Effective Management of Compliance Risks: It’s not a Luxury—It’s a NecessityHealthcare Organizations Can Stay in Compliance and Out of the Headlines with a Comprehensive Software Solution.
JANUARY 12, 2021—DALLAS, TX—TractManager, now part of symplr and the leader in healthcare strategic sourcing, contract lifecycle management, and provider management, today announced the public release of a white paper that demonstrates how technology-enabled governance can help healthcare organizations effectively manage compliance risks and improve the efficiency of prevention and reporting programs.
The white paper, The Experts’ Guide to Healthcare Compliance, is authored by Brooke Brown, RN, BSN, Vice President of Product Management at TractManager. “Depending on the size of your business,” Brown points out, “the benefits extend well beyond peace of mind. Savings can range from thousands to millions of dollars, and that’s money that can be reinvested in your organization’s success.”
Brown reminds readers that four federal regulations are central to any organization’s compliance efforts: the Anti-Kickback Statute, the Stark Law, the Physician Payments Sunshine Act, and HIPAA. Both the organization and individual members of the C-suite are subject to fines for regulatory violations. Violating the Anti-Kickback Statute and Stark Law, for example, can result in up to $50,000 in civil fines and $25,000 in criminal fines per offense. The cost of a HIPAA violation ranges from $100 to $50,000 per violation, with a maximum penalty of $1.5 million per year.
“The good news for healthcare organizations is that advanced software solutions designed by healthcare and technology experts can respond specifically to regulatory demands,” Brown writes. “Such solutions supply all the critical elements for beefing up compliance efforts, as well as the necessary flexibility for adapting to changing regulations.”
TractManager’s MediTract contract lifecycle management platform enables organizations to securely manage all contracts in a centralized contract database and standardize custom workflows by contract type. In addition, TractManager’s Compliance Suite leverages that centralized database to help evaluate vendors, track provider time reporting, avoid conflicts of interest, and record gifts and other nonmonetary compensation physicians receive to ensure compliance.
Healthcare executives are invited to download the white paper. In addition to the white paper, TractManager is publishing a series of monthly blogs to help healthcare organizations improve their financial health by taking advantage of the wealth of information hidden in the data they already possess. The blog series is available on www.tractmanager.com.
TractManager, now part of symplr, has been serving the healthcare industry with integrity for more than 30 years . Its healthcare-specific application suite supports three out of five U.S. hospitals. TractManager is the first mover in strategic sourcing, enterprise contract lifecycle management, provider management and evidence-based data. The company’s more than 450 highly skilled and experienced professionals help clients to improve cash flows by reducing their capital and nonlabor costs and to conform their contract, policy, and procedure management to meet regulatory requirements. For more information, visit tractmanager.com.
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