Wolters Kluwer CT Corporation Podcast Explores One of the Most Regulated Industries in the U.S.

Rhea-AI Summary

Wolters Kluwer CT Corporation emphasizes the stringent regulatory requirements for providers of durable medical equipment (DME) like crutches and oxygen devices. With potential civil and criminal penalties for non-compliance, DME vendors must navigate complex local, state, and federal licensing mandates. Hans Howk, a manager at CT Corporation, suggests consulting experienced partners to track regulatory changes. Wolters Kluwer, a leader in legal and compliance solutions, reported 2021 revenues of €4.8 billion and serves major corporations worldwide.

Positive

• Strong market position with over 75% of Fortune 500 companies relying on its services.
• Robust financial performance with €4.8 billion in annual revenue.

Negative

• Providers face significant risks of civil and criminal penalties for non-compliance.
• The complexity of regulatory requirements may hinder DME providers' operations.

Durable medical equipment providers that fail to comply with licensing laws risk civil and criminal penalties

NEW YORK--(BUSINESS WIRE)-- Providers of crutches, oxygen devices and other durable medical equipment (DME) should be prepared to offer their fingerprints – and multiple other pieces of documentation – as they navigate one of the U.S.’ most heavily regulated industries. Failure to adequately manage the complex web of state and federal requirements involved can expose proprietors to civil and criminal penalties and result in the business’ closure, notes a Wolters Kluwer CT Corporation expert on the latest installment of the company’s CT Expert Insights podcast.

During the episode, Hans Howk, Manager of Content Management at Wolters Kluwer CT Corporation, discusses some of the common DME licensing mandates that exist at the local, state and federal level. DME vendors may be required to provide a copy of the owner’s fingerprints, a federal employee identification number, or evidence of registration with the appropriate Secretary of State.

Still, precise requirements can differ from entity to entity or state to state. Given the potential scope of the penalties for non-compliance, Howk recommends that DME providers contact an experienced partner such as CT Corporation to assist with tracking a dynamic regulatory licensing landscape.

“CT Corporation maintains an extensive database of local, state and federal licensing requirements and can serve as a trusted resource for clients to ensure that they file both accurately and on time,” he says.

For nearly 130 years, Wolters Kluwer CT Corporation has been the leading provider of registered agent services, incorporation services, and legal entity compliance. It is part of Wolters Kluwer’s Governance, Risk & Compliance (GRC) division and has a global reach into over 150 countries. More than 75 percent of Fortune 500 companies, 95 percent of AmLaw 100 law firms, and 350,000 small businesses trust CT Corporation to handle their compliance needs. The other legal services business of Wolters Kluwer GRC is Wolters Kluwer ELM Solutions – a global provider of enterprise legal spend and matter management, contract lifecycle management and legal analytics solutions.

About Wolters Kluwer Governance, Risk & Compliance

Governance, Risk & Compliance is a division of Wolters Kluwer, which provides legal and banking professionals with solutions to help ensure compliance with ever-changing regulatory and legal obligations, manage risk, increase efficiency, and produce better business outcomes. GRC offers a portfolio of technology-enabled expert services and solutions focused on legal entity compliance, legal operations management, banking product compliance, and banking regulatory compliance.

Wolters Kluwer (WKL) is a global leader in professional information, software solutions, and services for the healthcare; tax and accounting; governance, risk and compliance; and legal and regulatory sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services. Wolters Kluwer reported 2021 annual revenues of €4.8 billion. The group serves customers in over 180 countries, maintains operations in over 40 countries, and employs approximately 19,800 people worldwide. The company is headquartered in Alphen aan den Rijn, the Netherlands.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220426005249/en/

Media Contacts for Wolters Kluwer GRC

(including Wolters Kluwer CT Corporation, Wolters Kluwer ELM Solutions, Wolters Kluwer Compliance Solutions and Wolters Kluwer Finance, Risk & Regulatory Reporting)

Paul Lyon

Global Corporate Communications Director

Governance, Risk & Compliance Division

Wolters Kluwer

Office +44 20 3197 6586

Paul.Lyon@wolterskluwer.com

Frank Ready

Senior Specialist, Corporate Communications, Legal Services

Governance, Risk & Compliance Division

Wolters Kluwer

Office 717-205-3647

Frank.Ready@wolterskluwer.com

Source: Wolters Kluwer

FAQ

What are the licensing requirements for DME providers discussed in the WTKWY press release?

DME providers must comply with various local, state, and federal licensing mandates, including providing fingerprints and a federal employee identification number.

Who is Hans Howk and what is his role in the DME compliance context?

Hans Howk is the Manager of Content Management at Wolters Kluwer CT Corporation, discussing DME licensing requirements.

What penalties do DME providers face for non-compliance with licensing laws?

DME providers risk civil and criminal penalties, which could lead to business closure.

How can DME providers ensure compliance with complex regulations?

DME providers are advised to consult experienced partners like CT Corporation to navigate regulatory changes.

What company reported €4.8 billion in revenue and what services do they provide?

Wolters Kluwer reported €4.8 billion in revenue, providing legal and compliance solutions to various sectors.