Many hospital executives have a false sense of security when it comes to their organizations’ Internal Revenue Code Section 501(r) compliance. It’s not uncommon for high-level hospital finance executives to delegate the task of 501(r) compliance to others within the organization—perhaps even other individuals outside of the finance department. Some level of delegation makes sense because 501(r) compliance is so multi-faceted, in that it involves finance, tax, patient financial services, compliance, revenue cycle, legal, community relations, and other departments as well.
Here is a short quiz for members of your organization to take to test your hospital’s 501(r) compliance risk. While this quiz is very high level and cannot test every aspect of 501(r) compliance, if your organization registers a “no” answer for any question, you should consider whether internal assurances that your hospital is compliant are creating a false sense of security.
For more information on501(r) compliance, contact Rachel Spurlock at +1 502 420 4522 or firstname.lastname@example.org.