Vendor compliance is a vital responsibility of every Healthcare organization. It ensures that the organization only works with vendors who follow all quality and security standards. Compliance checks also help the organization verify the vendor’s involvement in illegal activities. This is why working with vendors without compliance checks increases the risks of legal penalties and fines. Along with the financial penalties, getting your name associated with a bad vendor can significantly damage your organization’s reputation. Vendor compliance checks help avoid these risks and ensure your organization gets high-quality goods and services. This emphasizes the importance of maintaining frequent compliance screening and updated compliance checks at regular intervals. By doing so, you can verify the legal status of your current and future vendors.
Significant Benefits of Vendor Compliance
The significant benefits that your organization gets with Vendor compliance are listed below:
- Compliance checks include verifying the vendor’s financial status and ensuring they can provide all the required goods/services without delays. It prevents your organization from investing in a financially unstable vendor, saving you from financial risks.
- Compliance screening and checks verify whether the vendor follows all the safety/quality rules and regulations. It ensures that the vendor provides the goods/services according to the requirements and follows all the quality standards mandatory for patient safety. Following quality standards is essential for healthcare organizations because it builds trust between them and the patients.
- Vendor compliance includes crucial verification methods, including OIG Screening, vendor screening, sanctions checks, and other legal checks. These checks help you avoid working with sanctioned and excluded vendors. As a result, this saves you from legal penalties, fines, and being excluded from federal healthcare programs.
- Compliance screening also provides a better platform to communicate with your potential vendor. This helps the vendors understand the organization’s requirements so that they can deliver the required goods/services on time. It also assists the organization in filtering out the best possible vendor according to the organization’s needs and requirements.
The Essential Need for Vendor Compliance in the Healthcare Sector
Verifying vendors is essential for running operations in every industry. However, Vendor compliance is more significant in the healthcare sector because it directly and indirectly impacts the patient’s health. Vendors provide a variety of goods and services to Healthcare organizations, including medicines, medical equipment, testing services, delivery services, and other essential goods/services. That is precisely why these vendors can directly affect the quality of services provided by the organization. Working with an unverified vendor exposes your organization to a high possibility of financial and reputational risks. It also puts the health of your patients in danger with poor-quality products, fake or expired medicine, delays in emergency services, and inaccurate test results.
Gaining people’s trust is quite difficult in the healthcare sector. To achieve this, healthcare organizations must provide the best quality services. Having a trusted and verified vendor helps build trust among patients to a great extent. Accurate vendor compliance checks ensure that the vendor follows all the safety and quality regulations. This essentially means that you can trust the vendor’s products and services.
Sanction Checks and OIG Screening – Crucial Part of Vendor Compliance
A vendor’s OIG Screening and sanction checks are essential to verify their involvement in fraud and illegal activities. The following sections will give you a detailed view of these processes.
Sanction Checks
Sanction checks help the organization avoid working with vendors who are involved in fraud and illegal activities. As a result, these checks save the organization from severe legal penalties and fines. In Healthcare Sanction Checks, the vendor or individual is verified against multiple lists and databases including OIG, SAM, OFAC, and FACIS. This is necessary to confirm whether working with the individual or the vendor is safe and within the legal boundaries.
Performing sanction screening or checks for a vendor can save the healthcare organization from potential financial fraud and reputation damage. Regular and accurate sanction checks help healthcare organizations verify the legal and financial background, qualifications, and quality of their goods and services. Therefore, these checks are mandatory for Vendor compliance.
OIG Screening
OIG or the Office of Inspector General can exclude individuals or entities from participating in federally funded or state-funded healthcare programs. They maintain a list of excluded individuals/entities(LEIE) and can also add individuals/entities to this list. The entities mentioned here include vendors who provide essential goods and services to healthcare organizations. Organizations working with vendors from the OIG exclusion list will immediately stop receiving federal funds. This includes Medicare or Medicaid funds or any form of payment from Federal healthcare programs. Also, working with these vendors leads to significant financial penalties and fines.
Venops for Trusted and Accurate Vendor Compliance
Venops is a synonym for trust and accuracy for compliance support services. Our experience, dedication, accuracy, and automation tools will help save your precious working hours. We have gained and maintained the trust of our clients with fast and accurate results. Our experts know the importance of accurate Vendor Compliance screening and checks. That is precisely why we use the perfect balance of our years of experience and modern technology to increase the screening’s speed and accuracy. With Venops, you can get the following benefits:
- OIG Screening of vendors without any additional cost
- Fast, and accurate OIG Check with the most updated database
- Transparent pricing to ensure that you get the highest quality services at the right price
- A diverse team of experts to supervise the screening and compliance process in order to ensure accuracy and precision
- Help you save your precious working hours with automated monthly screening
Conclusion
Vendor Compliance is crucial for healthcare organizations to verify a vendor’s legal and financial background. This also helps organizations avoid working with vendors involved in illegal activities or having their names involved in medical fraud. Healthcare vendors offer essential goods and services to healthcare organizations. The quality and timely delivery of these services can significantly affect the treatment. Therefore, accurate compliance screening and checks for vendors also play a crucial role in patient safety.
You can perform all the compliance checks and the screening process for your organization. However, it will cost a significant amount of working hours and workforce. Venops is here to provide you with accurate and fast compliance support services to save precious working hours. Contact us for any queries regarding vendor compliance or staff screening. Our customer support service will answer all your doubts and questions.
