Lapsed certifications and unmet compliance deadlines cost businesses millions of dollars each year in fines and penalties – a large percentage of which could be avoided with the right certification tracking system. Unfortunately, many companies continue to use insufficient processes that rely on manual data entry and an array of unconnected spreadsheets – a costly mistake. Take Company A as an example.
Company A is a health services company that conducts business in six different states. Each state has its own requirements for provider licensing and continuing education. One state also requires additional training and worksite management courses for any business with employees inside the state. Company A must also keep up-to-date with industry-specific federal regulations and permit fees, as well as business licensing and annual reporting.
Currently, three administrative employees track this information via nearly a dozen separate spreadsheets. Data entry errors occur frequently, often associated with deadline dates or renewal costs.
Last year, three providers operated with lapsed licenses for a period of several weeks each, and the business itself nearly lost the rights to operate in one of its major revenue states.
An automated certification tracking system would have eliminated input errors and created a robust notification system for deadlines. The providers, their managers, and the human resources staff would have received reminders of expiring licenses and renewal dates in plenty of time to comply with regulations. The business managers also would have received notifications of any state deadlines, and all information would have been up-to-date and accurate.
Sadly, Company A did not have an automated certification tracking program at the time, and instead found itself saddled with hefty fines and business sanctions. Sound familiar?
If your company is using spreadsheets as a primary method of tracking certifications and compliance deadlines, you’re likely experiencing many of the same issues. An updated system will eliminate these errors, reduce administrative overhead, and save you significant time and money. Want to learn more information?