Health Risk Management

Health risk management is the preparedness to deal with issues that can have significant and long-term effects on health practice. In cases where the hospital lacks risk management, there is reduced patient care and long-term risks, leading to financial losses. To make a business case for risk management, one needs to explain how the outcomes will lead to financial losses. 

Patient Safety 

During the risk assessment, the risk manager should walk around and look for factors that may harm a patient and develop standard operating procedures to reduce the incidences of error in treatment. They should then do away with the risk factors. If a patient gets hurt in the hospital, the hospital might have to take care of the treatment, and also, they may risk lawsuits and end up running on a loss. 

Mandatory Federal Regulations 

In risk management, one has to identify legal operation issues and comply with the health care statutory. The health management risk takes into consideration the procurement, administration processes, and contracts (Faghisolouk Jazani & Sohrabizadeh, 2018) . With all the above procedures put, the facility will not have to incur uncounted expenses for fines or even risk closing of the facility in case of health inspection. 

Existing and Future Policy 

Risk management also helps in the formation of policies. The facility plans on the procedure it will follow in case of an incident. For instance, if the patient sues the company, they know precisely how to go about it to protect the workers and compensate the patient (Faghisolouk Jazani & Sohrabizadeh, 2018) . They will have taken care of all the potential causes, and they know what they have is inevitable. 

Conclusion 

Managing risk is suitable for your business. It helps one predict issues, deal with them before they happen hence avoiding unnecessary costs and long-term consequences. A business case for risk management helps show a relationship in decline in healthcare malpractice claims associated with or patient care and further help strategize how the industry will minimize the financial lose risks. 

Reference 

Faghisolouk, F., Jazani, R. K., & Sohrabizadeh, S. (2018). Hospital disaster risk management: The case of Urmia hospitals.  HOSPITAL ,  11 (3).