Compliancy Group Introduces Innovative Exclusion List Monitoring Tool for Businesses

Compliancy Group's New Tool for Exclusion List Monitoring



Compliancy Group has recently announced its latest development in compliance automation, an innovative tool designed for exclusion list monitoring and verification. This new product aims to facilitate the process of sanction screening for both employees and vendors, significantly enhancing organizational compliance efforts.

Overview of the Tool


The newly launched exclusion list monitoring tool is a result of Compliancy Group's recent partnership with SureShield. It combines their automated sanctions and exclusions software with Compliancy Group's compliance platform, known as The Guard. As regulatory compliance becomes increasingly stringent in the healthcare sector, this tool provides a comprehensive solution to efficiently manage exclusion verification.

The software evaluates clients' employee and vendor lists against a total of 59 exclusion lists, which include renowned databases such as the OIG LEIE (Office of Inspector General - List of Excluded Individuals/Entities), SAM (System for Award Management), and FDA (Food and Drug Administration) listings. The tool benefits companies by automating the process of exclusion list searches while providing regular updates.

Key Features


Among the myriad of features offered with the tool are:
  • - Automated Exclusion Searches: The tool scans across 59 state, federal, and international exclusion lists, simplifying the verification process and ensuring a thorough check on employee backgrounds.
  • - Identity Verification: It adeptly assists companies in confirming the identities of employees and vendors, even when they possess common names. The software computes a likelihood percentage for each match, empowering users to ascertain the authenticity of potential exclusions more effectively.
  • - Sanction Screening Management: An inbuilt feature keeps tracks of notes and creates tasks for follow-up on exclusion hits, facilitating better resolution management.
  • - Weekly Real-Time Scans: With a promise of accuracy, the software checks employee and vendor directories on a weekly basis, consistently ensuring up-to-date reporting.
  • - Cost-Effective Compliance: By centralizing exclusion verification, this robust tool enables companies to manage regulatory compliance and security frameworks more effectively, reducing the potential for penalties due to non-compliance.
  • - HRIS Integration: If HRIS integration is applied and the company's HRIS is compatible, employee additions to the system will immediately run checks against exclusion lists.

Importance of Exclusion List Verification


Exclusion list verification is paramount for organizations, especially those accepting federally funded insurance programs such as Medicare, Medicaid, and CHIP. Failure to conduct these checks can have severe consequences, including having to reimburse claims related to services performed by excluded individuals, restriction from receiving funds, and facing considerable reputational harm.

The impact of not verifying exclusion lists can also manifest in the form of hefty fines, loss of contracts, and potentially debilitating Corporate Integrity Agreements that could hinder business operations. Thus, utilizing tools like Compliancy Group's exclusion monitoring service becomes crucial for maintaining compliance and operational integrity.

Conclusion


Compliancy Group’s new exclusion list monitoring and verification tool presents a significant advancement in the realm of compliance optimization. The effective integration with SureShield's sophisticated sanctions software equips organizations with the necessary framework to alleviate the burdens associated with exclusion verification, thereby fostering a culture of compliance within the workplace. For businesses operating in sectors demanding stringent regulatory adherence, this tool could very well serve as a lifeline in navigating the complexities of compliance.

To find out more about Compliancy Group’s exclusion list monitoring and verification tool, visit their official website and explore how it can enhance your organization’s compliance strategies.

Topics Business Technology)

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