Hamza Asumah, MD
Every business in the world is regulated by some entity somewhere, whose main aim is to ensure that the company operates within the specifications of some clearly outlined guidelines. These are to ensure that there is sanity in all business operations as well as adequate protection for the customer and employee who will be dealing directly with this company.
The degree of regulation, on the other hand, differs greatly amongst industries. Some sectors are tightly regulated, while others are not. This is mostly due to the fact that the principal goal of the sector is what defines the amount of regulation. Healthcare and finance are two of the most heavily regulated industries.
Healthcare firms in Africa are not immune to the regulatory standards that are required to run a business properly. Health care regulatory authorities monitor practitioners and facilities, give industry information, promote safety, and assure legal compliance and excellent services. Many have closed as a result, despite the fact that the number of healthcare providers is limited. Many people, especially those living in rural areas, cannot afford the few options that are accessible.
Mercy tree foundation According to studies, at least 11% of Africans endure catastrophic healthcare spending each year, with up to 38% delaying or foregoing health-care services owing to excessive expenses.
Healthcare regulatory frameworks are extremely complicated, but full compliance is required to guarantee that your organization runs properly. This intricacy results from the accumulation of several concerns over the course of many years. Essentially, one new regulatory body will enter the scene every several years. This is due to a tendency that has influenced this new inclusion.
Is the complexity of health-care regulation the consequence of historical accidents and bureaucratic turf conflicts, or does it serve a purpose? The system’s complexity may make it inefficient, yet it really matches the American temperament pretty well. It is propelled by the interaction of contending forces seeking to have their interests represented. Whatever the case may be, it is your obligation as a creator to properly comprehend and handle these difficulties.
Noncompliance puts you at risk for financial losses, security breaches, license revocations, business interruptions, poor patient care, trust erosion, and a tarnished reputation. A lack of understanding of your regulatory environment is not a legal justification for violating these requirements. If you want to start a healthcare firm, you’ll need to hire skilled personnel to assist you identify and comply with all of the necessary rules.
Unfortunately, implementation of these standards remains a big difficulty in many regions of Africa due to a complete lack of logistics to monitor all stakeholders in the specific business. These regulators are only brought in when there is a significant controversy that necessitates an inquiry.
In light of these restrictions, do not put yourself on the wrong side of the law if you have a problem with your healthcare business. It is an extremely terrible place to be, since problems frequently escalate into more serious criminal acts. Do the right thing from the start since failing to pay attention to your regulatory environment may damage your firm very early on.
In such a fast-changing setting as the healthcare business, where innovations in clinical and nonclinical practice are becoming so frequent, regulators have the problem of modifying their laws to incorporate all of these changes to the healthcare landscape. According to IVRHA, the regulatory framework and insurance industry will need overhauling to accommodate these challenges
As much as the regulatory environment may be hostile to healthcare business owners, it is very important to ensure that your business and operations are within these requirements. If you are a healthcare business, I am sure you have had your own experience about regulations. I will love to know about those experiences. Please leave a comment below.