How to Conduct a Compliance Risk Assessment (and Why You Should)

• January 24, 2022

Healthcare organizations such as hospitals, home health agencies, skilled nursing facilities, physician practices, and third-party medical billing companies are constantly exposed to new compliance risks. We attribute this to our current world of continually changing healthcare laws and regulations coupled with these organizations evolving their operations to adapt to this ever-changing environment.

Now more than ever, these organizations must maintain an effective compliance program. The industry recognizes conducting a compliance risk assessment regularly as one of the key elements of an effective compliance program. An ongoing compliance risk assessment will identify and evaluate these risks and empower an organization’s leadership to address the risks to the organization proactively.

This paper will define a compliance risk assessment, explain why you should conduct a compliance risk assessment, discuss how to develop a compliance work plan, and why you should monitor the work plan and track progress.