Risk management in healthcare can be defined as the process of identifying and eliminating the threats that could impact the patients, staff, organization, or anyone else in the facility.
Risk Management in Hospital
Risk management cuts off the entire ecosystem of the hospital. It impacts everything, from patient safety, operating margins, HR, and compliance to operations. Risk managers in the hospital are trained for identifying, evaluating, and mitigating the risks to visitors, staff, and patients.
Insurance claims management, patient safety, incident management, compliance, enterprise risk management, provider quality management, third-party risk management, and others come under the risk management umbrella.
The incorporation of new technologies such as telehealth platforms results in surging costs for healthcare organizations. It is becoming complex, due to rising requirements for performance-evaluation initiatives, and new reimbursements. Risks such as cybersecurity, and privacy compliance are continuously rising.
The increasing patient safety concerns, the requirement to reduce healthcare costs, and rising incidences of HAIs, results in high demand for risk and compliance management. The drastic rise in hospital-associated infections results in bolstering demand for risk and compliance management solutions in hospitals.
The worldwide expansion of medical data, led by the growing prevalence of chronic diseases, results in burgeoning pressure on medical infrastructure.
According to a government agency, chronic diseases result in 40 million deaths each year, which accounts for 70% of deaths around the world. The workflow management solutions improve internal operations in hospitals through automation, and it offers higher efficiency in medical data control, which boosts the industry growth.
The growing requirement for promoting interoperability among various hospitals and companies for the exchange of information between applications, databases, and other computer systems, and to reduce operational costs, leads to increased demand for cloud-based hospital management systems.
In addition, the surging adoption of e-prescriptions, mHealth, telehealth, and EHRs propel the industry's growth.
How Does Risk Management in Hospital Work?
A hospital may report patient-safety events in one place, and keep the complaints of the same patients at a different place. When such incidents turn into claims, they are managed in a third place.
When these point solutions do not interact with each other, the information requires to be aggregated manually, correlated, and analyzed for a consolidated view. It reduces the response time.
The major players operating in the industry are; IBM Corporation, Reciprocity Inc., One Trust LLC, MetricStream, LogicManager Inc., RSA Security LLC, AuditBoard Inc., LogicGate Inc., and MetricStream.
Therefore, the rising prevalence of HAIs results in increased demand for risk management in hospitals.
