The significance of compliance is apparent in this year’s compliance report. More than ever, we are seeing a lot of growth from one organization to the next. For example, last year’s report showed that 92% of respondents said their organization had a formal compliance program. That number is up 3% from the previous year, and up 8% from two years ago.
Some Compliance Highlights From the 2019 Annual Report
Organizations without a formal plan in place, a dwindling 7%, are now in a very small and shrinking minority.
Existing compliance programs are becoming more and more foundational in healthcare organizations. 93% of programs are either increasing their budgets or staying the same while only 7% of programs’ budgets are shrinking this next year.
More than half of the compliance professionals we surveyed have been with their organization five years or less. If you extend that out to 10 years or less, that’s more than two-thirds of our respondents. This could mean that experienced compliance professionals are hard to find and therefore able to steadily take advancement opportunities.
But, as always, there’s plenty of room for improvement, too. 18% of organizations are not performing an annual risk assessment. And even rockstar compliance programs need to constantly evolve with rules and regulations. Some organizations are going strong in one area but are weak in others.
Healthicity’s annual compliance report can serve as an industry benchmark to help you reduce risks. Download your free copy today and use it to create to-do checklists, increase your bottom line, give your resume a tune-up, and better manage your programs across the board.