Categories of Healthcare Risk

There is a million ways a business, especially one that involves the interaction of many people and services, can encounter risk be it to itself or to those whom it is seeking to serve.

But most of those sources of risk can be sifted into categories that can then be worked through and given actions to mediate or manage a risk.

The four main categories of healthcare risk are:

  1. Patient Safety
  2. Financial
  3. Legal Compliance
  4. Reputation/Image

Each company, hospital, or clinic may rank each category differently depending on their focus of service or there field of influence. All risk is not from Compliance. Some procedures are by nature riskier than others. For some, the risk of sullied or ruined reputation may have more devastating effects than loss of money or a fine. However the risks may be stacked the initial steps are the same to manage those risks.

First the risk must be assessed. The problem needs to be addressed and understood.  Then program for managing that risk must be developed. That Management program includes the training, implementation, and ongoing monitoring of progress.  A proactive stance to risk is the best option for the management of risk. If a problem is ignored, or if the resolve is delayed to be applied then the risk can grow and even cascade into further risks.  However, in a proactive approach risks may be broken down into there competent parts, and dealt with as necessary. And a truly proactive approach will avoid many situations that could hurt an organization through the 4 categories of risk above.

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