Establishing an Effective Corporate Compliance Program

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Corporate compliance is a set of policies or rules and regulations which business institutions follow in order to overcome management problems. These instructions help in maintaining a healthy and suitable work environment for every employee. However the main challenge is implementing these regulations and involves the following steps:

Step 1

There is need for an audit or assessment to assist in identifying the laws and regulations governing the organization. For example, there will be need to provide healthcare services for employees in an organization. There can be implementation of new rules and regulations such as those protecting against sexual harassment ethics, financial statements, equal opportunity / fair hiring practices, environmental preservation and smoking to protect workers. However, this depends on the scope and nature of the business.

Step 2

Ensure compliance with legal counsel and requirements. This helps in identifying those changes in practices or policies needed to improve compliance at every level of the organization. There may be need to audit the organizations’ clinical, business and financial relationships to achieve best practices, compliance and risk management. There will be need to emphasize compliance with documentation, billing and coding practices especially in government sponsored organizations.

Step 3

Designing and implementing a corporate compliance program is the third step to achieving corporate compliance. This means that healthcare and business organizations must ensure compliance and best practices to deliver standard services and quality. There may be need to adopt the “phased-in” approach to achieve corporate compliance. This means improvement internally before focusing on external issues. A corporate compliance program helps in achieving this without compromising any risk management and avoiding healthcare fraud through false claims.

Step 4

Knowledge about the Corporate Compliance Principles is very important before implementing them. Business organizations and healthcare facilities must get familiar with the principles involved to ensure best practices at every level. The process of introducing some principles without disturbing standard processes may be tasking and challenging. Executive managers therefore must be informed of the strategies and principles before they are introduced.

Corporate compliance is an integral part of best practices and must be taken seriously to maintain a good working environment.

Further reading: Corporate Governance | Audit | Performance Improvement

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