Benefits of compliance are many but we’ve listed the top five:
1. Helps realize a company’s mission
Most companies’ mission statements include information about corporate responsibility, the importance of patients, and on the benefits they bring to society. Behaving in ways not consistent with their stated values can render them not only useless but also damaging. Compliance programs help a company act in ways consistent with these values. This is because policies and guidelines tend, when properly designed, to address not only external laws and regulations but also a company’s internal and external aspirations. In other words, it is not only about what is or is not legal or is required, but also about doing the right thing.
- Reminds us that transparency is good business
Countless times in my career, I have experienced and witnessed the favorable reaction that transparency brings when customers get the full, open and honest story. We have all seen instances of what happens when this is not the case and, unfortunately, many doors have closed as a result. Compliance has strengthened this area. For example, ensuring that balancing information is part of the core message can result in a more productive and credible interaction. This earned reputational capital with customers can be critical not only in good times, but also in times of adversity.
- Helps attract and retain talent and ensure employee engagement
Most of us have dedicated many years to this industry. We do it because we truly believe in the value that we bring to patients and healthcare overall. Job seekers look for companies that have a good reputation in the business segments and communities they operate in and look for a sense that their work truly matters. The same is true for a company’s current employees—people want to stay with a company that has strong values. The benefits include the ability to attract and retain great talent, lower cost of recruitment and employee churn and, of course, the incalculable value of strong employee engagement.
- Levels the playing field
One benefit that industry-wide rules, or in some cases, voluntary practice changes bring is a more level-playing field. For various reasons, some companies may put more or less emphasis on one area versus another, they may interpret laws and regulations in slightly different ways, or they may assess risk differently, resulting in what seems to be different application. But these differences tend to be small in the overall scheme of things. As the expression goes, “Starting with a level playing field, everyone has an equal chance.” In the final analysis, the quality of the products and the science behind them, the quality of the people, and the attention to execution are what stand out and make a difference.
- Results in a smaller, better organized toolbox
There is something to be said for a situation where the number of choices is less than infinite. The new narrower and clearer definitions and categories provide good filters and reference points against which every new proposed activity, program or role can be tested. More often than ever, questions are being asked as to why a proposed activity is important or valuable in the first place. The net effect is a smaller set of options and a more defined and informed way to choose from them.