Risk Management in Healthcare





Risk Management in Healthcare

Risks tend to pose considerable negative implications on the healthcare industry, particularly if they are not mitigated. Apparently, issues based on the management of risks affect the respective sector in various ways. However, the most significant of such implications often lie on the finances of the employers. For instance, risks related to liability can lead to increases in liability cover premiums. Instances such as this that involve the compensation allegations of the employees may result in a significant rise in the employers’ premiums. In this particular case, the negative implications of risks are illustrated by grave issues such as medical malpractice allegations, which in turn cause increased mean costs based on carrying out litigation alone. As such, it is imperative to manage risks. Despite the positive effects of the process especially in reducing costs for the healthcare organizations, the process of risk management also leads to positive effects on the patients and the community at large. It allows them to be better informed and, therefore, avert from experiencing imposed costs that will revert to them due to the burden of expenses associated with litigation. Concerning the statement that ‘the industry is just scratching the surface of risk management’, the implied connotation is that the healthcare sector has yet to unravel the beneficial implications that arise from pursuing the concept of risk management. Conventional practices as well as the effects of organizational culture influence many healthcare organizations by restricting the implementation of changes directed at improving the institutions’ processes. In this respect, organizations continue to apply similar procedures over time when faced with allegations such as medical misconduct claims that typically cause adverse effects on the institutions in terms of wasted expenditure. Nonetheless, the practice of risk management has been noted and adopted in several elements of the healthcare sector gradually.

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