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Risk Management in Medical care: Advantages and Disadvantages

Submitted to : Mr. Emmanuel Badu

  1. Risk Management in health care facility

The healthcare environment encounters different and numerous of growing risk, related to health care reform. The goal of risk management is to pinpoint potential problems before they can affect and occur, so the organization can organized and invoked ahead of time if needed. The risk handling process can mitigate unfavourable results on attaining objectives of the organization. This is a continuous and vital process of the business and management, and it will address the problems that can affect the success of targets. Risk management must applied effectively that would mitigate and assume the chance that can critical the job. The effective risk management can evaluate by early on and aggressive approach with cooperation and actively involvement of stakeholders. Secure and strong management are important to build an environment that has wide open communication regarding possible risk. Internal and exterior risk must both consider for example cost, specialized and plan.

Enterprise risk management helps ensure effective reporting and conformity with laws and regulations, and helps avoid harm to the entity's reputation and associated outcomes. In sum, venture risk management helps an entity to get where it wishes to go and avoid pitfalls and surprises along the way. (Flaherty, 2004, p. 1)

  1. Benefits of risk management in medical care facility

The health care facilities are always experiencing tremendous pressure from its consumer to provide highest-quality, reasonable cost care, workforce and aging human population. Implementing this program has a place from planning to operations for controlling problems especially in health care service where lives are dealt with. Challenges highlight that require to handle in a healthcare service are patient safeness, regulations, coverage, medical error and impact of legislation. The issues can have a huge impact or can create a permanent effects. Ignoring the risk can bargain patient health care, financial loss and increase liability.

Compliance is one of the benefit for employing risk management, this ensure areas of accreditation, licensure, medical conditions and coverage. This can prevent and protect the medical organization from degrees of loss. It can also provide effective mitigation or diminish the potential damage. "If you follow the ideas of risk management you can mitigate collateral losses following a detrimental event" (Hiatt, 2007, p. 1). Another gain is to give a construction to increase patient outcomes, for example patient's review can inform the business if clients are not satisfied with service, and this is an issue to consider for quality improvement. Lastly reduced amount of adverse effects, the business ought to know there strengths and weaknesses to prepare them to face the issues for providing quality attention. Uncertain situation reveals both risk and opportunity, it can erode or improve the firm. Risk management enables the management to effectively face and offer with unpredicted situation and increase its value. "Risk management is typically a hybrid function bridging lots of disciplines to lessen the incidence of organizational loss" (Hall, 2015, p. 1)

  1. Risk management
  1. Reviewing activities and internal environment

This part is the foundation of the platform, and it wraps how the healthcare facilities view and tackled the chance. It includes the management's style and idea, it is a couple of values, behaviour and practices to cope with risk. This is communicated within in the organization by policy assertions and actions as well. The management aligned people, process, and organization to help in successful action to cope in risk appetite. The said style is communicated and must be comprehended by the person in the organization. Every person in the organization should know the organizations philosophy, ethical values integrity, and culture of the office.

  1. Setting objectives

Objectives are always aligned with tone of firm and always consistent with the chance appetite. It has four categories the tactical, operations, reporting and compliance. The objective should work very well with all degrees of risk that the organization accept in order to accomplish its target or risk tolerance. The successful risk management provides an assurance that the aims will be come to and achieved within appropriate level of residual risk. Setting objectives is an instrument that make and create goal for the company to attain. The healthcare facility need to create objectives to ensure all staff or employees are on the same level or same webpage when working in the center. The employees will need to understand the reason behind the organisation to increase the effectivity and efficiency. Management also need to set targets for the employees to meet the level of expected action within the business. Regarding to Vitez (2009) "objectives should be clear, measurable and genuine" (p. 1).

  1. Event identification

This refers both on the internal and external circumstances. The organization identifies possible occurrences that may influence negatively and positively on attaining its goals and targets. A number of the internal categories formerly from the options of management; Operational risk, Empowerment hazards, Information technology risk, Integrity risk, Financial risk, and decision risk. "The aim of risk id is the first and continuous recognition of incidents that, if indeed they take place, will have negative influences on the project's capability to achieve performance or capability outcome goals" (Mitre Institute, 2007, p. 1).

