If you’re reading this article, it’s pretty safe to assume that you have concerns about compliance and audits. Maybe that means you’re an accountant or an HR professional, or perhaps you work in one of the industries discussed below. Whatever the case may be, audits can be a real threat to your daily productivity, and you must remain vigilant and be prepared for them at any time.
Today we’re going to take a look at four of the top industries where compliance challenges and audits are most prevalent, and we’ll talk about how the stress people feel in relation to audits can actually be eased by something as simple as a Document Management system.
Without further ado, here’s a snapshot of four industries that are benefiting from Electronic Content Management (another term that is sometimes used in place of Document Management) when auditors come knocking:
If you’re in the medical sector, you’re familiar with the alphabet soup of HIPAA and PHI. Government regulations are set up to protect the individual’s health records from the view of unqualified parties. This means that medical facilities must be vigilant in how they keep their records. They have to be accessible to those who need to view them, while also being secured and protected from outsiders.
According to one healthcare consultant, the key is the use of Document Management along with Robotic Process Automation tools. After implementing these tools, organizations have seen a marked reduction in claims processing audit errors of 1.5%. What’s more, the benefits of using a Document Management system in conjunction with healthcare automation can help an organization reduce costs and minimize errors. We’re certain you’d agree that it’s important to reduce errors in healthcare!
Finance and Banking
Banks and other financial institutions can find themselves facing challenges associated with document storage as well as audit preparedness. For example, AgFirst is an organization that provides funding and financial services to farmer-owned financial cooperatives. Without a stable and scalable solution in place, AgFirst found themselves struggling with storage and growth. After switching from their previous solution – Hyland OnBase – they found that the DocuPhase platform was not only modern and web-based, but was also highly reliable.
With this new system in place, AgFirst was able to comply with auditors quickly and easily. Their Information Systems Manager highlights the difference and the relief the business has felt when it comes to audits: “The biggest benefit up to this point has been the availability of our systems to external auditors. If we did not have this system currently, we would be paying a lot more for our external auditors to come in and review our loan files.”
Like the healthcare industry, the food processing industry is closely regulated by the government. The FDA (Food and Drug Administration) keeps a close eye on the safety and sanitation surrounding the food we consume. Much of this supervision comes in the form of audits and on-site inspections. When an audit or investigation rolls around, many food processing facilities are faced with a nightmare of disorganized records.
Again, this is where a good Document Management system can make all of the difference. Auditors can be given access to the appropriate electronic documents, and can be in and out the doors without holding up day-to-day operations. When your records system is organized and complete, audits don’t have to weigh on your productivity or revenue.
Insurance compliance, like the insurance industry itself, is not a simple matter. Individual state requirements, along with federal regulations, can make following the rules feel kind of like trying to hit a moving target, especially when your line of business is spread across multiple states. And as anyone ever included in an industry-related audit can attest to, the ability to quickly and accurately provide evidence of continued, consistent adherence to industry, state, and federal standards is critical. Market conduct examinations, management of corrective action plans, vendor and third party risks, and fraud, waste, and abuse are just some of the compliance issues insurers must be able to immediately act on, all while wading through enormous amounts of procedural and financial data.
In order to deal with compliance risk involving data of this scope and proportion, insurers have turned to technology-driven risk management and compliance solutions that help them address the myriad of compliance-related concerns in more exact and comprehensive ways. These platforms not only allow insurers to manage developing regulatory requirements from a central source, but they also apply sophisticated analytics to interpret and report on every piece of digitally-created or converted data related to the business. With this control at their fingertips, insurers have been able to turn file cabinets full of data into insight for improving efficiencies related to corporate policy. Ultimately, digitally organized and archived information provides insurers with the luxury of being “audit ready” at all times.
The list could really continue far beyond these four industries because every business deals with federal regulation that they must meet. Human Resources departments must be prepared for audits of their employees records, especially I-9s. Payroll departments should maintain records of pay as well as hours worked, in order to be prepared for potential wage and hour audits. The list goes on, and there are certainly ways that any company can benefit from having their records secured in a Document Management platform that makes it produce whatever records you need.
Interested in discussing how Document Management could work for your organization? Click here to request a demo with one of our business consultants.