Jericho, NY – HCCS, a Healthstream Company, announced the release of COI-SMART LE, an automated system designed for tracking, managing and reporting of conflicts of interest disclosures at smaller healthcare facilities. COI-SMART LE was built in response to tighter regulations in the healthcare industry and includes everything a facility with fewer disclosures needs to automate their COI disclosure process.
"Conflict of Interest issues affect all organizations, no matter the size," says Ben Diamond, Vice President, Compliance Solutions, HCCS– A Healthstream Company. "With COI-SMART LE, we have developed a tool for smaller organizations to ensure conflict disclosures are tracked and managed consistently and accurately."
COI-SMART LE is a new version of the widely used COI-SMART, a full featured tool used for conflict of interest disclosures at over 700 facilities nationwide. COI-SMART LE includes a quick start questionnaire, ability to assign a reviewer, full search capabilities, a set of standard reports and much more. The tool can be used for organizations that need to track their Board and/or Senior Management disclosures or facilities that want to automate a simple annual COI disclosure process.
"An automated process reduces risk by bringing structure, communication and consistency to a process that has typically been handled in an unstructured and inconsistent manner," says Mr. Diamond.
Public Health Service (PHS) Final Rule on financial conflicts of interest states that institutions must take action to manage financial conflicts of interest and maintain records of disclosures, their review and determinations for at least 3 years. Every healthcare organization is at risk for conflicts of interest in areas such as purchasing, nepotism, physician relationships and board relationships. HCCS' COI-SMART helps manage real time disclosures so companies can stay up to date with compliance.
Please visit our website if you are interested in learning more about COI-SMART and COI-SMART LE.