Comprehensive Approach Challenges Industry Standards in Data Integrity, Exclusion Monitoring, and License and Credential Verification
NASHVILLE, Tenn., April 18, 2024 /PRNewswire/ — ProviderTrust, a leading healthcare data and technology company, announces the launch of Impact Compliance™ the organization’s new program to establish the industry’s highest standards in healthcare compliance monitoring and achieve universal commitment to healthcare equity. This comprehensive program provides healthcare organizations across the continuum of care a roadmap to implement top-tier compliance standards by addressing key population monitoring gaps, prioritizing financial efficiencies, and upholding community healthcare and success.
ProviderTrust was founded in 2010 with a mission to create a safe healthcare experience for everyone. Since that time, the organization has uniquely led the way in providing innovative solutions that uphold data integrity for ongoing exclusion monitoring, timely license and credential verification, and healthcare vendor data collection. ProviderTrust data services encompass more than 10,000,000 monitored entities, 43,000,000 annual license verifications, and 3,600,000 vendors monitored continuously for compliance.
Impact Compliance represents a shift in the organization’s market approach, establishing a compliance spectrum that measures healthcare organizations’ exclusion monitoring and license and credential verification processes against gold-standard practices to demonstrate their tangible impact on eradicating fraud, waste, and abuse. Impact Compliance considers three different components – population, primary sources, and monitoring/verification frequency – to outline industry best practices in holistic compliance monitoring.
“The industry has changed a lot since we started,” said Christopher Redhage, ProviderTrust co-founder and partner. “What is surprising, though, is how many organizations are doing exclusion monitoring and license verification manually or leveraging low-cost providers that are missing verifications and not only putting their organization at risk but enabling bad actors to continually manipulate the healthcare system. We want our solutions to be a roadmap to help organizations move from check-the-box compliance to a compliance department that is measuring their impact both internally and externally in the communities they service. That’s how we play differently; that’s how we partner to ensure safer healthcare for all.”
ProviderTrust Addresses Vendor Data Gaps with Comprehensive Vendor Compliance Solution
As part of ProviderTrust’s larger Impact Compliance program, the organization’s new Comprehensive Vendor Compliance solution includes updated financial benefits and a renewed commitment to supporting healthcare organizations in addressing one of the most difficult population monitoring challenges – vendor entities, vendor owners, and vendor employees. These populations often show up within the walls of healthcare organizations, whether via contracts or boots on the ground, interacting with workflows, employees, and/or patients, exposing healthcare organizations to unforeseen risks if not monitored properly.
Comprehensive Vendor Compliance activates best practices in annual vendor data collection and ongoing exclusion monitoring of vendor populations, ensuring payment eligibility, vendor onboarding and approval workflows, custom questionnaires and attestations, and identification of vendor ownership structure.
“Over the last 14 years, we have worked hard to solve the many compliance monitoring challenges for employees and physician networks, and we’ve continued to take a hard look at the challenges that plague vendor networks within healthcare organizations,” Redhage added. “What we’ve seen is that most healthcare organizations lack the resources and/or infrastructure to properly manage compliance around vendor entities and vendor owner populations. At the basic level, these organizations lack the data needed to comply with the OIG regulations related to vendor monitoring. The result is that our healthcare system continues to empower bad actors, often hiding behind the corporate veil, to extract value out of the system and drive costs up for everyone. ProviderTrust solves this healthcare issue with Comprehensive Vendor Compliance by collecting the required vendor information to meet OIG standards, verifying and monitoring the vendors ongoing, all while helping to drive down costs and eliminate fraud.”
Comprehensive Vendor Compliance is complementary to ProviderTrust’s Federal and State Exclusion Monitoring and License and Credential Verification solutions. To learn more, visit providertrust.com.
About ProviderTrust
ProviderTrust was founded in 2010 with a mission to create safer healthcare for everyone through OIG and state Medicaid exclusion monitoring. Today, the organization has developed the industry’s most accurate dataset for ongoing exclusion monitoring and primary source verification, serving the nation’s top health systems, payers, and pharmacy organizations. Our solutions monitor employees, vendors, provider networks, licenses, credentials, and more for OIG and state Medicaid exclusions, sanctions or disciplinary actions, license expirations, or suspensions. With a team of 100+ employees, our Nashville-based company has consistently been recognized as one of the Best Places to Work by Modern Healthcare, Inc. Magazine, and the Nashville Business Journal.
SOURCE ProviderTrust Inc
