Regulatory concerns are no one’s favorite. Guidelines prepared by Healthcare Insurance Portability and Accountability Act (HIPAA) and the Payment Card Industry Data Security Standard (PCI DSS) can sometimes be difficult to follow even when you are doing everything, like issue-tracking, best at your end.
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To highlight the challenge that lies here, it is all about every employee following the basic guidelines. No matter what regulation you must adhere to when it comes to total compliance, it must be an all-hands-on-deck approach. To ensure you follow government-mandated guidelines today, having a full-fledged tool for your business can make a lot of difference.
Although it takes a lot when it comes to compliance demands in legal and other departments, it is what it is when it comes to doing business. Since HIPAA and other regulations are in the best interests of patients, customers, and other individuals, adhering to them demonstrates a sense of commitment to their privacy.
If you violate HIPPA, it has a penalty of $1.5 million for “willful neglect.” As a business, you cannot have ignorance for noncompliance, as cases of unknowing negligence may still face fines depending on the situation.
The number of organizations that have been found to have violated HIPAA is already rather high, and it is possible that this group may be joined by a significant number of new members in the months and years to follow. McKnight reports that as federal authorities shift their emphasis from education to enforcement, the number of HIPAA audits is expected to increase. There is no longer an extension period; all businesses dealing with medical patient records must be fully prepared to adhere to these rules.
Regardless of the industry, organizations have been historically slow to prepare for new regulations. According to PwC, nearly a quarter of businesses haven’t even begun taking initial steps to become compliant. Meanwhile, only 6 percent have met their readiness goals.
Here’s how to keep compliance teams on track with issue-tracking software
If you want to meet compliance regulations, it needs to be supported by your staff. The last thing you need is something to slip through the cracks or for someone to forget a task and spoil your image with a regulatory body.
This is when issue-tracking software can help. issue tracking software can provide detailed insight across your compliance efforts. It allows stakeholders to assign tasks to the individuals and see if and when they have finished their tasks. Compliance officers can easily establish alerts and escalation rules to detect an uncompleted assignment that has dragged on for a long period of time. This keeps any compliance initiative moving forward and makes sure that you don’t miss out on important things.
Another notable benefit of using issue-tracking software is that it can create the kind of detailed audit required to show the regulatory authorities that your organization is operating in good faith.
Different standards like HIPAA or Sarbanes-Oxley need a clear paper trail that shows different transactions and records. If you have spreadsheet-based approaches, they aren’t up to the task of comprehensively covering your bases. With the help of issue-tracking software, you can provide the auditing capabilities required to satisfy different types of requirements.
One thing is pretty clear – regulatory compliance might not be easy to manage. However, if you have a high-quality issue-tracking system, you can make it a whole lot easier.
Regulatory compliance may not be a breeze, but with a high-quality, multi-faceted issue-tracking solution in your corner, it gets a whole lot easier. To know more, please contact your Product Experts today and find out how they can help solve your most pressing compliance concerns.
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Last Updated on December 30, 2022.