One of The Five Major Threats to the CEO Optometrist is Compliance
As many independent practice owners understand, owning your own practice offers many rewards, but with these rewards come certain risks. To protect your practice from the exposures it faces, it’s crucial to identify these threats and develop a risk management plan.
Risk is defined as the probability of an event and its consequences. Risk management is the practice of using experts, processes, methods and tools for managing these risks.
According to infoentrepreneurs.org, here are some of the threats your practice as a business will face:
The main categories of threats are:
Strategic, for example a competitor coming on to the market, like online eye exam
Compliance, for example the introduction of new health care legislation, like MACRA/MIPS
Financial, for example losing an insurance contract that generated a great percent of your income
Operational, for example the breakdown or theft of key equipment, like your server
Professional, for example losing your license to practice or good reputation
In this article, we’re going to talk about compliance.
What is Compliance in healthcare?
Healthcare compliance is the process of following rules, regulations, and laws that relate to healthcare practices.
Compliance in healthcare can cover a wide variety of practices and observe internal and external rules. But most healthcare compliance issues relate to patient safety, the privacy of patient information, and billing practices.
Why should I care?
According to attorney Kyle Haubrich, here’s why you should care:
“In a survey conducted in 2017, it stated that on average it will cost a practice $402 for every “affected or could have been affected individual,” in this case patient, “to mitigate the fallout from a breach, audit, complaint, or even a ransomware attack.” From my experience with these matters I can tell you that the cost to mitigate after a breach has occurred or an employee made a compliance mistake is only the beginning.”
“If the violation is big or bad enough, the Department of Health and Human Services and the Office of Civil Rights could still investigate and audit the incidence and could potentially issue a fine. This fine is above and beyond the mitigation costs you’ve had to now take to mitigate the situation. The costs therefore can be enormous.”
To date, the Office of Civil Rights (OCR) has settled or imposed a civil money penalty in 65 cases resulting in a total dollar amount of $102,681,582.00.
Are you in compliance? Really, are you?
How can I protect my practice against this threat?
You are invited to an upcoming webinar with attorney Kyle Haubrich and the rest of the SPIN team on September 24, 2019. In this webinar, you will learn how SPIN combines information technology services, with legal services, to make a full turnkey solution for your practice that will protect you from breaches from staff mistakes.
SPIN will take most of complying with health care laws off the plate of the practice, the staff, and the doctor. This will give you the freedom you need to focus on doing what you love – care for patients and not have to worry about compliance.
Click HERE to register for this webinar.
Until next time, remember to continue to Dream Bid, Take Risks and become the CEO of YOU! ™
SPIN Compliance Solutions Webinar