Providers of healthcare services operate in an environment of intense regulatory scrutiny, enforcement and personal accountability. While some providers are knowing violators of the law, and deserving of such accountability, each year many well-meaning healthcare providers find themselves entangled in audits and investigations, facing penalties that can destroy the organization and directly impact Directors, Officers and Owners.
How can healthcare providers protect their people and assets from these devastating circumstances?
4 simple steps
- Conduct a review of your compliance program and governance structure. This can be done internally if you have the organizational resources to do so or by a qualified regulatory compliance consultant.
- Engage an independent third party to review your compliance plan and report findings to your board of directors. The simple fact that you’ve conducted this review will protect you in the event of an investigation even if violations are detected.
- Obtain insurance to protect your people and your business from the cost of government investigations. Note that this is a highly specialized area of insurance. Coverage can be found in different policies and can vary significantly in the protection provided. Engaging a qualified broker in this process is critical.
- Be prepared to respond effectively to any government inquiries or investigations and have a plan for potential self-disclosure of identified issues.
9th St., and our affiliate Risk Assessment Analytics, LLC, offer a proprietary risk assessment service as the starting point for quantifying risk profiles and identifying potential compliance issues.
For clients who have not conducted risk assessments we have the resources to assist in this process as well as the expertise to help respond to government inquiries and investigations.