Compliance & Risk Dynamics (CRD) a subsidiary of Aiming for Excellence, LLC is dedicated to providing compliance, auditing, monitoring, facilitation, and management consulting for your life science or healthcare service organization.
The question can no longer be "Can you afford to have a formal compliance Program?" The real question becomes “Can you afford not to have a formal, professional compliance program?"
The papers and trade journals are replete with stories of actions taken by the U.S. Attorney's Office or state Attorney General for violations. Another remedy for the government is Civil Monetary Penalty Law (CMPL) actions. These actions can be minimized with good faith efforts towards creating a "culture of compliance" for your organization. Ignoring the responsibility of oversight and independent checks can have divesting effects in the event of regulatory or investigative scrutiny.
Fines and penalties can reach up to three times (3x) the provable loss to the government. If the government chooses to handle the matter under the CMPL authorities, each violation can have a fine attached for $10,000 per incident, plus recoveries up to "treble" (or triple) damages. These fines can be detrimental and sometimes fatal to a practice.
The government, on review, will always ask whether there was an effort to remain in compliance. Can your practice sustain that sort of scrutiny?
Too often, as the old adage goes, the cover up is far worse than the action. When a mistake is realized by an organization, an important factor is how the organization reacts to the error.
The federal sentencing guidelines are probably the last thing that organizations consider as a requirement for conducting business. However, these guidelines are vital if an organization comes under the scrutiny of criminal or civil investigative agencies. The guidelines are being revised and it is important that organizations become aware of the considerations.
CRD can help minimize your exposure to such scrutiny. The practice many have worked so hard to develop deserves the extra protection of an active and up-to date compliance program. Contact Compliance & Risk Dynamics for a free evaluation of your practice or business.
Why Compliance?
Most medical and life science professionals entered into the profession to treat or help with cures or treatments for patients. Their attention is best left to the healing process and staying current with treatment protocols. Compliance and Risk Dynamics (CRD), a third party group can help a practice deal with many different potential issues
Deficit Reduction Act of 2005
Back in February of this year, President Bush signed the Deficit Reduction Act of 2005 (the “Act”)… and, what it means to you and your corporate compliance program (or lack thereof) could be huge!!