Physicians and physician groups are taking unnecessary risks of which they are likely unaware. Although we live in an era of globalization regarding “products”, the ongoing attempts to leverage cheap labor in the “services arena” comes with more significant risks. Especially for those of us serving in healthcare.
Historically wars were waged with conventional weapons. Then came the inventions of radar, telecommunications, advanced munition systems, and satellites. This was followed by sophisticated stealth reconnaissance aircraft, GPS guided missiles, drones operated from U.S soil but deployed in the Middle East. The most recent advancements and emerging battlefield have been less tangible via electronic warfare. (Cyber warfare.)
Oceans that once served as natural boundaries have ever increasingly given way for easy access to our computer systems and bank accounts.
In addition to the financial risks of loss you and your group are exposed to, your billing processes likely handle millions of pieces of Protected Health Information (“PHI”), which receive special statutory protection including the well-known HIPAA privacy laws.
There are few laws and few payor agreements that have requirements for “domestic only” handling of data or data storage. In fact, cloud computing grows faster than laws and regulations can adapt to the changing environment.
But the risk referred to here, is the risk of thousands of laborers sitting today in foreign countries that may currently be a significant layer of your billing process.
In addition to the risks associated with data breaches, the increasing tide of populism and nationalism creates multiple risks. The risks are that our laws, regulations and/or import taxes will be disruptive to your cash flow. The corresponding counter risks exist from other countries who in turn could retaliate. Most discussions today revolve around tangible products imported and exported. But what if nationalism spreads to the services sector as well, especially considering the significant percentage of GDP the services sector represents.
Is the risk of these possibilities adversely impacting your revenue stream really worth the risk you are taking?
Need some assistance to determine if you’re receiving all your hard-earned revenue? We will provide a confidential assessment of what your group should be receiving based on your current demographics, volumes and payor contracts based factually on HealthPro’s current actual performance of like data.
If you discover and confirm you are already receiving what you should and your compliance risks are minimal, you have received a free confirmation that will give you more peace of mind.