Every admission to a hospital triggers $1,200 in regulatory compliance costs, according to an American Hospital Association (AHA) report.
That’s because each hospital with post-acute care beds has to comply with 629 different federal regulations – plus any and all new ones that come along.
Best practices call for you to be constantly scanning the Federal Register and other sources, not just for new regulations but also for changes to old ones. To translate them from “Regulish” to English, so you can analyze what they mean. To decide which parts of which regulations apply to your hospital. To define and assign compliance tasks. And to update your IT, if needed, to monitor and document compliance.
That doesn’t come cheap.
An average 161-bed community hospital spends more than $7.5 million a year on federal compliance – $9 million if it has PAC beds. Plus an average of $411,000 on IT upgrades each year to monitor and document compliance.
While your compliance department is doing this, compliance departments at another 6,145 US hospitals are doing the exact same thing, the exact same way, running up the same kinds of costs.
No wonder American hospitals and health systems spend more than $38 billion a year duplicating each other’s compliance work.
But what if there were one online expert source that could cut out all that needless duplication? That could tell you what you need to know and let you manage your own hospital’s compliance progress in real time, 24/7/365, with just a few mouse clicks?
With more regulatory changes in the pipeline every year, you’re going to need more budget, more staff and more other resources. Odds are three-to-one you won’t get them. A 2018 study reported that fully 75% of compliance officers surveyed predicted that their budgets would either stay the same or get cut.
Want to beat those odds? Then you’ll want to learn more about a system that lets your compliance department accomplish more for much less.