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Glossary Terms

What is Risk Management?

What is Risk Management?

All industries carry risks, which means the likelihood of an undesirable event occurring. Risk management is the implementation of strategies to reduce the likelihood of risks while considering appropriate actions when negative outcomes occur.

In healthcare, risk management combines reducing risks to patients and service users with understanding and mitigating risks associated with data management, revenue, and protected health information (PHI) matters.

Organizations engaged with effective risk management solutions are five times more likely to increase stakeholder confidence and usually experience improved business results. For healthcare providers, this means improved patient outcomes and better relationships with service users.

Key Risk Management Considerations in Healthcare

The core of healthcare risk management is patient safety. This covers many aspects including, but not limited to:

  • Correct medication prescription combined with patient understanding of how to take medication correctly.

  • Use of medical devices both in clinics/hospitals and in remote settings.

  • Accurate diagnosis.

  • Safe and appropriate surgical procedures.

  • Correct advice regarding exercise, diet, and other lifestyle concerns.

  • Appropriate mental health interventions, advice, and support.

However, patient safety also means protecting patient information. Failure to provide secure storage and transmission of patient data can lead to identity theft, fraudulent medical procedures, insurance fraud, and many other negative outcomes. Risk management strategies must consider network security, data protection, and integrating cloud services and remote users before they can be considered fully holistic.

Healthcare Risk Management Approaches

Healthcare providers can help mitigate risks by:

  • Ensuring employees take appropriate breaks and time off and have clear channels of communication to report concerns.

  • Investing in systems that have built-in security and are proven to be compliant with HIPAA and other relevant laws and regulations.

  • Using monitoring and data analytics tools to understand existing risks and implement mitigation measures.

  • Working with experienced partners to improve processes while focusing on improved patient outcomes.

An effective risk management framework accepts that risks will always exist. However, it helps healthcare organizations prepare for all eventualities, considering financial implications alongside impacts on patients.

How TempDev Can Help With Risk Management

Effective electronic health records (EHR) increase the resilience of risk management strategies by ensuring safe and secure storage and transmission of patient information. TempDev's team of experienced consultants, trainers, and developers support your risk management approach by consulting with you on how to optimize EHR workflows.

We can perform an assessment of your current EHR systems and complement your existing processes with NextGen tools. Use EHR reports like task audits to ensure nothing slips through the cracks. 

We also improve interoperability between health systems, including the implementation of HIE exchange best practices, benefiting both hospitals and the local community. From dashboards to automation and workflow redesign, TempDev offers the comprehensive resources and tools you need to improve risk management across your organization.

Contact us here or by calling us at 888.TEMP.DEV to understand how workflow redesign could improve your risk management approach.


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