David Monaghan, Founder, Compliatric
The requirement for an effective compliance program in healthcare organizations is transitioning from being voluntary to mandatory. That said, setting up a robust compliance environment is not a cakewalk for organizations. “In order to ensure regulatory compliance, it is necessary to effectively combine technology, content, data and expertise together,” says David Monaghan, Founder, Compliatric. Overseeing the level of analysis required for compliance management has become a challenge with the wide dispersion of data and lack of unifying technology. This can prompt fraudulent practices and security breaches, which further emphasize the need for a comprehensive compliance management solution. “A genuine commitment to compliance enabled by integrated technology will reduce the exposure to damages and penalties. This can be achieved by linking together disparate systems and enforcing compliance requirements,” notes Monaghan. Based in Salt Lake City, UT, Compliatric creates an environment of excellence with its staff of highly experienced healthcare administrators and compliance experts.
By deploying a Software-as-a-service (SaaS) modeled suite, Compliatric integrates Governance, Risk Management and Compliance (GRC) capabilities into its core solution. The Compliatric GRC platform is a one stop shop which comprises of Policy Library, Learning Management System(LMS), Incident Management, Internal Audit and Risk Assessment, and many other features like Employee Sanctions Screening, Conflicts of Interest, Contract Management and Non-Monetary Compensation Tracking. Inclusive of the Health Insurance Portability and Accountability Act (HIPAA), the GRC platform administers compliance through solutions for Business Associates, Patient’s Rights and Release of Information, Security Risk Assessments, Asset Tracking and Breach Assessment.
Moreover, Compli-atric’s ProviderTrac solution helps Accountable Care Organizations through its Provider Engagement Management (PEM) platform, which “focuses around referral patterns and outcomes data related to evidence based care,” says Monaghan.
Our aim is to reduce organizational
risk through a holistic and integrated approach to demonstrate compliance
In an implementation highlight, one of their customers in healthcare revenue cycle management was struggling trying to manage regulatory and internal business process compliance.The lack of integration between different solutions create much duplication in effort in and outside of IT and lacked the ability to demonstrate compliance as desired. After installing the Compliatric GRC platform, the client witnessed a swift transformation in terms of bridging the gaps they faced earlier. The technology provided by Compliatric extended beyond basic regulatory compliance and managed many tracking needs of the client’s business, including policies, training, incidents, marketing, customer service, and human resources.
With continued growth in its product portfolio, the efforts of Compliatric stand out due to the fully integrated approach they adopt between their various modules. For example, incorporation of a mobile platform to access the solution from anywhere is a major feature Compliatric leveraged right from the early days. “Compliatric has extended its ability to build rapid solutions for unique problems while keeping pace with new regulatory or internal business requirements without delay,” states Monaghan.
As a recent entrant to the market, Compliatric’s roadmap is focused on providing their customers with all the advantages of comprehensive healthcare focused GRC software along with excellent service—the company is constantly devel¬oping new features on the platform. “Our aim is to reduce organizational risk through a holistic and integrated approach to demonstrate compliance,” concludes Monaghan.