Regulatory Risk Management in the Healthcare Industry

Compliance and operations in the healthcare industry is not what is used to be: in the past, US-based healthcare companies addressed a small number of markets, which meant that the regulatory compliance aspect of their businesses was also limited. This is no longer the case. The number of markets being capitalized has proliferated, and regulatory standards have become a burden.

As the healthcare industry embraces innovation, it is constantly faced with the challenge of meeting rising quality standards and complying with rigorous quality requirements. Also, as the healthcare companies continue to answer the needs of their consumers, they face a myriad of portfolio, regulatory and operating challenges. These companies must find the best and fastest way to high performance to achieve operating excellence, sustainability and increased margins.

Healthcare companies face the risk of noncompliance while they try to persist with a competitive edge, meet the challenges of expansion into emerging markets, adapt to new regulations and protect the wellness of its consumers. While traditional risks, i.e., regulatory compliance pressures, abound, new risks for consideration have come to the forefront as well.

Also, since healthcare companies are subjected to more regulations, they end up investing more on human resources and contractors across multiple departments which is a reactive action leading to increased costs, creation of silos and mistrust in risk compliance and quality data which prevents executive from making evidenced-based decisions in a timely manner.

360factors Enterprise Regulatory Risk Management Software allows healthcare organizations to execute their risk and compliance initiatives effectively and efficiently through a simple yet effective regulatory risk and change management model and methodology. It creates a single, integrated view of risk and compliance across the organization

About the Company

360factors, Inc. helps companies improve business performance by reducing risk and ensuring compliance. Predict360, its flagship software product, vertically integrates regulations and requirements, policies and procedures, risks and controls, audit and inspections, safety management systems and on-line training and qualifications, in a single cloud-based platform.

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