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Rx For Risk ERM In the Healthcare Industry

Rx For Risk ERM In the Healthcare Industry2 min

Say your materials management group tries to save money by ordering the lowest-cost safe needle – but quality issues end up generating significant claims. Would that information get back to materials management in time to prevent additional claims? Meantime, if even one of those claims goes viral, what could that do to your reputation? Healthcare systems today are under tremendous pressure to get it right every single time. You have to be able to immediately grasp all of your current risks, anticipate what’s around the corner, and understand what it means to the organization. And there’s no room for error. That’s a tall order for traditional risk management where each risk is viewed individually. Old-school techniques struggle to connect the dots between insurable and noninsurable risks or make sense of the big picture. Complex risks need to be viewed collectively – and a growing number of healthcare organizations are accomplishing this with Enterprise Risk Management

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