How CFOs Can Conquer Their Compliance Issues
For nonprofit Health and Human Services organizations, resources are often limited. In order to provide their patients with quality care, it’s important that organizations remain financially stable and use their hard-earned funds wisely. However, the industry is full of complex regulations that continue to cause executives, especially CFOs, to spend too much time and money trying to prevent or overcome compliance issues. Organizations are constantly struggling to maintain compliance in an increasingly regulated industry.
Regulatory compliance has become an increasingly important issue for CFOs at Health and Human Services organizations. Based on the results of our 2017 Workforce Management Trends Survey, over 48% of CFOs said that ‘Regulatory Compliance’ is a primary concern in 2017. Furthermore, just under 50% of all respondents admitted that their organization had experienced compliance issues within the past 12 months.
While dealing with regulatory compliance issues can often seem like an uphill battle, there are steps and measures CFOs and other industry executives can take to simplify the compliance process and focus their attention on their organization’s primary mission.
Invest in Compliance
Nowadays, Health and Human Services organizations have access to a wide array of tools and software solutions that make their processes simpler and more efficient. Compliance is no exception. Modern-day, sophisticated HR software solutions now have built-in compliance features that work to minimize issues and alert users of problems long-before noncompliance occurs.
Compliance software automates the reporting process with precision and accuracy. This not only saves hours of labor intensive work, but also reduces the risk of human error. With this software, CFOs can spend more time analyzing data to drive better decision-making and overall organizational improvement.
Find the Right Resources
Implementing compliance software is a great way to eliminate compliance issues within your organization. However, it’s still important that you stay up to date with regulatory changes and are aware of their impact on your organization. This can be accomplished by finding resources that provide information regarding local and federal laws and regulations.
There are many websites dedicated to informing their visitors of any news and relevant information that can impact your regulatory status. Keeping an ear to local government hearings that are relevant to your industry is also a great way to stay ahead of the curve. It’s recommended to take some time each day to do some research and make sure that nothing slips under the radar.
Compliance is on the mind of many executives in 2017, especially CFOs. With that being said, the steps outlined above can help CFOs save their organizations both time and resources. Taking these steps can enable executives focus on their primary mission of providing quality care to their clients.