One of The Five Major Threats to the CEO Optometrist is Compliance

One of the five major threats to the CEO Optometrist is compliance with local and federal laws. As many independent practice owners know, owning a practice offers numerous rewards, but those rewards come with risks. To safeguard your practice from potential exposures, it’s crucial to recognize these threats and develop a solid risk management plan.

Risk is defined as the probability of an event occurring and its consequences. Risk management involves utilizing experts, processes, methods, and tools to navigate and mitigate these risks.

According to Infoentrepreneurs.org, here are some of the major threats that a business like your practice might face:

• Strategic: For example, a new competitor entering the market, such as online eye exams.
• Compliance: For instance, the introduction of new healthcare legislation like MACRA/MIPS.
• Financial: Such as losing an insurance contract that accounts for a significant portion of your income.
• Operational: For example, the breakdown or theft of essential equipment, like your server.
• Professional: Including the potential loss of your license to practice or damage to your reputation.

In this article, we will focus on compliance and how crucial it is for your practice’s longevity.

What is Compliance in Healthcare?

Healthcare compliance refers to the process of adhering to the laws, regulations, and standards that apply to healthcare practices. This can involve a wide array of procedures, from patient safety to the privacy of patient information, as well as billing practices.

Why Should You Care?

Attorney Kyle Haubrich emphasizes the importance of healthcare compliance:

“In a 2017 survey, it was reported that the average cost to a practice was $402 for every ‘affected or could have been affected individual’—in this case, a patient—’to mitigate the fallout from a breach, audit, complaint, or even a ransomware attack.’ From my experience, the cost of mitigation is just the beginning.”

Kyle goes on to explain that if a violation is severe enough, the Department of Health and Human Services and the Office of Civil Rights (OCR) could investigate, potentially leading to substantial fines in addition to mitigation costs.

To date, the Office of Civil Rights has settled or imposed penalties in 65 cases, totaling $102,681,582.00. Are you truly in compliance with healthcare laws and regulations?

How Can I Protect My Practice Against This Threat?

To help you navigate compliance, you are invited to an upcoming webinar with attorney Kyle Haubrich and the SPIN team on September 24, 2019. In this webinar, you’ll learn how SPIN integrates IT services with legal expertise, offering a complete, turnkey solution to protect your practice from compliance breaches, staff mistakes, and more.

SPIN takes the complexity of compliance off your plate, allowing you, your staff, and your practice to focus on patient care without worrying about legal pitfalls.

Click HERE to register for this webinar.

Until next time, remember to continue to Dream Big, Take Risks, and become the CEO of YOU!™