Risk Management For Healthcare Organizations - 1442 Words

Introduction Risk management refers to the process of forecasting, estimating and evaluating the possible risks that are likely to befall an organization in the normal process of conducting its activities. It includes the identification of measures, methods, and procedures to mitigate them. Healthcare risk management is the process of estimating and forecasting the potential risks relating to patient safety, staff, adherence to federal regulations, prevention of medical errors and prevention of financial loss of the entire healthcare organization and the steps necessary to mitigate them. Healthcare organizations use service-based ERM. Potential Risks in Healthcare Organization Risk management in healthcare organizations revolves around patient safety, adherence to industry and federal regulations for the medical industry, prevention of medical errors and prevention of financial loss. Potential risk areas therefore include: Patient Safety: patients are entitled to quality services from the hospitals and other healthcare units. However, lack of expertise and qualifications among medical staff may jeopardize patients safety. It can lead the poor administration of medical services, which may bring other complicated health issues to the patients. Patient safety is an area of risk in healthcare organizations where the medical staff has no minimum qualifications required for the profession or in situations where doctors and physicians administer medication to patientsShow MoreRelatedRisk Management Plan For Accreditation Of Healthcare Organizations1884 Words   |  8 PagesAccreditation of Healthcare Organizations (JCAHO), risk management is defined as â€Å"c linical and administrative activities undertaken to identify, evaluate, and reduce the risk of injury to patients, staff, and visitors, and the risk of loss to the organization itself† (The Joint Commission on Accreditation of Healthcare Organizations, 2005). 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