Healthcare Risk Management – Term Paper Example

Healthcare Risk Management Affiliation Risk management Risk management is a procedure carried out to identify, asses, and prioritize risks of diverse categories. It involves the risk manager forming a strategy to reduce or completely rid the effect of negative events once the risks there are task identification. There are various approaches that can be applied but it entirely relies on the type of risk and business (Young & Tomski, 2002). It consists of both proactive elements that consist of activities that prevent hostile occurrences and reactive elements that contain activities that deal with hostile occurrences.
Elements in the risk management encompass identifying and assessing the risk or potential risk. It involves reviewing all presented governing requirements in a certain risk area in order to ensure that there are no risks are unattended. The risk managers examine and gauge the high-risk areas to provide evidence of implementation interest. It is then followed by developing a risk rectification work plan, where the uppermost risks are put into consideration followed by intensive evaluation the strength of the core controls, and systems in that risk area (Summary, 2004). Risk monitoring and auditing is another element because internal controls need to be observed by staff and managers on regular basis to ensure policies are followed and the set measures are functioning as proposed.
However, due to introduction of new regulations intended to improve the organization, some changes are bound to incorporation. Furthermore, in order to define the efficiency and effectiveness of the controls, it will be imperative for auditing to be carried out by independent parties (Chapman, 2012). A research previously carried out by ASHRIM revealed that in order to counter risks, the risk managers should review the medical records to be able to identify the frequency of an identified risk.
Chapman, R. J. (2012). Health and Safety Management. In Simple Tools and Techniques for Enterprise Risk Management (pp. 375–390). doi:10.1002/9781118467206.ch20
Summary, E. (2004). Enterprise Risk Management — Integrated Framework. New York, 3, 1–16. doi:10.1504/IJISM.2007.013372
Young, P. C., & Tomski, M. (2002). An introduction to risk management. Physical Medicine and Rehabilitation Clinics of North America. doi:10.1016/S1047-9651(01)00005-5