A foundational component is a written code of conduct, which guides the organization’s operations and articulates an obligation to compliance by all.
FREMONT, CA: Healthcare is the most heavily regulated industries. Healthcare businesses, particularly in the growth phase, should be able to demonstrate the capability to comply with the laws that control their business and to recognize fissures in operations swiftly. Investors and entrepreneurs should, therefore, view compliance as a competitive benefit that puts the organization in a favorable position to avoid potential regulatory challenges.
Some Elements of a Compliance Program
The Office of Inspector General (OIG) of the U.S. Department of Health and Human Services, along with other authorities, like the Department of Justice, has developed general prospects of compliance programs, which organizations in the healthcare industry must operate. The capacity of a company’s compliance program will differ depending on the dimension of the business and the risks that it faces. Extracted from OIG guidance, below are a few elements that are expected to be part of an efficient compliance program, and how startups might consider addressing them.
Policies, Procedures, and Standards of Conduct
A foundational component is a written code of conduct, which guides the organization’s operations and articulates an obligation to compliance by all. The models are effortlessly available and can be personalized with ease. Having a code of conduct is an aspect that any company can quickly meet.
With written policies and procedures, companies will need to think about where their most significant risks lie in their space in the industry. Having even necessary policies appropriate for a startup in the core areas of risk is vital, as the plans offer an essential launching point for basic training and articulation of standards.
Mature businesses will have not only a full-time compliance officer but relevant compliance staff. A startup of any size needs to have a designated person who is responsible for compliance. With the company’s growth, compliance ought to become more and more of a person’s role until there is a freestanding compliance group. Furthermore, the individual responsible for compliance should also have access to the CEO and the board as and when required.
Training and Education
Organizations that fail to educate and train their staff risk higher likelihood of accountability for violating healthcare laws, and more significant penalties. They also deny themselves the chance to multiply through their staff, the number of eyes out to recognize areas of potential noncompliance to be addressed. Training should comprise the company’s code of conduct and critical policies for the appropriate personnel. Moreover, organizations also need to keep track of training that they provide, and of individuals’ completion of it.
Well-Publicized Disciplinary Guidelines
Company staff must be educated on the vital importance of compliance, and that noncompliance has consequences. At the least, the business’s code of conduct should set forth general expectations of disciplinary action comprising termination for violations of the code and applicable laws and regulations.
Efficient Lines of Communication
An essential element of compliance programs for all businesses is offering an opportunity for persons to report their concerns anonymously. The aspect is even more significant in a relatively smaller company where lesser staffs preclude natural opportunities for people with concerns to report them to someone, not in a direct supervisory position.