As most employers are aware, the Patient Protection and Affordable Care Act (PPACA or Affordable Care Act) goes into effect in January 2014 which I recently assessed the need to be technology ready. The new law was signed into law on March 23rd 2010 and with the Supreme Court decision in June of 2012 which upheld the law and the re-election of President Obama in November, the law complex regulatory requirements that businesses need to understand before then. Those that don’t prepare may incur substantial expenses, such as fines known as Employer Shared Responsibility – payments of roughly $2,000 for every employee after the first 30. Many companies already worry about such issues. Our benchmark research on governance, risk and compliance found that the top two reasons organizations fail to deal with issues of governance, risk and compliance are high costs and lack of resources. In the case of the Affordable Care Act, the costs of inaction are likely to be greater than the cost of planning ahead.
Topics: Equifax, eThority, HCM, Office of Finance, Obamacare, Analytics, Business Analytics, Business Intelligence, Business Performance, Financial Performance, Governance, Risk & Compliance (GRC), Information Management, Workforce Performance, TALX, Healthcare Reform
To comply with the Patient Protection and Affordable Care Act (PPACA or Affordable Care Act), which survived a Supreme Court test and a presidential election, all employers with more than 50 full-time employees must be ready by January 2014 to deal with the lion’s share of the law’s employer mandate requirements. Our recent benchmark research on governance, risk and compliance indicates that many of those employers have significant concerns about compliance issues: 53 percent of participants said they are concerned about them, and 42 percent said they are very concerned. Indeed, the Affordable Care Act is today the most pressing governance and compliance issue for most businesses.
Topics: HCM, Office of Finance, Obamacare, Operational Performance, Business Analytics, Business Performance, Financial Performance, Information Applications, Information Management, compliance, Spreadsheets, HR Management