Carole Faig, a regulatory expert focused on health care matters, concedes the sheer challenges and uncertainty that American medical industry actors routinely face as they seek to promote health and simultaneously prosper.
It’s just a given, she says, and something that care principals — “CEOs and other leaders in the health space” — must simply acknowledge and deal with.
Regulatory change is something that those individuals “should have seen looming on the horizon for a long time,” she says. What is relevant now is the development of strategies that best promote success amidst a hyper-complex and always adjusting business environment.
One thing Faig is sure of is this: “React-and-respond” enterprises are going to get bruised — maybe fatally swallowed — in future years, as the regulatory landscape — already rigorous and complex — becomes progressively faster-paced and harder to navigate.
Proactivity is what will be required for businesses to prosper, coupled with “forward-thinking compliance activities.”
Faig points to what she calls “four key focus areas” that CEOs and other health care principals will need to closely focus upon.
One of those is so-called “smart growth,” which is embodied by an organization’s careful attempts to optimally compete in the marketplace through well-considered alliances, joint ventures and related couplings with other strong industry performers.
Another key area rests upon acknowledgment of consumers’ growing technological sophistication and the need to react with customers in a way that recognizes the Internet and other modern platforms in a relevant way.
And then there is optimizing costs, which Faig says is not so much mere cost cutting as it is identifying areas in which to spend and cut corners, respectively.
What is perhaps most important, notes Faig, is the need for every would-be prospering entity to persistently think about regulatory dynamism as it affects the workplace — current complexities, evolving trends, tomorrow’s requirements and so forth — and to deal with compliance matters in a purposeful and timely fashion.
Being proactive regarding industry compliance and learning “to foresee and prepare for regulatory scrutiny” can be promoted through a health care enterprise’s close partnership with a proven health care law firm, which routinely helps diverse medical industry clients develop integrated compliance strategies and capabilities.
The business universe for health care participants is unquestionably challenging, and increasingly so. It is the actors who fully appreciate and take steps to proactively address the complexities that will most profit.