The massive transition taking place within the healthcare industry in recent years is making it hard for industry leaders to maintain equilibrium within their businesses, Mckinsey & Company reported today.
The Afforable Care Act (ACA) promises to expedite the rate of change within the healthcare industry, and the problems companies have been dealing with adjusting to the changes highlight the huge shift taking place in the industry.
Brendan Buescher and Patrick Viguerie write that the shift in healthcare is much bigger than what industries have seen before because companies are having to adapt to changes while also dealing with new regulations and the resulting consumer uncertainty.
Quick responses to industry disruptions are particularly difficult for healthcare executives and companies because the industry is so heavily regulated, Mckinsey reports.
For a company to have a fighting chance to stay afloat, Buescher and Viguerie write, factors like administrative efficiency, capacity for innovation and resource reallocation must be present.
Adaptive qualities, capitalized by strong leadership, are essential for companies trying to successfully navigate the healthcare industry as it moves forward.