Regulatory concerns aren’t for everyone’s taste. The guidelines created by the Healthcare Insurance Portability and Accountability Act (HIPAA) and the Payment Card Industry Data Security Standard (PCI DSS) are difficult to follow, even when you’re doing everything your best to track down issues, etc. There are cases.
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To highlight the challenges presented here, all employees must follow basic guidelines. When it comes to full compliance, whatever regulations must be adhered to must be an all-inclusive approach. To ensure compliance with today’s government-mandated guidelines, having a professional tool for your business can make all the difference.
Much needs to be done when it comes to compliance demands in legal departments and other departments, but it’s a reality of doing business. HIPAA and other regulations are in the best interests of patients, customers, and other individuals, so complying with them demonstrates a sense of commitment to privacy.
Violating HIPPA carries a fine of $1.5 million for “willful negligence.” As a business, we cannot ignore compliance violations.
The number of organizations found to be in HIPAA violations is already quite large, and it is likely that many new members will join this group in the coming months and years. McKnight reports that the number of HIPAA audits is expected to increase as federal authorities shift their focus from education to enforcement. There is no longer an extension period. All businesses dealing with medical patient records must be prepared to comply with these regulations.
Regardless of industry, organizations have historically been slow to prepare for new regulations. According to PwC, nearly a quarter of his companies have not started taking the first steps to becoming compliant. Only 6%, on the other hand, met their readiness goals.
Here’s how to use issue tracking software to keep track of your compliance team.
If you want to meet compliance regulations, you need staff support. The last thing you want to do is go unnoticed, someone forgetting to do their job, and ruining your image with regulators.
This is where issue tracking software can help. Issue tracking software can provide detailed insight across your compliance efforts. This allows stakeholders to assign tasks to individuals and see if and when the tasks are completed. Compliance officers can easily establish alerts and escalation rules to detect incomplete assignments that have dragged on for too long. This keeps your compliance efforts moving forward and ensures you don’t miss anything important.
Another notable benefit of using issue tracking software is the ability to create the kind of detailed audits needed to demonstrate to regulators that an organization is operating with integrity.
Various standards such as HIPAA and Sarbanes-Oxley require clear paper trails showing various transactions and records. If you’re using a spreadsheet-based approach, they can’t handle the task of comprehensively covering the base. With the help of issue tracking software, we can provide the auditing capabilities you need to meet different types of requirements.
One thing is clear: managing regulatory compliance is no easy task. However, having a quality issue tracker can make things much easier.
Complying with regulations may not be easy, but having a high-quality, multi-faceted issue-tracking solution around every corner makes it much easier. For more information, contact a product expert today. Find out how our Product Experts can help you resolve your most pressing compliance concerns.
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Last updated: December 30, 2022.