Foley Partner Cheryl L. Wagonhurst spoke on a HCCA Web conference titled “ROI and Your Organization’s Compliance Program: Effective Corporate Compliance Requires Governance, Management and Financial Commitment,” August 25, 2009 at 12:00 p.m. Central.
Ms. Wagonhurst spoke with John Steiner, Chief compliance Officer for UK Health Care, University of Kentucky.
Return on investment is a very popular metric because of its versatility and simplicity. In the compliance arena, “ROI” includes specific areas of process improvement across an organization as the workforce, including healthcare professionals, is educated and trained on compliance responsibilities. Compliance “ROI” also includes building an organizational compliance program that improves the organization’s ability to defend allegations of non-compliance. Since litigation is expensive, unpredictable, and extremely time consuming for an organization, a compliance program supported by the Governance, Management, and Finance teams is essential. In short, “forewarned is forearmed.”
- Clear delegation of compliance responsibilities
- Demonstrable process improvement
- Practical approaches and examples of workable solutions