The role of risk management has evolved from a reactive measure meant to limit legal exposure to become a preventative, comprehensive program capable of safeguarding the entire healthcare ecosystem. Nowadays, the way an entity approaches risk will have a significant effect on the value it brings to clients and ultimately, it’s financial performance. Whether it be working directly with patients, clinical research or healthcare administration, an unidentified or unaddressed risk can have a rippling effect impacting more than a single department or system. In an organism as large as the healthcare industry, risks come in many different shapes and sizes. Traditionally, the role of risk management focused on patient care and safety, but in our modern world, new technologies, cybersecurity concerns, medical science advancements and an ever-confusing regulatory landscape have driven risk management to become a much more complex and intricate process. Risk Management in Healthcare Organizations
In order for proactive risk assessment and response to have a meaningful impact in the midst of a health crisis, risk management should constantly remain a top priority. Risk management in healthcare encompasses all of the steps taken to identify, assess, mitigate, monitor and prevent risks from causing significant damage. Risks to patient care, financing, accreditation, market share and reputation are unavoidable, making a strong risk management program an essential component to any well-run healthcare organization. In the healthcare industry, patients, staff and even organizations themselves are exposed to risk on a daily basis.
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