Risk Management At Multiple Levels Of This Institution

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The contents of this report reflect the current environment and culture of Little Falls Hospital, in regards to risk management at multiple levels of this institution. It is without question, that regardless of the classification of our facility, or the specialty care that is provided, we are a major component of our local, regional and national health care system. Therefore, it is essential that we must assess and prioritize any risk that may be associated with our business operations. This includes an assessment of sub-organizations or departments that comprise our business configuration or operational model, and external components that may provide services, or are an essential functional part contributing to our business success.…show more content…
• Unfortunate patient death, due to a medical error (incorrect medication administered) and a substantial settlement agreement for the plaintiff which was negotiated by our hospital’s insurance carrier.
• Current hospital liability insurance policy has been in place for ten years, is due to expire in six months, and we have continually witnessed escalating costs that have a direct impact on business operations. Acknowledgement, must also be given to the fact that the recent plaintiff settlement will warrant an increase from our policyholders for increased coverage.
• Little Falls Hospital, as we all know is under financial constraints, and has limited capital for expansion of services, implementation of preventive care programs, and severely impacting our ability for investment. Specifically, in the area of new and modern technology.
Risk Management: Prior to formulating a risk management plan that would become the standard for Little Fall’s Hospital, clarification on the definition of risk management would be a vital part of the overall equation. Risk management affects everyone within the organization, it is not only a guideline for the rank-and-file of the company, but requires all members of the organization (to include executive and mid-level/low level management) to not only understand the concept, but to embrace the methodology in order to foster a genuine culture of acceptance. Risk
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