The Society of Corporate Compliance and Ethics and the Health Care Compliance Association have recently released a new report on “Compliance and the COVID-19 Pandemic”. This blog summarizes the main findings from this study of 343 compliance and ethics professionals’ responses. The population sample was created from the database of the Society of Corporate Compliance and Ethics & Health Care Compliance Association during May 2020.
This compliance industry study goes on to note that: compliance departments are collaborating with other departments more than ever before. On average, collaborations with other departments are up 42%. Risk of compliance breaches during the COVID-19 pandemic continue to accelerate and for that reason, as the study points out, compliance inquiries are increasing significantly.
As Streamline Verify’s Director of Business Development, I noticed an upswing in clients converting to the Full-Service plan to mitigate the internal workflow demands of exclusion screening. One possible explanation for this trend is that compliance budgets have cut staff and outsourcing services like ours may help bottom line budgets.
Decreased Compliance Budgets
The study results suggest that a trend is emerging in which healthcare companies are reducing their compliance budget in the pressurized COVID19 economy. Specifically, the study found that 23% of survey respondents indicated a somewhat reduced compliance budget and an additional 13% reported a large reduction.
The insightful industry report concludes with three main points. First, that they believe the transition to the pandemic model has worked but the increased compliance inquiries could be a sign of rough waters ahead. Secondly, healthcare professionals seem to be showing differences transitioning during the pandemic compared to other industries. Lastly, the study substantiates that compliance departments are indeed integral parts of their organization and are increasing interactions across their organization.
In sum, as we bring you the latest advancements within the compliance industry, Streamline Verify is here for your organization in this challenging time to help ensure the compliance performance is the quality our clients have come to rely on for almost a decade.