It’s a no-brainer that maintaining compliance standards can save healthcare organizations some big bucks. But if you think all compliance is good for is helping you avoid a few fines, we’re here to convince you otherwise. Since compliance programs are a necessity that cannot be escaped, then it’s up to us to optimize our programs and draw other benefits from it. We know it may not be immediately obvious but beyond happy accreditors, compliance can save you money in a variety of ways that we think you may be interested in knowing about. Here are three ways your organization can start saving money with healthcare compliance.
Any hospital that is found to be out of compliance, of course, can run the risk of a lot more than simply getting fined by regulators. If a hospital’s non-compliance happens to be published in the media, the hospital in question will also face public embarrassment, which can result in losing customers, prospective employees, and of course, the time and money needed to repair the damaged reputation.
Fines aside, the ramifications of a tarnished reputation can result in longer-lasting effects on a hospital’s business. Alternatively, however, continued compliance can strengthen a hospital’s reputation and as such, draw in patients and top professional talent.
This tune is sung a lot in healthcare. What you can’t argue with is its obvious importance. That being said, part of a successful compliance program is creating a blame-free environment that empowers staff to recognize, communicate and mitigate risk on their own. To accomplish this requires continuous staff training, be it on regulations and standards or on recognizing mistakes before they happen.
Ultimately, a proactive environment such as this one will improve employee and patient safety, which can potentially save your organization thousands in litigation or paid leave.
With a proper compliance program in place, complete with an automated solution that can help your organization streamline workflows and make it easy for staff to access policies and procedures, you’ll gradually notice greater productivity throughout your organization. This is what is called a soft cost–something that can’t be measured, but offers obvious benefits in an increased effort that equates to savings in labor and other areas.
A compliant program can also lead to other efficiencies around the organization, from supply usage to waste management and operational efficiencies. As long as you can find areas for improvement that can, in turn, be communicated as organizational policy and procedure, the cost saving opportunities can be yours.
Luckily, in most cases, most of these benefits come hand in hand with a healthcare compliance program. So, if you’re already using an automated solution then you may already be well on your way to some great cost savings. If you are and have yet to notice any changes, we encourage you to dig deeper, as we mentioned earlier it may not be immediately obvious.
Of course, if you’re still using paper or legacy systems to manage your compliance efforts, it may be time to modernize your approach and take full advantage of what an automated solution can offer your organization. With more and more emphasis being placed on compliance, there’s a world of opportunity to protect your hospital, its reputation, and save some budget dollars while you’re at it.