Financial Risk Management
The goal here is to avoid losses and expenses that could impact the bottom line, which is the same in any financially-prioritized organization. The first step for healthcare organizations is to research industry trends so it can analyze its current risk management strategies to see if it’s ahead of behind the curve. If it’s behind the curve and adjustments need to be made, it could save a significant amount of capital. And while the focus here is on the financial aspect, saved capital can lead to improved care and patient safety.
Common financial-related risk management goals for healthcare organizations include decreasing malpractice claims, reducing the number of falls, using skin protocols to prevent skin ulcers, and improving communication with insurance companies in order to earn points and reduce overall costs. (For more, see: How Big Data Has Changed Healthcare.)