How To Update Your Compliance Risk Assessment

Compliance Risk Assessments are critically important in healthcare practices. When utilized correctly, they can save entities from fines, problems, and consequences.

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While almost everyone is familiar with a HIPAA Risk Assessment, many practices have not completed a full Compliance Risk Assessment.

A Compliance Risk Assessment is a process for healthcare entities to determine what risks exist, evaluate potential risks and focus resources to address the most significant risks.

Compliance Risk Assessments help to find blind spots, show your employees that you care about their concerns and are proactive, and reduce potential governmental fines and penalties. They could even help to prevent a whistleblower suit.

Healthcare entities should prioritize these risk assessments, as they are now expected by the government. The Department of Justice (“DOJ”) has shared its belief that periodic risk assessments are the starting point of a well-designed compliance program.

Compliance plans must be updated routinely and regularly. Your staff should be aware and engaged with your compliance program.

So how do you perform a Compliance Risk Assessment? Work with your healthcare attorney to:

  • Identify risks
  • Assess risks for potential likelihood and impact
  • Create a workplan which will likely include audits, monitoring, education, updates to policies and procedures and implementation of any necessary technology
  • Continue monitoring

It is essential that your compliance plan is well-used, familiar to all staff, and involves your entire office.

If a government official were to come to your practice, would all of your employees be able to comprehensively discuss your compliance plan?

If not, call Rickard & Associates today!

If you need help with your compliance, billing, or audits, contact Rickard & Associates today!

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