American hospitals, post-acute care providers and health systems must adhere to hundreds of regulations. This compliance is costly. The American Hospital Association estimates that the average community hospital spends $7.6 million per year on administrative support to ensure regulatory compliance. The impending end to the COVID-19 public healthcare emergency that will shake up healthcare regulations, ongoing shortages of healthcare workers, and skyrocketing levels clinician burnout are all factors contributing to non-compliance.
Even with large investments in administrative support to ensure compliance, overwhelmed providers could inadvertently leave holes in security, access, or credentialing systems. Health systems could face severe penalties and fines, significant reputation damage, and even loss of crucial Medicare contracts.
Technology is now available to bridge these compliance gaps. This allows hospitals to be more proactive in creating a safe environment for staff, patients, and visitors.
What is a tech-forward and effective business?