Outsourcing Compliance: Is It Right for You?

Using a contracted, outside compliance professional (or what the OIG calls a “Designated Compliance Officer” to handle compliance and regulatory issues is not a perfect solution for every hospital, medical practice or healthcare company. But it is definitely an option worth exploring and may be a good fit if you need:An immediate, turnkey option with little or no ramp-up time.

Specialized expertise, but only in a limited amount.

• A cost-effective alternative to a high-level, dedicated inside resource.

• An approach that is flexible, adaptable and scalable.

• A way to efficiently and proactively leverage existing internal resources, especially to administer the day-to-day compliance program.

• An objective outsider to discretely conduct a sensitive investigation.

• An objective outside opinion to evaluate how well your current compliance program is performing and, if needed, make recommendations and provide assistance to improve it.

• A subject-matter authority who can actively engage on compliance and related topics with a broad range of stakeholders, including board members, investors, leadership, professionals, and frontline staff.

An effective compliance program is many things, including cheap insurance, a recruitment and retention booster, and a value-adding market distinguisher. Moreover, it is something that prospective buyers expect and seriously scrutinize in due diligence.

Whatever the motivation, we welcome the opportunity to explore how True Compliance Consulting may be of service to you or your company.

Reid Pearlman is the Consulting Principal of True Compliance Consulting, LLC dba MyComplianceOfficer.net. He may be reached at Reid@MyComplianceOfficer.net.