Healthcare Risk Management: Comparative Analysis of Risks

This report delves into healthcare risk management, highlighting the roles and responsibilities of healthcare risk managers. It explores the significance of identifying and mitigating risks within hospital settings, including patient privacy breaches, medication errors, and hazardous conditions. The report compares healthcare organizations with financial institutions, analyzing how risk management strategies differ. It emphasizes the importance of risk assessment, the development of risk management programs, and the education of employees on risk-related issues. The report references key studies, such as those by Gallagher et al. (2016) and Bodnaruk & Simonov (2015), to support its analysis. The report focuses on the threats and risks involved in hospitals, including patient and staff safety and the financial implications of various risks. It also touches on the role of risk managers in financial organizations, including their analysis of investment plans and moral hazards. The report provides a comprehensive overview of risk management in the healthcare sector.

Running Head: HEALTHCARE RISKS
HEALTHCARE RISK MANAGEMENT
Name of the Student
Name of the University
Author’s Note

1HEALTHCARE RISKS
Healthcare risks managers or doctors have the job to work for the potential risks and
threats a healthcare organization is vulnerable to or situations that can increase the loss of any
organization in relation to finance or legal scenarios. Certain situations occur in a hospital such
as patient privacy breaches, medication or surgical errors, hazardous conditions and diagnostic
errors. Some of the roles of a healthcare risk manager is to identify the risk in hospitals settings
and this is initiated by reviewing past claims and incidents, liability reports and hospital losses,
national and local hospital incident statistics and data. They also make recommendations to find
different solutions for certain hazards or future emergencies and crisis. Another role is to manage
programs that includes overviewing the whole risk management program and guides in
developing systems that can improve the surveillance and monitoring of potential risks in the
hospital. Assisting hospital trainers and educating employees about the risk management plans
and assessment of risks in a potentially threatening situation (Gallagher et al., 2016).
The two type of organizations taken to compare is a healthcare organization and a finance
organization. The role of a healthcare risk manager is to utilize the risk management protocol and
look after the threats and risks involved in a hospital that can harm the patients or the staffs
present in the premises. The risk managers in a financial organization has to identify, analyze the
mitigation or acceptance of uncertain investment plans. The investor or the fund manager has to
analyze to quantify the potential losses in an investment that is also known as a moral hazard
(Bodnaruk & Simonov, 2015).

2HEALTHCARE RISKS
References
Bodnaruk, A., & Simonov, A. (2015). Do financial experts make better investment
decisions?. Journal of financial Intermediation, 24(4), 514-536.
Gallagher, T. H., Brundage, G., Summy, E. A., Bommarito, K. M., Ebers, A. G., Waterman, A.
D., ... & Dunagan, C. (2016). National survey: Risk managers' attitudes and experiences
regarding patient safety and error disclosure. Journal of Healthcare Risk
Management, 26(3), 11-16.