The Benefits of a Solid Risk Management Plan

It’s imperative to be proactive in healthcare. Not only in caring for your patients and staff, but also to stay ahead of any inherent risks to your business. A solid risk management plan reduces your liability in the first place, and acts to minimize litigation (should it happen). This protects not only your financial standing and assets, but also your firm’s market share, accreditation, reimbursement levels, brand value, and community standing.

One major benefit of instituting a risk management plan is that it improves patient outcomes too. A heightened awareness of processes, especially documentation, instills a sense of professionalism across your entire team, including both healthcare workers and office staff. This in turn reduces errors, which improves patient satisfaction and strengthens your reputation in the community. It also increases your bottom line by reducing expenses.

Risk management, at a basic level, is the responsibility of everyone employed at your business. But since everyone already has a full plate of responsibilities, their role is usually more reactive (to specific events) than proactive (looking at the big picture). You also need an expert on your team. Depending on the size of your practice, it might make sense to hire a risk manager. However, more often than not, your budget simply doesn’t have the room to take on a full-time salaried position. Partnering with a third-party risk management firm might be the perfect compromise.

Speaking of third parties, a level of risk is both assumed and mitigated whenever you contract with third parties. Not just for malpractice management, but for any services. Consider basics, such as records management and document shredding services. These may seem like simple tasks, but everything related to healthcare records needs to be considered under the watchful umbrella of compliance. Data sharing, storage, and destruction all fall under that umbrella.

Contact us today if you have questions about risk management and outsourcing those types of responsibilities. We would love to put our collective experience to work for you.

CARE and OmniSure: A Solid Partnership

CARE Professional Liability Association has partnered with OmniSure Consulting Group, a risk management and loss-control firm, to provide you with complimentary access to Risk Fitness®, which is an online tool that helps reduce your professional risk. This includes the RiskFit® library, email tips, and the RiskFit® helpline.

As the program name implies, it’s designed to ensure your firm’s well-being. The experts that manage the helpline could be considered your trainers. The health of your risk management plan is dependent on more than a single site visit for a cursory assessment. It is not a static event. A healthy risk management plan requires curating over time, introducing best practices as they are learned and new policies as they are developed.

The RiskFit helpline can help you with questions about your professional practice, risk mitigation, and regulatory-related issues. In addition to calling, you can also send an email to helpline@omnisure.com. You might know your business best and have great relationships with your patients, but you shouldn’t be expected to know every nuance of every change in laws and regulations. You need a resource you can depend on. That’s what the RiskFit helpline is to you … a lifeline.

Every company has its own risk management challenges. It’s important to partner with an organization that can provide insight about gaps, concerns, and challenges from an outside party’s perspective. Many claims and lawsuits can be traced to poor risk management and inattention to detail. In the daily barrage of work, these elements are easy to overlook. Some areas that usually end up lacking are documentation, follow up, and patient communication. It’s easy to become complacent.  

Contact us today. We can help you maximize your RiskFitness tools through our partnership with OmniSure. The collective knowledge and experience we all bring to the proverbial table makes us better-informed resources for each other.