Health care professionals across the provider spectrum, from physicians to executives and board members, are faced with increased regulation related to Conflict of Interest (COI). These regulations not only affect multiple silos within an enterprise, but business decisions across the enterprise as a whole:
- Objectivity in Care
- Physician Sunshine Payment Act
- Objectivity in Research
- Public Health Service (NIH)
- Conflict of Commitment/Outside Activities
- Faculty requirements due to federal grant rules (OMB Circular A-21)
- A portion of PHS Regulations apply for Outside Activities
- Can be affected by state laws as well
- Non-Profit Accountability
- IRS – 990 Forms for HCEs, Executives, and Board Members
We know you are committed to providing the very best care for your patients, including ensuring that your corporate officers, employees, faculty, students and members of the medical, nursing, professional and technical staffs use their best efforts and judgment to avoid any influences which could compromise the integrity of patient care, research and business transactions. While transparency around COI is a simple theory, in practice the laborious, detail-oriented process required to maintain transparency is nearly impossible for existing staff to manually manage with any speed or accuracy.
Yet this ability to track and report on COI is vital in supporting the objectivity of your research, the quality, costs and compliance related to your supply chain and pharmacy management, as well as executive decision-making like hiring, purchasing, and mergers and acquisitions.
Without the right knowledge at the right time, can your disclosures be accurate?
No organization wants to face the risk of reputational, organizational and financial risk involved in discovering they are in conflict with the interests of its board members, physicians, staff or business associates. Failure to disclose, regardless of reason, opens the organization to further risk. Avoid COI risk with the right compliance and issue management software and systems to support your existing staff in managing through this regulatory mine field.