ERM Similarities And Differences Between Healthcare And Non Healthcare Organizations

The risk management program in any business, especially in a health care organization is an integral part of its day to day operation. The purpose of the risk management department is summed up by Kavaler & Alexander (2014), “…a program designed to reduce the incidence of preventable accidents and injuries to minimize the financial loss to the institution should any accident or injury occur” (p. 5). Protecting employees, patients, vendors and visitors is an ongoing process and one that needs to be updated when the healthcare organization has deemed necessary. This paper will demonstrate the importance of presenting the risk management program to new employees, compliance with the standards set forth by the American Society of Healthcare Risk Management (ASHRM), propose recommendations or changes needed to further improve the program, as well as examine the administrative process of managing a risk program.

Risk management in health care is critical as it is the umbrella that covers many different areas from protecting patient information, ensuring proper procedures in the handling of medications, educating and providing training to all employees, and so much more. Risk management is critical because ensures the facility is operating within regulation. Quality management establishes the functionality of providing patients with quality care for a decent market value, which includes good customer service, timely visits and advanced technology.

Carroll, R.L. (2009). Risk management handbook for health care organizations. San Francisco, CA: Jossey-Bass. Retrieved from http://newclassroom3.phoenix.edu

I agree with you hospitals and other healthcare facilities are like any other organization and need to management team who have strong strategic planning skills. Dynamic nature of healthcare system where new innovations are highly desirable, encourage dynamic strategic thinking and healthcare managers need to assemble strategies which can be adjusted as per changing market landscape. In doing so the healthcare managers initiate strategic planning process which focus on relevant and lasting transformations for the future and integrates the organization’s short, medium and long term objectives. As you mentioned, that a heath care facility may fail because of its failure to think strategically while and adapt to latest technologies.

Where is the organization headed? And how does the organization arrive there? In addition, organizations become capable of assessing opportunities for improvement and success. For instance, for years health care systems have known that soon enough we will need to plan for changes in health care (i.e., electronic medical records, aging population, healthcare professional shortage). Therefore, according to Zuckerman (2013), “failing to plan for these or postponing action to mitigate them could weaken a health organization to the point where survival is not possible.” An excellent example of avoiding the inevitable is the case of the National Institute of Health (NIH). The NIH is facing a critical need for change (Lena, 2016). In fact, deficiencies in the system provoked a need for change in the way they operate as it relates to patient safety and patient outcomes. In fact, results from a study showed a need for a leader that is experienced, who not only focus on research but ensuring quality in all hospital operations (Lena, 2016). According to the NIH, this leader must focus actually on developing effective patient safety standards, and processes for compliance and oversight (Lena, 2016).” Reaching these standards is possible if there is a plan in place to support the change. Without planning and accountability, the NIH can perceive itself in a similar position in 20 years. In

In the text, Risk Management Handbook for Health Care Organizations, the definition for risk management is “the process of making and carrying out decisions that will help prevent adverse consequences and minimize the negative effects of accidental losses on an organization” (Carroll, 2009, p. 613).

Although within the experience of dealing with such issues such as many investors trying to start and organization throughout the years, first things are great until many changes occur such as increases in insurance premiums and this causing the facility to lose patients because of it. “Rudolf Moos, Jeanne Schaefer, and Bernice Moos (2007) reports the guiding policies of a healthcare organization can affect the workplace. Compared with healthcare facilities that follow a professional model, those with a bureaucratic model are likely to have more centralized decision-making and formalized jobs, which are associated with a lack of support and autonomy, ambiguous work-related practices and high work demands and managerial control. In contrast,

Risks to patients, employees, and organizations are prevalent in healthcare. Operating and managing a health care organization consists of many important factors. Factors such as finance, safety, and most importantly, patient care (CITE Scranton University). These factors play a major role in the success of the organization. Therefore, it is important for an organization to have qualified healthcare risk managers to assess, develop, implement, and monitor risk management plans with the goal of minimizing exposure. Mitigating such risk through management practices will allow for a better overall functionality of the organization along with minimizing unwanted incidents. Identifying risks is the first step in risk management.

Healthcare risk management ( HRM) began in The late 1970s, when hospitals are facing a malpractice crisis (Kavaler & Alexander, 2014). According to Kavaler and Alexander (2014), it is estimated more than 140,000 Americans die from medical errors and the cost ranges between $17 billion and $29 billion each year in the United States (Kavaler & Alexander, 2014). In this essay, the student will explain a healthcare risk management program, evaluate the program for compliance with the American Society for Healthcare Risk Management (ASHRM), and Examine the administrative process of management the risk program.

Healthcare in the United States is big business. Analyzing the principles of business organization as found in the healthcare environment requires several avenues to be investigated.

The following Enterprise Risk Management (ERM) plan was developed for Riordan Industries, Inc. and its subsidiaries. The goal of this plan is to help mitigate any legal liability on the part of Riordan by implementing the Committee of Sponsoring Organizations of the Treadway Commission (COSO) framework (Jennings, 2006).

Quality and safety of care are the biggest goals of every health care organization. A risk to the patient, healthcare professional and the organization are prevalent in health care settings, which can be minimized and prevented by having well trained and educated risk management team within the organization. Risk management is the systematic effort to reduce an incidence of preventable accidents, which not only prevents the injuries and financial loss but also ensures that quality of services and quality of health care are in optimal level for all patients (Alexander& Kavaler, 2014). The purpose of the risk management program is to investigate the potential risk factors before they threat to the patients, health care professionals and the organization (Alexander& Kavaler, 2014). This paper will discuss about the elements of risk management program. Also, a paper will explain regarding the steps of presenting a risk management program for new employees, compliance with the American Society for Healthcare Risk Management (ASHRM) and the recommendation to improve the risk management program. A Paper will also highlight the administrative process of risk management.

This is where structure comes in to play it can either be a hindrance or help in this particular process. If the organization is small or large it can gain or achieve higher sales by matching up with their needs. Individuals who work in healthcare often try to obtain an approach of understanding of the organization by observation which would involve gathering information and putting it together by analyzing the results of¬ their behaviors and future outcomes. The article below will give an overview of how management and organizational changes effect healthcare.

Enterprise risk management is a strategy used to achieve organizational goals and objectives by addressing risk and evaluating how the risk affects the organization as a whole. JNJ has developed risk management teams that cover risk associated with reputation, finance, health care, compliance-related, and climate change (JNJ, 2016). For example, assumed some risk by cutting 3,000 jobs in the medical device segment. The job cuts included employees of the orthopedics, surgery, and cardiovascular operations. The result of the layoffs is projected to generate annual cost savings up to $1 billion and help focus the management on priority areas such as the development of artificial knees trauma surgery devices (Pierson,

The effort to decrease and evaluate risks to patients, staff, and organizational resources within a health care institution is defined as health care risk management. In order for facilities to minimize financial loss is to reduce accidents and injuries. All health care facilities and providers put risk management in to practice on a continuing basis. In 1985, the senior officers of the The Health and Human Services (DHHS) decided that there was a need to implement policies and procedures on risk management and risk assessment. There was a considerable amount of concern about how the advances in risk management and risk