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announced an initiative to provide solutions for customers in the areas of risk management and compliance monitoring in research, transplant medicine, and biospecimen management. Velos has partnered with Comaiba, Inc., a company focused on regulatory monitoring, risk management, and incident management. Velos and Comaiba will work together to help customers increase efficiency and decrease risk as they interpret, document, and execute to regulatory and clinical policies through their Velos-Comaiba Monitoring and Action solutions.
"We're impressed by Comaiba's solution and their deep domain expertise," said John McIlwain, CEO of Velos. "Now, active planning for and management of risk, and the continuous monitoring and auditing of policy-based compliance will be part of the solution. This increases efficiency even as it decreases organizational risk and exposure."
Healthcare institutions face financial, criminal, and reputational risks for non-compliance with regulatory mandates. These can include infringements of rules related to: patient safety and privacy, research compliance, billing and coding compliance, performance monitoring and quality compliance, among others. Healthcare institutions, pharmaceuticals and biotech companies have paid over $2 billion in fines for non-compliance in recent years, despite significant spending on compliance consulting services. Some infringements have resulted in criminal prosecutions.
Velos analysts and services teams have observed how healthcare organizations are dealing with these challenges in the current operational model—the process is reactive, manual, costly, and fragmented across departments. There is a clear need for proactive and holistic compliance management. The Comaiba solution provides enterprise-wide risk and compliance monitoring. The continuous monitoring is based on customer-adapted libraries of government and customer policies that automatically interpret regulatory guidelines in the customer's operational context.
The solution provides real-time monitoring and actionable intelligence for clinical teams, research teams, compliance officers, and executive management. This allows Velos customers to become proactive in their approach to improving quality, meeting compliance standards, and improving governance.