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- Implications of the lowest unemployment rate in 50 years
- Rising compensation leads many to change jobs for better pay
- Finding qualified replacements at an affordable cost is challenging
Staffing a compliance office with qualified healthcare compliance professionals has become more difficult in this full employment economy. The cost of qualified healthcare compliance officers is increasing. According to Salary.com the average compliance officer salary is now $102,918, with the range falling between $81,050 and $130,489, depending on education, certifications, additional skills, years in the profession, and type of provider. This means that other compliance professionals including, managers, compliance specialists, regulatory analysts, and so forth, are also becoming more expensive.
Kashish Parikh-Chopra, JD, MBA, CHC, CHPC, who provides Compliance Staffing Services for clients, notes that one result of this has been many qualified professionals jumping to better paying jobs. This creates “gaps” and makes finding replacements at affordable costs time consuming and difficult. Yet, few healthcare entities can afford to have gaps in compliance coverage during this period of increased regulatory and legal enforcement with severe penalties for non-compliance. Designating an internal employee to fill this “gap” is not a wise idea, as these individuals are likely to take a hands-off approach with an unfamiliar area. Moreover, internal replacements cannot be expected to recognize and address problems in a timely and professional manner without a strong understanding of compliance. One way that organizations have managed the gap is by engaging a compliance expert in an interim capacity. Most of the time, this involves only using experts on a part-time basis of 40-80 hours per month. Qualified and experienced professionals can provide high-value services that include bringing “fresh eyes” to the compliance program and carrying out their duties objectively. They can also bring their experience from previous positions where they dealt with similar issues. These interim engagements usually run between 90 to 120 days, while the organization finds a permanent replacement.
For more information on engaging compliance assistance, contact Kashish Parikh-Chopra, JD, MBA, CHC, CHPC, at email@example.com or (703) 535-1413.