ATLANTA--(BUSINESS WIRE)--Compliance 360, a leading provider of Software-as-a-Service (SaaS) solutions for enterprise governance, risk management and compliance (eGRC), today announced that it has automated the Compliance Program Assessment Tool, published by the New York State Office of Medicaid Inspector General (NY OMIG), in the Compliance 360 system. This enhanced capability, which is available now and free of charge for all Compliance 360 customers, will allow healthcare organizations to maintain a continually audit-ready state in an era of increased regulatory scrutiny. Compliance 360 will host an online demonstration of this new functionality on Thursday, July 14, at 2:00 p.m. EDT.
The Patient Protection and Affordable Care Act mandates that healthcare organizations implement compliance plans. Regulators, including NY OMIG, are raising the stakes by proactively publishing compliance effectiveness assessment tools. Based on its unique publish-subscribe capabilities, the Compliance 360 system is ideally suited for automating these tools. Healthcare organizations can streamline processes, minimize overhead and ensure that nothing is overlooked as they maintain a continually audit-ready state. Regulators benefit from well-organized data that is accurate, current and easily accessed online.
The NY OMIG Compliance Program Assessment Tool is structured into eight sections, which include a series of assessment questions with “Yes” and “No” answers, with provisions for identifying supporting evidence and compliance gaps.
Compliance 360’s automation of this tool includes all of the assessment questions in each of the eight categories. For each question, the assessment will result in a task created based on “Yes” and “No” answers. A “Yes” answer will result in a task created for linking evidence documents back to the requirement using the Virtual Evidence Room™. A “No” answer will result in a task created to identify the compliance gap(s) and initiate remediation actions. Online dashboards and reports show the overall compliance status with all supporting documents, completed and open tasks, task owners, due dates and more. Compliance officers can view the overall compliance status at any time and receive alerts regarding critical tasks that are overdue.
“As healthcare compliance professionals increasingly face demands to proactively demonstrate the effectiveness of their compliance programs, automation such as this will help them ease the potential burdens and prove that their compliance programs are working,” said Steve McGraw, president and CEO, Compliance 360. “NY OMIG has set the de facto standard for healthcare by publishing the industry’s first definitive compliance assessment tool for its constituents. Going forward, we expect to see similar assessment tools published for other regulated industries, and we plan to provide similar integrations for our customers as these tools are published.”
Compliance 360 will host an online demonstration of the NY OMIG Compliance Program Assessment Tool automated in the Compliance 360 system on Thursday, July 14, at 2:00 p.m. EDT. Healthcare providers and health plans can register to attend the demo at www.compliance360.com/NYOMIGdemo.
About Compliance 360
Ranked as the fastest growing GRC software vendor in Inc. Magazine’s 2010 list of America’s fastest growing private companies , Compliance 360 is the leading provider of enterprise governance, risk management , compliance and audit management solutions for companies that operate in regulated industries. With these solutions, organizations reduce risks, improve efficiencies and protect their brands using a single platform to address their comprehensive GRC requirements. The Compliance 360 Software-as-a-Service (SaaS) solution suite helps organizations address policies and procedures management, regulatory compliance management , internal and external audits , third party risk and vendor management , contract management, incident management, fraud, waste & abuse , surveys, accreditation, enterprise risk management and IT governance. Compliance 360 is headquartered in Atlanta and assists more than 225,000 users every day in a variety of complex, regulated business environments, including healthcare, insurance, financial services and others. For more information, visit www.compliance360.com .
Disclaimer: The New York Office of the Medicaid Inspector General (OMIG) permits Compliance 360 to use OMIG’s Provider Self-Assessment Tool – 2010 within the Compliance 360 system. OMIG’s permission is not an endorsement of the Compliance 360 system.