Systemic problems are often not discovered until something goes horribly wrong e. Today, as co-founder of a health technology company, I see healthcare is approaching a similarly dangerous situation.
They can view every record, understand every detail, and automate investigations and processes that would otherwise go undetected or involve lengthy and labor-intensive reviews.
As healthcare professionals, looking to the lessons learned by our colleagues in finance can help us predict patterns and stay ahead of the curve. A decade later, banks and other financial institutions are still working to regain the confidence of consumers and regulators alike.
Today In the financial industry, RegTech provides continual, dynamic views of compliance or non-compliance and allows management, compliance professionals and regulators to check compliance in real-time. As trades moved faster, and as algorithms, processes and organizations became more complex, the technologies needed to ensure regulatory compliance had to move in tandem.
This is not to say I am against good regulation; in fact, many regulations serve to protect patients and improve care. We currently have nowhere near percent review of activities and transactions that are occurring in our health systems every day, though our patients deserve nothing less.
Robert Lord The burden of regulation across our industry is simply staggering. The problem is that there are so many demands on healthcare systems, that compliance and regulation is often reduced to checking boxes to ensure that minimum defensible processes are built, and occasionally spot-checking that things look reasonable.
With so much regulation, why are we seeing so little yield from that burden? Robert Lord is the co-founder and president of Protenus, a compliance analytics platform that detects anomalous behavior in health systems.
The real promise of these new capabilities is to allow compliance professionals and regulators to perform the truest form of their jobs, which is to keep patient data secure, ensuring the best treatment for patients, and creating sustainable financial models for healthcare delivery.
In many ways, the industry is still playing a catch-up game. Like finance, there was a great deal of effort on compliance with regulations, but not enough attention on addressing important systemic risks.
Patients, the ultimate beneficiaries of healthcare RegTech, deserve as much. Reprints In the financial crisis of tothe financial industry suffered a crisis of trust.
We must get ahead of the curve to avoid disaster. At the same time, healthcare management executives can be confident that the enterprises they manage will be well served by risk reducing technological innovation.Nov 29, · Grade 7 Module in Health.
1st and 2nd Quarter DOWNLOAD HERE 3rd and 4th Quarter DOWNLOAD HERE. Broken/Misplaced link? Nov 29, · Grade 7 Module in Health. 1st and 2nd Quarter DOWNLOAD HERE 3rd and 4th Quarter DOWNLOAD HERE.
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