As you know, the Google Medic update was pretty big and Google'a advice is there is no fix. But that does not mean you should sit on your hands and just wait it out. You need to work harder, make your site better or just give up altogether but don't sit idle and expect your rankings to get better without doing anything.
I am seeing some folks on social and in the SEO forums just giving up or expect Google to reverse things and their rankings will return. Generally, it doesn't work that way. It is rare to see a site get hit by an update and then in a few months return to their previous rankings across all keywords without doing anything to improve or adjust their web site.
Google's advice, although says there is nothing you can directly do to reverse your rankings, Google is not saying do nothing. Here is what Google said:
Each day, Google usually releases one or more changes designed to improve our results. Some are focused around specific improvements. Some are broad changes. Last week, we released a broad core algorithm update. We do these routinely several times per year....
— Google SearchLiaison (@searchliaison) March 12, 2018
There’s no “fix” for pages that may perform less well other than to remain focused on building great content. Over time, it may be that your content may rise relative to other pages.
— Google SearchLiaison (@searchliaison) March 12, 2018
Google's advice is "remain focused on building great content." "Over time, it may be that your content may rise relative to other pages," Google said.
So do just that - keep building great stuff and make sure if a Googler looks at your site and sees that it is not ranking well for a relevant keyword - that they are embarrassed and take it back to the team to fix within the algorithm. Yes, it can take a long long time but keep at it and hopefully it will pay off.
Do not - do not - sit and wait and expect things to improve by themselves.
A WebmasterWorld thread has goodROI, a seasoned SEO who has been through virtually every Google update, say:
I suggest impacted webmasters be proactive and change their . Create new content that isn't already on 100 other websites. Your original content two years ago, has probably been spun by many other sites so you need to constantly produce original content. Mine your contact forms & industry forums for original content ideas. Then make sure your site provides a superior user experience (fast, secure, good usability, professional design). Just because you like your site, doesn't mean its a good site. Run real usability tests and make the right changes. Then engage & promote to your audience (Twitter, YouTube, email, etc). Think less about Google and think more about running a successful website. Google loves to rank popular sites so make your site popular without Google.It is not easy or cheap and every year it does get harder. If you like challenges & can innovate new solutions to address the new SEO landscape, you can survive.
Work hard, diversify and get better.
Forum discussion at WebmasterWorld.