4. Make compliance a condition for doing business
If a vendor doesn’t “pass” the due diligence process, they aren’t a good choice for your business. Doing business with a vendor that does not meet regulatory compliance requirements can put your business at risk of breaches, fines, and reputational damage.
5. Adopt a vendor compliance management process
Adopting a vendor compliance management process ensures you don’t miss a step when assessing vendor compliance and documenting your due diligence. Due to the number of vendors you likely rely on to run your business, you might need help managing all of them. Compliance management software makes it easier to keep track of compliance documentation, pull compliance reports, and stay on top of vendor compliance management.
Cost of Noncompliance
Lack of healthcare vendor compliance can ultimately put your business at risk. The cost of noncompliance can manifest in multiple ways, and as such, several factors come into play when assessing the cost of compliance. Organizations that fail to meet regulatory compliance standards can face severe consequences, including:
- Data breaches
- Healthcare compliance violation fines
- Corrective actions
- Reputational damage and loss of business
Implementing compliance processes in your business and screening vendors for compliance may seem daunting. However, in the end, it’s worth it. By conducting vendor due diligence and signing contracts, you reduce your liability and risk – and don’t forget that the peace of mind you gain is priceless!
Vendor Compliance Management with Compliancy Group
Manage and monitor important vendor documents with ease using compliance software. Send documents and store them on your compliance dashboard for swift, retrievable proof of your vendor due diligence. The perfect solution for risk monitoring, management, and reporting!
- BAA Management: send, sign, and store all your HIPAA business associate agreements in one place.
- Vendor Security Risk Assessment Management: assess your vendors’ privacy standards, security risk management, and compliance.
- Confidentiality Agreement Management: securely store, quickly access, and index Confidentiality Agreements and related documents.