Great healthcare deals die in the gap between slide-deck revenue and cash reality. Targets show accruals; you inherit contracts, denials, and systems. If you’re not validating how dollars actually move—intake to cash—you’re negotiating on hope. Aegis gives investors a defensible view of revenue quality, contract strength, and compliance exposure before capital moves, and a 100-day plan to turn findings into value.
The first truth: headline rates don’t equal realization. We reconcile billed → allowed → paid across payers and service lines, separating rate issues from operational drag. That includes charge lag, documentation deficits, prior-auth friction, appeal losses, and silent underpayments. The output isn’t a guess; it’s a bridge you can price into the SPA, with sensitivity to mix, seasonality, and site-of-care shifts.
Second: contracts set the ceiling—terms set the floor. We benchmark fee schedules by CPT/HCPCS, geography, and setting; test carve-outs and escalators; and model achievable uplift. Then we read the clauses that change cash: timely-filing and appeal windows, audit/takeback rights, medical-necessity standards, and UM/PA language. Strong contracts can still pay weakly when terms are stacked against you; we quantify that risk and give you a renegotiation sequence tied to yield.
Third: denials and underpayments are not random—they’re patterns. Our analytics highlight where first-pass yield fails, which edits create noise, and where overturns stall. We pair the data with policy-accurate clinical review so you know which problems are real and which are process. That matters for valuation and for Day 1: the fastest wins post-close are usually upstream (documentation standards, pre-submission checks) and mid-cycle (work-queue design, appeal kits).
Fourth: FWA and compliance risks follow the buyer. We screen for upcoding/unbundling, abnormal time/volume, ghost locations, and credential gaps; verify supervision/scope requirements; and size potential exposure with evidence packs that stand up to auditors and courts. If risk is material, you’ll see it in a red/yellow/green register with a reserve recommendation—and clear SPA levers (price, R&Ws, indemnities, escrows/holdbacks).
Fifth: systems either help or hurt. We assess EMR/billing configuration, payer edits, automation, and reconciliation discipline. Clean data and well-tuned edits shorten cycles and reduce rework; broken queues and vague ownership hide write-offs. We document what must change, who should own it, and how to measure progress.
What you receive is investor-ready: a diligence memo with a risk map; a revenue bridge and rate-realization model; a renegotiation playbook by payer/service; evidence packs for exposure; and a 100-day operator plan with owners, timelines, and KPIs. We can run a sprint (2–4 weeks) to support decisions under pressure or stand up a deeper review for complex targets. Either way, findings are actionable on Monday.
Bottom line: two targets can look identical on accruals and produce very different cash. The difference is the engine—contracts, terms, workflows, edits, documentation, and compliance. Validate the engine before you buy it. If it’s strong, you’ll have conviction and a plan to scale value quickly. If it’s weak, you’ll know the price, the fix, or the exit.