Understanding Corporate Compliance: Importance and Key Elements Explained by Dr. Jim Collins (Full Transcript)

Speaker 1: Hi, I'm Dr. Jim Collins and I'd like to talk a little bit about corporate compliance. What it is and why it's important. First, some humor. I found a couple jokes online. Doctor, doctor, I think I'm a compliance officer. Well, have you double-checked? I hope you found that funny. How many compliance officers does it take to change a light bulb? Three. One to change it, one to check it, and one to check it again and file a report. Ha ha ha. I don't know if those are funny or not. Compliance is not funny and getting in trouble with compliance is not funny either. A corporate compliance program is an organized and methodical oversight method that brings together a company's policies and their procedures. It brings together training, monitoring, auditing, reporting, and improvements. So that's what a corporate compliance program is. But why is it important? It's equivalent to good ethical practices. That's why. The compliance program is meant to detect and prevent administrative and civil violations, criminal violations, financial and quality risks, as well as promoting residents' quality of care. So on a not-so- funny note, maintaining an effective corporate compliance program now is a means of surviving. So I wrote an article on this. I do like to dig into the compliance research and see what's going on out there. So if you'd like to read the article and get a little more information, go ahead and click the link below to my blog. If you are a licensed healthcare professional and you'd like some CEUs on this topic, follow that link and you could check out our CEU programs. So thank you very much. Thanks for spending time with me. I'm Dr. Jim Collins and I'll be talking to you soon.