SOC it to me: Adding to your foundation of compliance

7 minute read

Over the past several years, System and Organization Controls (SOC) reports have been gaining popularity among service organizations within the healthcare industry, especially as service organizations’ healthcare clients seek ways to verify that there are proper internal controls in place to protect their finances and data. More and more, healthcare clients are requiring these service organizations to provide SOC reports before signing on to do business. If you haven’t heard about it, you likely will soon.

The compliance team at VGM Group was in a similar situation several years ago. We’d heard about SOC, but it wasn’t until current healthcare clients and prospects started asking the various VGM Group business units about it that we finally took the necessary steps to complete a report.

When the request first comes, SOC can seem like a daunting undertaking. However, the process doesn’t have to be scary. In fact, if you approach SOC the right way, it can be far more than a checkbox your clients have to mark. SOC can be the key to unlocking several benefits and opportunities to take your organization to the next level.

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