With its maddening complexities and time- and resource-consuming demands, regulatory compliance is thought to be the plague of any thriving business. However, according to a recent Forbes Magazine article, regulatory compliance is a golden opportunity in disguise. When used effectively to refine and enhance operations, a successful regulatory compliance program actually becomes the bread and butter of a thriving healthcare practice.
Fact: Regulatory Compliance is an Advantage
Providing quality patient care with reminders and accurate data collection is what will set one healthcare facility apart from the rest. Since word of mouth on social media and elsewhere on the Internet functions as both the bane and blessing of today’s culture of reputation management, establishing patient expectations across digital channels is crucial. When shopping for a provider, millennials and baby-boomers alike shop online for hospital and doctor reviews and that shiny, easy-to-find gold stamp (characteristic of the Joint Commission). It’s a small representation of painstaking adherence that pays dividends if providers achieve the right balance of cost and return on investment.
“If companies can find the balance point of efficiency and effectiveness—that sweet spot where a compliance program is both preserving and creating value—the cost of compliance can double as an investment in an organization’s future.” – Forbes
Transparency Leads to Solutions
Stricter regulatory compliance requires transparency. This should be seen not as a burden, but as an asset. As stated in Forbes, the same insights that flag problems can also spotlight solutions. All the compiled data that satisfies regulatory requirements can be used for the company’s own benefit to refine and enhance operations. The accurate checks and balances are what will make an organization into a productive, well-oiled machine. An effective regulatory compliance system reduces time-sucking variation in practices, shortens overall patient stay, and prevents Medicare fraud, waste, and abuse.
Anticipate Inevitable Changes
When implementing new equipment, administrators and practice managers must anticipate a multitude of operational and regulatory requirements and how they will disseminate current and future compliance mechanisms. If there is a shift in the regulatory environment, a recall, or adverse patient events related to equipment, systems must be in place to prevent delayed reactions and avoid compliance issues, regulatory fines, and patient liability.
Regulatory reform will always exist in the future of the healthcare industry. Rather than fearing what lies ahead, administrators should anticipate the obvious benefits that will come from the required changes with an effective compliance management system in place. Ultimately, compliance and data-based business models drive progress. Investing time and resources into regulatory compliance management should never spark the idea of impending doom, but of imminent prosperity.