  1. Risk diagnosis with particular mention of the impact and probability risk

The risk are recognized, researched its impact, and the foundation for deciding how to resolve and maintained them. From the combo of qualitative and quantitative to be able to determined and analyse how to monitored and prioritize risk. The risk are placed by levels this can help the managers to know and imagine future effects. First level is the reduced exposition area refers to not significant situation which may be handled, this usually can solve within the organization among the team. Second level Medium exposition area, this refers fair or not so immediate attention. The impact can be high and or low risk, but should handled accordingly to avoid high impact preventing the chance. Third level is the High exposition area, refer to risk that need urgent attention, critical importance and on top priorities.

  1. Risk response plans

The organizations management choose the different risk response and the effects on risk that have high probability to occur as well as the effect on financial against the huge benefits. Developing sets of programs to avoid, reduce and accept the risk. The four possible risk ask avoidance, treating, moving and tolerance. Avoidance refers to response where you avoid or exit the sources of risk. Dealing with where action is implemented to lessen or mitigate the risk of unfavourable impact. Transferring means minimizing or decreasing the likelihood and impact of risk. One of the popular transferring response is insurance. Tolerance refers to no action taken to today's risk. The business must able to treat risk to know its triggers and examine whether to manage or tolerate it according to convenience and opportunity of the response.

  1. Control activities

Building strong actions plans, plans and techniques to be put in place to be sure the reaction to risk has positive and favourable final result. This are also the guidelines and procedures build and put in place to make certain the risk action are has favourable outcome. Different kind of control are precautionary controls, manual handles, management controls and more. The control activities are part of the types of procedures by every company to attain their objectives. It's the foundation for all other categories and the different parts of internal control, provides discipline and composition.

  1. Information and communication

It is important for the organization to possess exchange of information that are highly relevant to risk identification and this should communicated within the organization. Effective communication and reporting is very essential to the organization's risk management. The information can be assessed through quality such as exact, accessible, current and well-timed. The communication is also by shared quest and process, successful both casual and informal inner communication and external communication such as stakeholders. Poor communication has a major impact on the organization through increase of oversight and problems and rises stress and worries among the personnel. On other hand, the effective communication of gives success within the facilities.

  1. Monitoring

This is analysis and examination of the quality performance of the organization. This can be done by activities and different evaluation or can be both. The effectiveness of the business or health care facilities on risk management should be checked, to able to response properly, changes may execute, and also to avoid turmoil that may cause losses of the business. " If there was a healthcare risk management solution that could keep an eye on any changes in criminal background or licensure position and instantly notify the workplace if there's been new occurrence, that tool could be immensely helpful. (Wisjesinghe, 2010, p. 1) This is very important because it can give information to the management for success and efficiency of this program. Also by means of monitoring the situation is always under control.

Reference list:

Garvey, P. R. (2013) Risk Recognition retrieved from https://www. mitre. org/publications/systems-engineering-guide/acquisition-systems-engineering/risk-management/risk-identification

Hall, S. ( 2015) The Role of Risk Management in Medical care Functions retrieved from http://www. psfinc. com/press/the-role-of-risk-management-in-healthcare-operations

Hiatt, C. (2011) 5 Tangible benefits of a highly effective Risk Management Program retrieved from http://www. beckersasc. com/asc-accreditation-and-patient-safety/5-tangible-benefits-of-an-effective-risk-management-program. html

Vitez, O. (2009) The Need for Environment Business Objectives retrieved from

http://smallbusiness. chron. com/importance-setting-business-objectives-4724. html

Wijesinghe, D. (2010) Professional medical Risk Management : What's your biggest visibility? Retrieved from http://hr. toolbox. com/sites/really-know-your-contractors/healthcare-risk-management-whats-your-biggest-exposure-37663

 

The International Academy of New Zealand 2013 DHM706 International Professional medical Insurance plan Version 7Ptime 1

Assessment moderated on 12 August 2013

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