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Financial pressures due to growing costs of labor and supplies along with lower reimbursement rates are forcing healthcare organizations of all sizes to find additional ways to find cost savings. Compliance technology may be your solution.
A quality platform will add operational efficiencies, reduce the risk of fines, and lighten administrative workload. Simple to implement and intuitive to operate, robust compliance technology can help healthcare staff spend less time on manual processes and more time focused on other operational necessities.
While the benefits of compliance technology are great, the need to adopt a platform is greater. The financial risks associated with not having compliance technology are too significant to ignore. Here are five compelling statistics that further illustrate what’s at stake as well as the benefits healthcare organizations can experience as a result of adopting a proven compliance platform.
1. The average-size hospital devotes nearly 60 full-time employees to regulatory compliance efforts, 25% of them being doctors and nurses.
Find it shocking that physicians are often tasked with regulatory compliance efforts? We do too. When doctors and nurses are assisting with compliance course creation, they’re not with patients where their knowledge and expertise are better suited; not only for quality care purposes but for revenue assurance, too. Healthcare organizations creating their own courses can find relief with a compliance platform that comes armed all regulatory content, created and updated by healthcare experts.
The administrative burden can also be lifted through compliance technology’s ability to automate tasks, centralize document management, customize reports and more, all designed to create operational efficiencies to help get staff back to seeing patients faster and generate more dollars.
2. On average, organizations can lose nearly $6 million in revenue due to a single non-compliance event.
Avoiding compliance-related fines and penalties is paramount to the fiscal health of any healthcare organization. It’s also important to note that non-compliance violations go beyond fees alone. They disrupt business operations and spark productivity loss, only further heightening the monetary cost to your organization.
HIPAA violations are common. Since the Privacy Rule was implemented, the Office for Civil Rights (OCR) has received nearly 750,000 HIPAA complaints. In many cases, they occur because the individuals involved were unaware they were breaking compliance regulations. Compliance technology can help prevent violations through engaging and diverse training. Keeping content fresh and applicable encourages healthcare staff to apply the training, policies, and regulations to their day-to-day practice, in turn helping build a strong culture of compliance. Technology platforms should also offer easy access to policies and procedures for employee reference, as well as anonymous incident reporting so staff can proactively call out potential issues.
3. 88% of surveyed healthcare leaders said technology to automate repetitive tasks is critical for addressing staff shortages.
Staff shortages, provider burnout, and high turnover rates continue to strain healthcare organizations everywhere. However, eliminating redundant tasks and creating time savings through compliance technology can offer significant relief. Automation through compliance technology helps healthcare staff spend less time doing tedious, mutli-step regulatory tasks and more time being proactive on other vital operational needs.
One-click onboarding, for example, saves administrators hours of time and gets new staff working and seeing patients faster. A productive compliance platform includes workflows that automatically send task assignments and timely reminders after a new employee is added based on their role, department, and location.
4. There’s a stark difference between being compliant and being audit-ready.
Being compliant doesn’t mean your organization will pass an unexpected accreditation or CMS survey. There are a lot of deficiencies that can occur due to lack of staff readiness, which results in time-consuming corrective action plans. Staff are required to take a boatload of compliance and training courses. But if these simply become just another box to check and policies are overlooked in practice, costly problems can arise.
Compliance technology that offers engaging, applicable, and healthcare-focused content helps staff translate course learnings into their daily practice and builds the standard of an audit-ready culture. From an administrative lens, custom reports and real-time tracking within the platform empower organizations to remain ahead of the compliance curve and more effectively pass accreditation surveys – even the unexpected ones – with preparedness and ease.
5. Health systems, hospitals and PAC providers must comply with 629 discrete regulatory requirements across nine domains.
Over 600 regulatory requirements is a heck of a lot for an individual to manage, even for the most tenured compliance specialists. Effectively and accurately keeping track of all of these moving parts across multiple domains for multiple providers is nearly impossible without compliance technology.
Adopting a dynamic platform helps organizations reduce errors, remain survey ready, and simplify compliance management for a better administrative, provider, and patient experience. Instead of overwhelming your staff, arm them with the right technology and tools to gain the confidence they need to support operational compliance and build a shared standard of safety.
On average, MedTrainer customers have saved 40 hours of extra work each week.
The Solution Is in the Software
It’s no secret maintaining healthcare compliance can be a challenging and complex process, especially amid constant regulatory changes and high staff turnover. It’s also no secret that successfully juggling endless compliance to-dos and regulation upkeep is near impossible without a robust compliance software. But with the right platform, such as MedTrainer, healthcare organizations can simplify compliance management and support high-quality patient care despite the industry challenges thrown their way. See how MedTrainer’s comprehensive solution can alleviate and elevate your organization’s compliance process today.