the roster?
risk_cpom	3	RISK	P1	OPEN	LEGAL	Corporate Practice of Medicine (CPOM) state exposure assessed?
risk_nsa	3	RISK	P0	DONE	ANALYST	No Surprises Act exposure assessed (OON share + IDR arbitration exposure)?
risk_steward	3	RISK	P0	IN PROGRESS	ANALYST	Real-estate Steward Score computed (sale-leaseback risk + EBITDAR coverage)?
risk_team	3	RISK	P1	OPEN	ANALYST	TEAM (CMS Transforming Episode Accountability) exposure reviewed?
risk_antitrust	3	RISK	P0	DONE	LEGAL	Antitrust / HHI concentration check for the target's footprint?
risk_cyber	3	RISK	P0	DONE	ANALYST	Cyber posture composite + BI-loss estimate produced?
risk_ma_v28	3	RISK	P0	DONE	ANALYST	Medicare Advantage V28 recalibration impact computed?
risk_physician_comp_fmv	3	RISK	P0	DONE	LEGAL	Physician comp benchmarked against FMV p25/p50/p75 + Stark red-lines checked?
risk_labor_referral	3	RISK	P1	OPEN	ANALYST	Labor + referral leakage reviewed (synthetic FTE, wage inflation, referral concentration)?
risk_patient_pay	3	RISK	P2	OPEN	ANALYST	Patient-pay + reputational overlays reviewed?
fin_ebitda_bridge	4	FINANCIAL	P0	DONE	ANALYST	EBITDA bridge with 7 levers built (denial reduction, coding uplift, contract yield, WC optimization, labor inflation, reg-headwind, cyber reserve)?
fin_deal_mc	4	FINANCIAL	P0	DONE	ANALYST	Deal Monte Carlo run (3000 trials, 5-year forward MOIC/IRR distribution, variance attribution, sensitivity tornado)?
fin_counterfactual	4	FINANCIAL	P0	DONE	PARTNER	Counterfactual Advisor — offer-shape modifications to flip every RED/CRITICAL finding?
fin_market_intel	4	MARKET	P1	DONE	ANALYST	Public-operator comps + transaction multiples pulled for the target's category?
fin_working_capital_peg	4	FINANCIAL	P1	OPEN	ANALYST	Normalised working-capital target estimated + reconciled to seller's proposed peg?
deliver_qoe	5	DELIVERABLE	P0	OPEN	PARTNER	Quality-of-Earnings memo drafted and reviewed?
deliver_ic_packet	5	DELIVERABLE	P0	OPEN	PARTNER	IC Packet assembled (12 sections with partner synthesis + walkaway + open questions)?
manual_mgmt_references	3	MANUAL	P1	OPEN	PARTNER	Management team reference calls (CEO / CFO / RCM-ops director) completed?
manual_legal_review	3	MANUAL	P0	OPEN	LEGAL	Seller legal review — corporate structure, equity rollover, reps + warranties — signed off?
manual_commercial_contract_review	3	MANUAL	P0	OPEN	LEGAL	Commercial payer contract review — top-5 payer contracts' carveouts, escalators, termination clauses, auto-renewal?
manual_real_estate_title	3	MANUAL	P1	OPEN	EXTERNAL	Real estate title + environmental + survey report for every owned facility?
manual_seller_disclosure	3	MANUAL	P1	OPEN	LEGAL	Seller disclosure schedule review — pending litigation, regulatory audits, DOJ/OIG matters?
regulatory_calendar_scan	3	RISK	P0	OPEN	ANALYST	Has the Regulatory Calendar × Thesis Kill-Switch been run to map upcoming CMS / OIG / FTC / DOJ / NSA-IDR events to the target's thesis drivers?
covenant_stress_simulation	4	FINANCIAL	P0	OPEN	ANALYST	Has the Covenant & Capital Stack Stress Lab been run to quantify per-quarter covenant-breach probability and equity-cure sizing?
hcris_peer_xray	1	SCREENING	P0	OPEN	ANALYST	Has the HCRIS-Native Peer X-Ray benchmarked the target against 25-50 filed Medicare cost reports?
payer_mix_stress	3	RISK	P1	OPEN	ANALYST	Has the Payer Mix Stress Lab stress-tested the target's commercial + government payer portfolio?