7 elements of an effective compliance plan

Written by Reed Tinsley, CPA | March 26, 2012

The Office of Inspector General (OIG) has recommended the following seven elements of an effective compliance plan. This applies to all healthcare entities. Although these elements are well known, how many of them are currently implemented within your physician medical practice?

– Designation of a chief compliance officer and implementation of a compliance committee;

– Implementation of compliance policies and procedures, including standards of conduct;

– Have open lines of communication;

– Conduct training and education:

– Respond to detected offenses;

– Implement internal monitoring and auditing; and

– Have enforcement and disciplinary standards.

About the Author

Reed Tinsley CPA

This article is written by Reed Tinsley, a Houston, TX-based CPA with over 30 years of experience advising physicians and medical practices across Texas and the United States. Reed holds certifications as a Certified Valuation Analyst (CVA), Certified Healthcare Business Consultant (CHBC), and Certified Financial Planner (CFP), specializing exclusively in the healthcare sector. He is a published author, nationally recognized speaker, and trusted advisor to physicians on accounting & tax, practice management, and financial planning. Schedule a Free Consultation.

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