A Healthcare CEO's Guide to Compliance ROI (Part 1 of 3)
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A Healthcare CEO's Guide to Compliance ROI (Part 1 of 3)
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In the first episode of the three-part series on the Compliance Advantage Podcast, host Ross Ronan tackles one of the most common objections from healthcare CEOs, budgeting for compliance.
Ross explains why viewing compliance solely as a cost center is a strategic mistake and reveals the hidden costs of ignoring compliance, including direct financial penalties, operational disruptions, and reputational damage.
Through real-world examples, Ross illustrates how failing to invest in compliance can lead to significant financial losses.
The episode also covers the importance of compliance due diligence during acquisitions, the risks associated with non-compliance, and introduces the concept of compliance as an asset for protecting profits and ensuring sustainable growth.
The episode underscores the theme 'compliance pays dividends' and encourages healthcare executives to rethink their approach to compliance investment.
00:00 Introduction to Compliance Budgeting
01:01 Understanding Compliance as a Strategic Asset
02:06 The Hidden Costs of Non-Compliance
04:47 Real-World Examples and Anecdotes
09:41 The True Cost of Skipping Compliance
23:43 Conclusion and Next Steps
Connect with Ross
- LinkedIn: Ross Ronan
- Podcast Show Page: The Compliance Advantage
- Ross' Company: Ronan Healthcare Compliance