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Healthcare Business Compliance with Laws Is Critical for Growth

Starting a business in the healthcare field is bold and can be an advantageous decision on multiple levels. Most importantly, if all goes well, you will enjoy providing services to those in need while building a profitable company. 

However, many professionals shy away from healthcare because this industry requires acute awareness of and compliance with various rules, laws, and regulations. Accordingly, our collaborative blog offers insights regarding how ‘Healthcare business compliance with laws is critical for growth.’

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Healthcare Business Compliance with Laws

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It’s very easy to run afoul of some critical laws without realizing it, which lands your healthcare business in serious hot water. You can be open to massive lawsuits that ruin your finances and make it impossible to recover. So, if you’re starting a business in the healthcare sector, here are three vital laws you must learn about and abide by to avoid destroying your company: 

The Stark Law

All medical providers must abide by the Stark Law when making patient referrals. The law prevents healthcare businesses from referring patients to services or other companies with which they have a financially beneficial relationship.

For instance, if you run a chiropractic business but also have a financial stake in an X-raying facility, you can’t refer all your patients to get X-rays unless there’s clear evidence that they need them. Essentially, the law makes you think twice about referrals to be 100% sure you’re doing it for the good of your patients, not yourself. 

Anti-Kickback Statute (AKS)

The Anti-Kickback Statute (AKS) is another law based on patient referrals. This differs slightly because it’s a Federal law preventing healthcare providers from receiving any benefits in exchange for referring patients to Federal healthcare programs. 

For example, you can’t receive a commission from an x-ray facility for any patients you refer to on Federal healthcare programs like Medicare or Medicaid. It’s an easy law to avoid breaking because you shouldn’t accept any financial benefits from anyone in exchange for referrals – simple. 

Health Insurance Portability and Accountability Act (HIPAA)

Does your healthcare business handle, store, or share patient records? The chances are this is a resounding “yes,” which means you must adhere to HIPAA. Effectively, HIPAA is the core data protection legislation for the healthcare industry – it means you must protect patient privacy and keep their data secure at all times. 

You must become HIPAA Compliant, which means following all the latest rules and suggestions outlined by the US Department of Health and Human Services. You can research this in your own time, but the gist is that you should have excellent cybersecurity systems with safeguards to protect patient information and all in place.

Conclusion: Healthcare Business Compliance with Laws Is Critical for Growth

You can have everything your business needs to be successful and yet fail because you’ve run afoul of these three critical laws. It’s crucial to adhere to the laws when you operate in the healthcare field; any violations can lead to severe financial penalties and serious reputational damage. For example, if you’re found guilty of making referrals for monetary gain, the trust in you and your business will vanish. 

Trust is vital in every industry and every position, and it is especially critical for healthcare. Adherence to compliance with the laws, plus treating patients respectfully, will increase the likelihood of ongoing growth.

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Sales Tips: Healthcare Business Compliance with Laws Is Critical for Growth

1. Commit to your long-term vision for accomplishment(s) to stay on track and enjoy business success. 
2. Always consider the greater good of staff, business connections, and your community so that everyone can feel the ‘win.’
3. Keep goals for everyone in mind when researching and revising the new and updated laws.
4. Ensure the entire staff knows all rules and regulations to avoid severe penalties.
5. Never underestimate anyone’s novel ideas; remember that each country operates differently.
6. Share favorite learning moments with colleagues to realize new collaborative possibilities moving forward.
7. Walk away from those who insult you and collaborate with those who show appreciation.
8. At the end of all communications, ask the other party or people if they have questions to ensure clarification.
9. ‘Don’t give up – find a better way!’
10. Celebrate Success!

Today’s insights are provided to help you achieve the Smooth Sale!

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