Risk Management
Risk Management Solutions for Healthcare Organizations
Our team of healthcare insurance risk management experts help healthcare organizations like yours build risk management plans that protect your organization. In healthcare, most risk centers around economic loss directly correlated with patient loss.
What is Risk Management, in Insurance Terms?
Risk management is managing the possibility of a loss or other adverse event that has the potential to interfere with an organization’s ability to fulfill its mandate. It is the identification, assessment, evaluation, and prioritization of risk followed by coordinated and economical application of resources to minimize, monitor, and control the probability and/or impact of unfortunate events. The systematic gathering and utilization of data are essential to this concept and practice. Risk management programs consist of both proactive and reactive components. Specific to healthcare, the majority of risk of financial loss is directly correlated with patient loss. The strategic and consistent deployment of a risk management plan designed to target this “cost driver” will be effective at minimizing exposure and protecting the healthcare organization, which is the ultimate objective of risk management.
Our Approach to Risk Management
Diagnosis
Identification of risk or potential risk.
Assessment
Calculation of the probability of adverse effect from the risk situation.
Prognosis
Estimation of the impact of the adverse effect.
Management
Control of the risk.
Strategies to Manage Risk:
Transferring the risk to another party
Avoiding the risk
Reducing the negative effect or probability of the risk
Accepting some or all the potential or actual consequences of a particular risk
Benefits of Risk Management:
Minimize exposure to loss
Protect the healthcare organization
Reduce loss-driven costs
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