Healthcare Company Advisory Boards
Healthcare companies often have a greater hurdle to overcome when dealing with their advisory boards, due to specific regulations that govern how these boards can be structured, utilized and tracked to ensure compliance. ABA has a unique understanding of this issue having worked with many pharmaceutical, medical device and healthcare technology companies globally. In these situations compliance often becomes the focus rather than the strategic initiatives that the board was originally expected to contribute to. We have worked with many healthcare companies on the following issues:
- What kind of scalable board system can we implement that will allow our organization to achieve our strategic expectations while maintaining compliance with local regulations?
- How can we build efficiencies into our current board processes to reduce the amount of time that the executive team and board members are spending on managing the board process while increasing the the impact of the board?
- What kind of training can we provide to enhance our board members skills in order to help them become board leaders and not just board members or managers?
- How can we optimize the time that we have in our board meetings to ensure that we focus on key strategic initiatives while fulfilling our compliance requirements?
- How can we leverage the board members as a leadership development tool for our team?
- How can we optimally engage our board members on strategic issues that are most beneficial to the company?
- How can we implement a scalable process to engage our board members expertise in between the meetings?
- How can we implement an objective and metrics based evaluation process to ensure that the board is outperforming the expectations of the shareholders?
ABA’s High Impact Board System for Healthcare Companies was specifically designed to help these types of organizations generate strategic outcomes from these boards while meeting all compliance, tracking and reporting requirements. The system will also greatly reduce the amount of time that the Executive Team spends in preparing and running their board process while greatly increasing the ROI from the board (in some cases by as much as 60%).