Managing Compliance Costs

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In this recent article by Healthcare Finance News, compliance costs are finally able to be managed correctly. The main problem that healthcare organizations face is that compliance costs take up a huge chunk of their budget.

In fact, in PwC’s State of Compliance 2014 survey, 33% of health care providers estimated that their compliance costs would add up to about $1 million annually. One way to fix the problem of such large costs is by placing appropriate procedures and policies at place.

Another way to fix the problem is by connecting both the financial staff and the clinical people. Catherine M. Bohner states that “the communication and connection between them becomes key, as does having the appropriate and specialized compliance training in place for those involved in operationally carrying out that compliance from both functions,”.

Through these methods, the compliance costs will decrease giving healthcare organizations the ability to use their resources more appropriately.

Summary by MedicalGroups.com

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