Risk Management and Financial Implications in Healthcare

This report focuses on risk management within healthcare institutions, specifically addressing employee and financial risks. It emphasizes the importance of effective communication in mitigating risks and improving patient care. The report explores the need for managing employee risks in hazardous situations, reducing liability, and minimizing financial losses. It also highlights the role of communication in improving patient understanding and satisfaction. Furthermore, the report underscores the importance of proper financial management in making long-term investment decisions for healthcare facilities. Overall, the report advocates for comprehensive risk management strategies to improve operational efficiency, patient safety, and the financial stability of healthcare institutions. The report also includes references to support the information.

Running head: RISK MANAGEMENT
RISK MANAGEMENT
Name of the Student
Name of the University
Author Note

1RISK MANAGEMENT
Risk Management
In this write-up, the discussion will be on the employee risk management in healthcare
institutions. The need for the communication to reduce risk will also be discussed along with the
financial risk in the healthcare institutions. Risk management can be defined as the identification,
judging and computation of risks and followed by the coordinated and financial usage of
resources to reduce, monitor and control the effect of adverse or damaging events or to increase
the awareness of opportunities. Employee risk management will help to take care about the
employees in hazardous situations as well as the patients admitted. It will also help to reduce the
risk for liability and financial losses for the institutions as well as the for the patients.
Risk communication can be termed as an open and two way transfer of information as
well as opinion regarding the harms and benefits. It will help to improve the realization and
understanding of the risks and to advertise the better decisions about the clinical management.
Proper communication will help the patients as well as the visitors to feel relax about the health
conditions of the patients, and will help them to feel confident. Effective communication will
help to control the feelings of the patients and visitors, thus encouraging them to feel better.
The major problem in the healthcare institutions is to minimize the risks in the
operational process and organizational cultures. Improper risk management can be seen on the
balance sheets of the healthcare institutions. Proper financial management will also help in long
term investment decisions for the betterment of the facilities provided to the patients. It will help
to strategize the plans and procedures of risk management effectively and efficiently in order to
reduce the occurrences of risks.

2RISK MANAGEMENT
Reference
Kavaler, F., & Alexander, R. S. (2012). Risk management in healthcare institutions: Limiting
liability and enhancing care. Jones & Bartlett Publishers.
Van Deursen, N., Buchanan, W. J., & Duff, A. (2013). Monitoring information security risks
within health care. computers & security, 37, 31-45.
Yue, X., Wang, H., Jin, D., Li, M., & Jiang, W. (2016). Healthcare data gateways: found
healthcare intelligence on blockchain with novel privacy risk control. Journal of medical
systems, 40(10), 218.