Do you also want to gain precise knowledge on sanction checks before performing OIG Screening? If yes! You are on the right platform.
Well, Sanction checks are one of the imperative things that are considered in healthcare, finance, and other industries. Furthermore, it ensures that you will never partner or hire with an excluded entity or individual, and stand entirely for the Office of Inspector General (OIG) compliance. Moreover, sanction checks are the best way to verify entities, individuals, and transactions that are not involved in terrorist activities or parties listed under sanctions lists that are maintained by OIG checks, the government, or international bodies. Moving forward, in this article, we will be discussing why sanctions checks are crucial in the healthcare industry.
Importance of OIG Screening in Sanction Checks
There are three major segments that indicate the significance of sanction checks. Let’s go through them one by one to get precise and accurate information.
1. Preventing Financial Crimes
By recognising and preventing dealings with sanctioned individuals or entities, these OIG exclusion checks play an essential part in highlighting any activity that has a connection or supports the execution of illegal activities. Furthermore, these can range from minor crimes to pre-planned crimes all the way such as trafficking human, drugs, or weapons, in many cases.
2. Risk Mitigation
Healthcare businesses follow robust compliance programs, including day-to-day audits, vendor risk management, and exclusion monitoring to mitigate risks during OIG Screening. However, it makes sure to stick to the regulations and neutralise potential penalties.
3. Protecting Organisational Integrity
Sanction checks are often the result driven of low-quality services, patient neglect, or even medicare fraud. Performing screening on vendors or individuals is an imperative safeguard while preventing malpractice. Also, it is a key priority to secure each patient from harmful situations.
Ways to Conduct OIG Checks
In most case scenarios, OIG checks are performed manually using OIG’s database. This database is available publicly via online search engine portals, and basic background checks are immensely simple as getting basic information about any organisation online. Furthermore, here are some crucial steps to conduct Sanction checks that you must know.
- Analyse individuals/entities by simply searching by their names or National Provider Identifier (NPI).
- Download full monthly update sheets/lists for mass or bulk searches. Therefore, it is a more convenient way to get precise information about the individual.
- It is beneficial to use named variables to avoid false misconceptions during OIG Exclusion in sanction checks.
Wrapping It Up!
We hope this article provided you with all the key knowledge on why sanction checks are important in OIG Screening and the significant ways to conduct them. At Venops, we offer sanction screening software that authorizes compliance teams to go through all the lists, screenings, and exclusions with ease. We use the most up-to-date information available, our software can be used for single-name as well as bulk-processing to assess all working employees and individuals with confidence. So, what are you waiting for? Enroll with us today and get the premium services!
