Powerball and The Compliance Officer

Posted by Frank Strafford on January 13, 2016 in Uncategorized,

powerball and the compliance officer

The exhilaration of tonight’s $1.5 billion Powerball drawing is attracting even people who don’t typically play the lottery. And, in many organizations, employees are pooling their resources with the promise of splitting the windfall from a winning ticket.

However, buying a winning ticket with co-workers doesn’t always end well, as an article on AOL.com, “10 Office Lottery Pools Gone Terribly Wrong” vividly illustrates.

Here are some tips a Compliance Officer can roll out for their lottery pool:

1. Name a leader.

Name a leader who will be in charge of the lottery pool and who is responsible for buying the tickets, making copies, etc.

2. Formulate an agreement.

Create a simple agreement that clearly spells out the big issues (e.g., who is playing, how many tickets, whether you will take the lump-sum or an annuity, quick-pick or if someone will choose the numbers, etc.) that all participants sign.

3. Inform all those involved.

Make a public list of who has signed the contract and who is participating so there is no uncertainty about who is involved and who’s not. Make sure you invite everyone to participate in the pool.

4. Make copies of tickets.

Take a picture or make a copy of the tickets before tonight’s drawing and be sure to share them with all participants to avoid the “I bought this ticket with my own money” excuse.

5. Pay to play.

Ensure that all participants pay in prior to the purchase of the tickets.

Keep the tickets secure.

Keep the original tickets in a safe but accessible place.

Stick to these tips and you will avoid the drama and litigation when you win. Best of luck!

About Frank Strafford

About Frank Strafford

Related Articles

What to Do When You Find ...

June 15, 2017

Discovering that you’re employing an excluded individual can happen even to the most meticulous in the healthcare industry. How you address this mistake is another thing altogether. Properly address...

Daniel Levinson’s Parthenon of Compliance

May 18, 2016

The Parthenon of Healthcare Compliance   https://youtu.be/5TQg1A3ovRA   At the 2016 HCCA Compliance Institute, an annual conference for compliance stakeholders, Inspector General of the ...

OIG Exclusions: To disclose, or not ...

October 23, 2014

You've discovered an OIG exclusion blooper.  Now what? If you're like most administrators, you'd probably opt to fire the excluded employee, bury the evidence, and hope that the OIG never finds out ...

Understanding OIG Exclusions

OIG Exclusions Screening Process

Exclusion FAQS

Quick OIG Exclusion Basics

Employing Excluded Individuals

Consequences to Employing an Excluded Individual

OIG Compliance Law

Laws and Publications on OIG Compliance

More Compliance Resources

Our Culture

We build the best, so you can perform at your best.

Trusted for Good Reason

  • ✓ Guaranteed accurate
  • ✓ Certified Secure
  • ✓ Audit Proof
  • ✓ Feature-rich reporting
  • ✓ Round the clock real-time-data
  • ✓ Processing fully automated

Security First

  • ✓ Cloud hosted
  • ✓ Encrypted data
  • ✓ Real-time backups

Trusted for Accuracy

  • ✓ Physical security
  • ✓ Restricted access
  • ✓ Single sign-on
  • ✓ Password security
  • ✓ Certified secure
  • ✓ Cross checking

HEALTHCARE ESTABLISHMENTS NATIONWIDE COUNT ON STREAMLINE VERIFY

5

60%

Average workload reduction by implementing the Streamline Verify program

5

10K

Establishments trust Streamline Verify nationwide

5

2011

Serving the healthcare industry’s unique compliance needs since 2011

5

24X

Setting standards with hourly synchronization to primary source data