Wednesday, February 20, 2013

The "Moneyball" Approach to Compliance

Increasingly, hospitals use analytics in their compliance programs to get more bang for their buck.

Chief Compliance Officer, Greg Radinsky, says it's like "Moneyball," where a low-budget baseball team leveraged statistics to beat richer teams.

"Analytics are becoming much more important in the compliance realm."
- Greg Radinsky, Chief Compliance Officer, North Shore-LIJ Health System
“You don’t have to spend a lot to be effective but statistics help you demonstrate effectiveness,” says Radinsky. They also allow more selectivity in risk assessments and save auditing time. “One lesson in Moneyball is focusing on the right areas. Even if you have a lot of resources, auditing without finding problems may not be the best use of resources,” he says.
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Sources:
(a) Use of Data Analytics Help Compliance Officens Get Bigger Bang for Buck - AIS Health, 01/13/2013

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