When it comes to Civil Monetary Penalty Law, the government is cracking down harder than ever. This law punishes anyone in the healthcare industry for essentially defrauding clients. While other industries may have to deal with CMPL violations, the medical field makes up the majority of instances.
The solution is civil monetary penalty insurance. It is a way for industries to protect themselves against increased fines and penalties.
Higher Penalty Costs
The penalty costs did raise. Now, think about how much money you may stand to lose. The average CMP is close to $80,000. It’s no surprise that industries are beginning to become more interested in this type of insurance.
The trend with CMPL violations right now is to make the laws stricter. With stricter laws, more industries end up under fire. For instance, banks and their employees are not as safe as they once were. There are three tiers of penalties for people to pay and most do not have the type of money to pay the fines.
When it comes to civil monetary penalty insurance, it’s better to be safe and protected than to be caught off guard. If CMPLs are a problem for you or if you foresee a future problem, insurance gives you the funds to handle these types of situations.