Organizations waste time manually tracking regulatory changes, especially in healthcare where a single compliance failure costs over $14 million on average. AI can reduce the administrative burden and human error that plague compliance work.
Over $14 million.
From everyone that we've been speaking to over the past month, it seems like they've been spending a lot of time, like a lot of time on manually tracking regulatory changes. Right. It's like they're constantly playing catch up with the paperwork and manual tracking. I'm curious, what's your opinion on AI compliance monitoring?
I think, I mean the obvious stuff, right, especially in like a regulatory space is, you know, traditional compliance monitoring and obligation tracking is extremely manually intensive and like administrative heavy. Which is surprising because. Well, I suppose it isn't surprising, but the, the risk is especially in a medical or healthcare space where you have most of the compliance failures recur as a result of human error. Yeah, we're creating a real or that the more time we spend on administrative tasks, the greater propensity for risk we have or compliance failure we have. And I think that the recent stat I read was something like, you know, over 14 million is spent on the average single compliance failure event.
Whistleblowing or speaking up? The cost of staying silent | Conformity episode 3
Compliance isn’t optional in healthcare. But the way we manage it has to evolve.
Beyond Compliance: Building a Culture Where Speaking Up Saves Lives | Conformity Episode 1
