Organizations expect their risk management and compliance functions to not only respond to regulatory and enforcement priorities, but also introduce new ways to control costs and drive growth. Risk and compliance officers are privy to information that boards of directors can use to make informed business and strategic decisions about operational challenges and opportunities, strategic growth and expansion, and technology adoption and implementation.
How well payers, providers, and life sciences companies calibrate their compliance spending to support growth, control costs, and manage risks will have a significant effect on how those companies fare in the future health economy. By identifying and prioritizing key issues, proactive risk and compliance functions can give their boards of directors an informed view of the opportunities and threats they may encounter in the marketplace. Tactically arming their boards with the information they need, risk and compliance functions can help measure the effectiveness of core processes and monitor progress toward meeting stakeholder expectations.
The strategic role of risk and compliance is increasingly vital as the movement away from fee-for-service to value-based care fundamentally changes the health care marketplace. In the evolving health care economy, organizations are considering the risks and benefits of adopting new capabilities, merging with or acquiring other entities, and integrating complementary organizations.
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"Proactive analysis uses the same available data, but organizes it into predetermined measurement bands and identifies notable trends across relevant time frames."
Traditional compliance data, such as training completion rates, hotline calls resolved, and number of complaints resolved, can be informative, but not actionable for a board. Without the context of business processes that lend meaning to this information, deriving practical use from it can be difficult. In their attempt to share information with boards in formats that are familiar, compliance executives may inadvertently separate compliance and risk concerns from larger business considerations. Without a connection to business operations, boards may be inclined to pass over the risk and compliance report to focus on other priorities.
Proactive analysis uses the same available data, but organizes it into predetermined measurement bands and identifies notable trends across relevant time frames.