Regulatory compliance is generally described as an organization’s adherence to laws, rules, policies, guidelines and specifications relevant to its business. As more and more rules have been implemented and operational transparency is expected, compliance has become more prominent in many organizations. Thus, more organizations have resulted to the creation of regulatory compliance officer positions to hire employees who possess a primary or singular purpose of ensuring that the organization conforms to legal mandates. Their ultimate goal is to successfully ensure that they are aware of these standards and are making their best efforts to comply to them. Violations of regulatory compliance regulations often result in legal punishment, including but not limited to federal fines.
The Kendrick Law Group understands the importance of an organization’s compliance. Here is a list of seven components that provide a solid basis upon which a physician practice can create a voluntary compliance program:
Conducting internal monitoring and auditing;
Implementing compliance and practice standards;
Designating a compliance officer or contact;
Conducting appropriate training and education;
Responding to detected offenses and developing corrective action;
Developing open lines of communication; and
Enforcing disciplinary standards through well-publicized guidelines.
If you would like to get started in ensuring your practice, organization’s/business’ compliance standards are met, give The Kendrick Law Group a call today. 407-641-5847.