Trends Reshaping Healthcare:
Penalties for Non-Compliance
Investigations and penalties for non-compliance have increased exponentially.
The Department of Justice and the Office of Inspector General have significantly ramped up their investigations into healthcare fraud, waste, and abuse. In 2019, the Department of Justice collected $2.6 billion1 from civil healthcare fraud settlements and judgments, including Stark Law and Anti-Kickback Statute violations.
Manual, decentralized contracting and provider onboarding processes are risky.
Healthcare organizations need digital contracting solutions to stand up under the increased scrutiny.
Manually reviewing thousands of paper contracts to be sure they comply with federal, state, and accrediting body regulations is time- and labor-intensive. Most healthcare organizations don’t have the time or staff to manually comb through all their contracts. But the costs of non-compliance are steep, in terms of hefty fines (up to $15k and $50k per violation of the Stark Law and Anti-Kickback Statute, respectively) and reputational damage.
Gold-standard Solutions for Efficient, Compliant Contracting.
TractManager’s contract lifecycle management solution centralizes, standardizes, and optimizes contracting processes.
At TractManager, we understand the unique compliance challenges in healthcare contracting. We developed healthcare-specific contracting software to overcome those challenges.
Centralizing your digital contracts in a single, searchable database allows you to quickly and easily locate and manage them. Standardized, permission-based workflows promote compliance at every stage of the contract. AI-powered contract analytics rapidly scan your contracts, proactively identifying compliance risks such as missing Business Associate Agreements (BAAs). Our software and services model makes it easy to manage provider-related compliance activities, including conflicts of interest, gift reporting, time and effort reporting, provider compensation (e.g., fair market value), and maintenance of credentials and privileges.
Measure It to Manage It: Beginning the Journey to Hospital Financial Wellness
The financial health of your healthcare organization needs to be your top priority. Analyze clinical, financial, and operational data to uncover opportunities to improve your processes, systems, and bottom line.