In the legal and financial industries, noncompliance with reporting requirements can mean stiff penalties. In healthcare, it can mean reduced Medicare reimbursements. For consumer products and manufacturing companies, it can result in a tarnished brand. For high-tech industries like aerospace, it can spell disaster.
Handling compliance reporting and filing in-house can become burdensome and costly. New and changing government regulations and laws affecting compliance policies make it difficult for your technology and in-house staff to keep pace with the volume and essential service metrics like 24-hour turnaround time.
Healthcare, Pharma, and Obamacare
In healthcare, the Affordable Care Act, or Obamacare, is changing the rules of the insurance game. HIPAA compliance and new mandates to convert to Electronic Medical Records (EMRs), including the transition from ICD-9 to ICD-10, demand more resources than ever before.
In pharmaceuticals, the information about new drugs required by the FDA has grown substantially. Artwork and product packaging and branding are increasingly—and strictly—regulated in the United States and the European Union.