Chief compliance officers (CCOs) can help heavily regulated hospitals manage risk and regulatory landscape in an ever-changing healthcare industry, according to new PwC findings.
The survey found that 86 percent of respondents in the industry have a designated CCO who reports directly to the board of directors or the CEO. Eighty-eight percent of respondents said their organizations had corresponding compliance committees to support the CCO.
About 60 percent of the respondents said their organization's CCO operates in a stand-alone role, and report the greatest risks to business are privacy and confidentiality, followed by industry-specific regulations, the survey found. Just over 40 percent of survey respondents reported their compliance staffing levels increased over the past year, while about 30 percent said their organization's compliance budget was $1 million or more a year.
As the industry shifts and changes, it's more important than ever to have an effective compliance function, and social media helps with that. More than half of respondents, up from 33 percent last year, said they communicate information about compliance and ethics through internal social media, which can improve access to content and changes to the industry.
As CCOs embrace technology, the trend will likely continue, the survey stated, which can help employees understanding of the role of the compliance function and their own individual roles and responsibilities in helping their organization remain compliant.
To learn more:
- read the survey findings