Recently one of my clients, a medical transcription business, reported an experience they had that proved to them the benefit of compliance as a new business opportunity.
They received a call from a prospective new client, the HIM director from a healthcare system. The HIM director shared with my client that they had been outsourcing their medical transcription for the last 12 years to an MTSO, but recently they had a “major compliance issue” with that MT business. After an investigation by the HIM Director and the legal team from the healthcare system, they found that this MT business was unprepared for basic compliance practices and security. Legal counsel from the healthcare system has now insisted that the HIM director immediately find a new MT business for outsourcing, and discontinue using their current vendor as soon as possible.
My client was asked many questions related to compliance - their policies, their technologies used for security, their practices to protect health information, and their process for appropriate response to a potential breach with risk mitigation and notification. Gladly my client was able to comply with all requests and satisfactorily demonstrate good compliance practices; they now have a new customer.
So just when you think that the time, cost, and effort allocated to compliance may be too much for your budget, remember that good compliance is indeed an investment in good business.