What types of risk must be managed in the healthcare setting?

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What types of risk must be managed in the healthcare setting?  For example, what specific types of risks are commonly associated with the healthcare setting?

Risk management in healthcare is far more important than in any other industry.  An organization such as a hospital, expands and executes risk management strategies in order to prevent and ease any financial losses.  Particularly in healthcare, risk management can be the difference between life and death. Unrewarded risk and rewarded risks are the two major risks that must be managed in a healthcare setting. “Unrewarded risk is defined as the prerequisites: Occupational Safety and Heath Administration (OSHA) requirements with health and safety standards, Joint Commission standards, Centers for Medicare and Medicaid Services (CMS) requirements, etc.” (Youngberg, 2011, p. 7).  “Rewarded risks, on the other hand, are those that you can undertake to spur value creation.  New business acquisitions, new models of care, new clinical services-all are designed to add value, not to sustain the status quo.” (Youngberg, 2011, p. 7).

TOPIC 2

Chapter 10 in the required text discusses laws related to aspects of patient care.  What are these laws?  Are there related laws other than these in your state’s statues and regulations?  If so, what are they?

Laws need to be set in place for us to follow a certain protocol.  Five health care laws that protect the rights of the patients are as follows:  The Emergency Medical Treatment and Active Labor Act which requires care providers to deliver medical services despite the patients’ ability to pay, The Stark Law entails baring care providers from referring a patient to a peer or family member, The Anti-Kickback Statute, bars offering, receiving, or soliciting assets in return for federally subsidized medical patronage and covers the referrals from anyone for any federal service, The Health Information Technology for Economic and Clinical Health (HITECH) Act promotes effective technology application among care providers, and The Genetic Information Nondiscrimination Act of 2008 has put a stop to researchers producing medical breakthroughs by genome sequencing and other scientific developments. The state of Florida has the Patient Safety Act which encourages the development of patient safety organizations that work with both clinicians and healthcare organizations to identify, analyze, and reduce the risks and dangers that is associated with patient care.

References

Florida Risk Management/Patient Safety Act. (n.d.) Retrieved from http://www.atrainceu.

com/course-module-short-view/2235588-124_fl_med_errors_pts-module-01

5 Health Care Laws Protecting the Rights of Patients. The Hofstra University. (n.d.). Retrieved

from http://onlinelaw.hofstra.edu/blog/5-health-care-laws-protecting-the-rights-of-

patients/

Youngberg, J. B. (2011). Principles of Risk Management and Patient Safety. Burlington, MA:

World Headquarters.

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