3 Small Business Areas Impacted by Regulatory Changes

It is vital that you keep up to date with any new regulations which take effect in your field of business, whether the focus is environmental, financial, or health and safety orientated. The consequences could be anything from a large scale environmental catastrophe all the way through to your organization being responsible for an onsite injury or death. However, even if the regulations in your industry are financial you’re by no means let off the hook as the consequences will be just as significant to those affected. Therefore, you need to make sure that you’re up to speed with the industry relevant regulations, and understand that it’s ultimately your responsibility to follow them if you want to avoid the consequences.

  1. Small Business Regulations

Firstly, make sure that you’re paying every member of staff the minimum wage or above in line with your state’s legislation. The minimum wage requirements vary from state to state, so make sure you’re compliant. You also need to keep abreast of regulations relating to harassment in the workplace, as there have been changes in most states over the past few years. You should already have policies in place as a deterrent for offenders, but more importantly, so that victims know what course of action are open to them should they be harassed. Each state will have a different policy regarding paid sick leave, and you should consider this to be a moral obligation as well as a judicial one. Illness affects all of us, and it rarely occurs at a convenient time for anyone. Make sure you know what the minimum requirements are in your state, and try to beat them.

  1. Healthcare Regulations

There have been many changes in healthcare regulations as well. MACRA, the Medicare Access and CHIP Reauthorization Act of 2015, represents a change in the way that healthcare reimbursement for professionals will take place. The Medicare Part B Sustainable Growth Rate has been replaced by a new value-based reimbursement system, known as the Quality Payment Program. Also, new regulations have been introduced to accompany the new system. Now, clinicians can earn Medicare Part B reimbursement through the Merit-based Incentive Payment System (MIPS), or through the Alternative Payment Models (APM). Companies like SA Ignite help you to navigate the Quality Payment Program– they offer analytics, program management software, and advisory services which are essential to health care organizations.

  1. Banking Regulations

Due to the recent increase in cyberattacks worldwide, many states are using their regulatory powers to ensure that all banks have taken appropriate measures to protect the data of their customers – as well as their capital. For example, banks in New York are required to have a written cybersecurity policy in place, limitations on data retention, limited access privileges, annual risk assessments of their IT systems, as well as a pledge to notify the New York Department of Financial Services Cybersecurity Regulations superintendent when a cybersecurity event or breach occurs. Cybersecurity encompasses just one area of banking regulation, but it demonstrates how much is at stake in this sector. It’s vital that you maintain compliance to all the latest regulations.

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