This assignment is listed on the syllabus as "Final research paper" and is worth 35% of your grade. Your final paper will be a detailed paper the includes details on the items below. (Remember your fi

Running Head: ROLE OF ENTERPRISE RISK MANAGEMENT IN HEALTHCARE

Role of Enterprise Risk Management in Healthcare

University of Cumberland

Group - 1

Venkata Narayana Konakanchi

Chaithanya Latha Sagam

Kashi Vivek Budda

Aditya Joginipalli

Sairam Sarugu

Introduction

The management of healthcare risks involves processes as well as systems that are applied by the healthcare providers to mitigate uncover as well as put preventive measures that may be caused by healthcare risks. In healthcare, risk management complices administrative and clinical systems, processes as well as reports that are employed to assess, mitigate, detect as well as prevent risks (Levett, Fasone, Smith, Labovitz, Labovitz, Mellott & Dotan, 2017). Through the application of risk management practices, healthcare providers as well as institutions systematically and proactively be in a position to safeguard the safety of patients and the assets that belong to the caregivers, the healthcare organizations' market share, brand value, community standing, and reimbursement levels.

Value and purpose of risk management

Since the application of risk management in healthcare, the main agenda has been the protection of the patient’s information as well as the reduction of any medical records. This was as a result of the above-mentioned factors jeopardizing the ability of organization ability in achieving their set mission as well as financial liability protection. With the increased rate of technology advancement, an increase in the concerns of cybersecurity, the rapid growth of medical science, as well as the increased rate in regulatory changes, political changes, and legal climate, the management of health risk, has become more complex with time. Additionally, financial risks are increasing with the increased rate of electronic payment for services to healthcare providers.

Key components of performing management of risks in healthcare

Identify risk- risk management is mainly aimed at managing new risks as well as uncertainties, it has become a challenge to identify all the risks that affect the healthcare sectors with the increased evolution of technology (da Silva Etges, Grenon, Lu, Cardoso, de Souza, Neto & Felix, 2018) (Levett, Fasone, Smith, Labovitz, Labovitz, Mellott & Dotan, 2017). But through the application of data science as well as machine learning, an organization providing healthcare services may be in a position to identify at least 98% of the risks and be able to take early mitigation steps.

Prioritize and quantify risk- once a risk has been identified

It is always important to score, rank and prioritize the risks. This procedure follows the impact as well as the likelihood of the identified risk. Then resources are allocated based on the priority. This is made possible through deploying risk heat maps and matrices which will help in enabling collaborative decision making and communication (da Silva Etges, Grenon, Lu, Cardoso, de Souza, Neto & Felix, 2018).

Investigate and report events- this involves following and establishes a plan which ensures that all the protocols or hierarchy of communication is followed and that the right person responsible receives the report at the required time (Levett, Fasone, Smith, Labovitz, Labovitz, Mellott & Dotan, 2017). Through reporting, the right measures will be taken at the right time to reduce the spread of the risk.

Perform compliance reporting- this includes coding and documenting critical medical information such as patient injuries, medical errors as well as workplace injuries.

Other components include capturing and earning, uncovering latent failures deploy analysis for incident investigation as well as finding the best balance, transfer, retention as well as financing risk management practices (da Silva Etges, Grenon, Lu, Cardoso, de Souza, Neto & Felix, 2018).The health risk management plan may have several components including education and training, patient and family grievances, purpose, metrics and goals, contingence plan, communication plan, the reporting protocols, and response and risk mitigation plan.

References

da Silva Etges, A. P. B., Grenon, V., Lu, M., Cardoso, R. B., de Souza, J. S., Neto, F. J. K., & Felix, E. A. (2018). Development of an enterprise risk inventory for healthcare. BMC health services research, 18(1), 578.

Levett, J. M., Fasone, J. M., Smith, A. L., Labovitz, S. S., Labovitz, J., Mellott, S., & Dotan, D. B. (2017). Enterprise Risk Management in Healthcare. In Surgical Patient Care (pp. 67-86). Springer, Cham.