Enterprise Risk Management in Healthcare Whitepaper

Traditionally, implementation of healthcare risk management has been centered on the critical role of patient safety and the reduction of medical errors that could put at risk an organization’s reputation, capability to achieve its mission, and ability to protect against financial liability.

However, as the healthcare industry experiences rapid changes in technologies, heightened cybersecurity concerns, and ever-changing shifts in the regulatory, legal, and legislative realms, healthcare risk management has become increasingly complex.

Furthermore, with the industry shift to value-based care and risk-bearing models such as bundled payments and CMS’s pay for performance programs, financial risk is gradually moving from payers to providers, subsequently requiring a broader view of risk management.

As a result, healthcare organizations are transforming their risk management programs from ones that are largely reactive and focus on patient safety and preventing legal exposure, to systems that are primarily proactive and perceived risk through the broader lens of the entire healthcare ecosystem.

An organization must correctly identify, analyze, and control risks to prevent incidents. In the healthcare industry, countless sources of information and data highlight the common risks to look out for. However, each organization is unique; some healthcare organizations may face certain risks more frequently than others.

Therefore, healthcare organizations must look at their incidents to inform their risk management program, as they can provide a great deal of insight into current risks and faulty processes.

Reporting tools like incident reporting software empower organizations to capture hazards, near misses, and adverse events and analyze the information to identify risk areas. It also provides opportunities to develop interventions to mitigate exposure and reduce potential harm.

Incident reporting systems make it easy for staff to report incidents, quickly notify the risk management team of events, and provide real-time data to enable organizations to identify underlying issues to prevent future incidents from reoccurring. As a result, with an incident reporting system, risks are reduced, costs are cut, and process efficiency is improved.

Ready to learn more about how an incident management system can help your organization enhance enterprise risk management? Set up a call with our team to learn how our software can help you meet your goals.