Why Policies and Procedures Matter -

Running head: RISK MANAGEMENT POLICY AND PROCEDURE
RISK MANAGEMENT POLICY AND PROCEDURE
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RISK MANAGEMENT POLICY AND PROCEDURE1
Purpose Statement:
A risk management program possesses the potential to help the healthcare organization
define their future objectives. In case an organization defines it objective without taking the risks
in consideration, it is more likely to lose direction once it gets hit by the risk. Risk management
program in healthcare deduces the health risks of the patient along with the financial as well as
liability risk.
Key Risk Management Terms:
Risk prevention: the procedure of avoiding the risk impact
Risk reduction: the procedure of reducing the risk impact
Regulatory compliance: process of the organization to laws, regulations, guidelines as well as
specifications relevant to its business processes
Patient safety: prevention of errors as well as adverse impact on healthcare service users
Adverse event: any unfortunate medical incidence in a clinical investigation subject administered
a medicinal product and it does not have a fundamental relationship with this treatment.
Near miss: A narrowly avoided accident
Risk Categories and Risk Identification Techniques:
Major risk categories in health care:
The top risk categories of the healthcare organization include:

RISK MANAGEMENT POLICY AND PROCEDURE2
Compliance Lapse: Considering that the regulatory environment of the healthcare is highly
complex, facilities are at higher risk of noncompliance. According to researchers, the
management of the healthcare organizations needs to be full aware of the rules and regulation for
instance, HIPPAA, HITECH, Billing and patient care. It is easier for the healthcare service users
to notice noncompliance. For example, HIPAA is widely known by the patients and it is hence
easier to understand the rights for them what to expect. According to the HIPPA journal, almost
83 percent of the healthcare organizations possess inadequate risk management plans in the year
2017 (Savarese & Tabler Jr, 2017).
Cyber threats: Considering the fact that the healthcare organization continuously experience new
technology for ensuring patient confidentially, privacy as well as efficient facility management,
cyber threat continued to evolve for adapting with this updates. Some of the major examples of
cyber threats include data breaches and lack of network security
Physical Attack: With time, the numbers of physical threats are found to be getting enhanced and
the healthcare organizations are not at all immune to this risk. For instance, in the year 20 8, four
individuals were killed by shooting in the Mercy Hospital located at Chicago.
Healthcare illness: one of the highest risks of healthcare includes spreadable illness as well as
germs. This risk affects both healthcare service providers as well as users and expose to virus
and bacteria can result in deterioration of service, revenue as well as reputation of a healthcare
service users (Levett et al., 2017). In USA, it has been reported that 1 in every 25 patients gets
affected from infection.
Risk management strategies for the organization