Michael Rosen, Co-Founder, ProviderTrust
The face of medicine keeps changing with the constant influx in the technology and market trends. The challenge now is to simplify the storage management and the effective monitoring of credential information. “ProviderTrust helps healthcare companies utilize fresh and cutting-edge technology to meet the growing mandates in healthcare and monitor employees and vendors,” says Michael Rosen, Co-Founder, ProviderTrust. The company automates exclusion monitoring for employees, vendors, and contractors aiding the healthcare organizations achieve absolute compliance with the Office of Inspector General (OIG) exclusion list and additional federal and state lists.
ProviderTrusts’s flagship solution, OIG Exclusion List Service performs healthcare exclusion monitoring as required by Health and Human Services (HHS)—maintaining and managing professional credentials and professional license documents. By mechanizing OIG exclusion check lists, ProviderTrust prevents the healthcare organizations from employing an excluded provider and employee. “Such services involve paper tracking and verification as well as searching public record, therefore we follow ongoing compliance to assure the practitioner is continuously qualified,” he adds. The firm has integrated a single program for exclusion check, license verification, and vendor proofing, which enables composed data for structured compliance of the program that establishes a protected ground for the respective organizations.
To meet the demands of healthcare professionals, ProviderTrust offers solutions for managing the vendor risk, ensuring that the providers do not create a potential to negatively harness the business performance. “Managing risk is no easy task, but a successful vendor risk management strategy is an important step to take. It ensures the overall compliance of your organization,” says Christopher Redhage, Co-Founder, ProviderTrust. “In healthcare, not only are organizations liable for the inherent risk associated with its own employees and
services, they are also responsible for monitoring their third-party vendors who does the supply,” he adds. Similar to vendor risk management, the company offers more programs that provide security for the healthcare organizations such as, OIG background checks and monthly monitoring.
ProviderTrust enhancing OIG background checks has been leveled high for team effectiveness and trust for senior leaders and managers in a recently conducted employee survey. The companies were ranked according to their overall composite score; this is one of the major factors that allow them to stand apart from other compliance providers.
For instance, a healthcare organization recognized the need for exclusion monitoring and sanctions screening, when they discovered that the records were not up to the standards and the liabilities to the risks were higher, they collaborated with ProviderTrust. With the help of ProviderTrust, the client was able to solidify their exclusion monitoring process on an automated platform to achieve transparency throughout the organization. Summit Healthcare chose ProviderTrust’s basic software with the nationwide exclusion package because it includes features that are critical for the success of their compliance strategy. “The ProviderTrust sales team not only knew the regulations, but also made the presentation gratifying and engaging,” says Christine Conner, Summit Healthcare.
Managing risk is no easy
task, but a successful
vendor risk management
strategy is an important
step to take to ensure the
overall compliance of your
For the future, the company intends to pursue the current portfolio of services and simultaneously innovate on the foreground of compliance. They wish to be radical on their solutions relating to exclusion checks, vendor proofing and license verification that is leading the course of new age healthcare. “By aggregating and monitoring all critical primary source datasets, both federal and state level, and returning verified matches, we ensure you stay compliant,” concludes Rosen.