How do you decide which healthcare risk management software is the best?

Key Risks in the Healthcare Industry

Health care provides make numerous decisions on a daily basis that directly impact the health and safety of its patient. A single error could cause a patient to lose his life or to experience irreversible damage but it could also lead to expensive lawsuits and a damaged reputation. Health care providers face a variety of risks on a daily basis and as such they require a robust and efficient risk management platform which will protect the patients as well as the stakeholders by identifying and mitigating risks before they turn into problems.

Here are some of the key risks faced by the healthcare industry:


 

Patient Safety Risks

The lives and health of patients are placed at risk due to misdiagnosis, wrong prescriptions, accidents, laxity, ignorance or distraction.

 

Documentation Risks

Everything that goes on in a health care organization should be properly documented but sometimes, human error or data entry error can result in fatal consequences.

 

Fraudulent Claims Risks

The risks of fraud in the health care industry is very high – billing for services not rendered or administering unnecessary tests are two simple examples.

 

IT Risks

As the health care industry becomes more and more automated, the risks of security breaches, malicious attacks, IT fraud, system failures and business continuity increases.

 

Regulatory Risks  

Due to the rapid maturity of the healthcare industry, health care providers are faced with an increasing amount of regulatory compliance requirements that they must meet if they are to remain profitable and to respond to the dynamic demands of the healthcare market.

 

Environmental Risks

The risk of internal fraud and corruption is harmful to the security and well-being of patients as well as medical waste not being properly disposed of affecting the environment and external public. Imagine what would happen if an infection would seep out and lead to a pandemic? 

Key Features of a Risk Management Software

The risks mentioned above are only a few of the many risks that health care providers need to cope with on a daily basis. So, how exactly can they manage these risks? Well, the answer is simple. These risks can be effectively managed through the implementation of a risk management software that is based on the best practices and standards of the healthcare industry.

All good risk management software will have certain key features in common. It is important that you are familiar with these features while trying to determine which software would be suited to your organization.

 

Strategy

You should be able to define your risk management strategy in the software and to be able to set management objectives, criteria, cope and responsibilities which should eventually lead to the development of policies which will ensure hospital security

 

Policies

The ability to create, review and approve risk management policies is definitely one of the must have features of a risk management software as these policies will further determine how risks in the organization will be dealt with.

 

Accountability

The only way to demand accountability is by allocating responsibility. A feature that allows you to allocated responsibility based on the roles of employees within the organization will definitely make management of the system very easy.

 

Identification and Evaluation

If a risk management software does not identify and analyze risks to determine their cause, impact, the likelihood that the impact would occur, it serves no purpose. It should also be able to evaluate and control the risks identified.

 

Monitoring and Reporting

Being able to monitor the risks identified and in the end report on them so that internal and external stakeholder can be updated are definitely required. Being able to provide adequate and on-time reports in the healthcare industry is a matter of utter importance as can be read in this article by healthcare dive

Is Datix the Risk Management Software for You?

The healthcare risk management software, Datix, not only monitors all of the risks mentioned in this article but it also has all of the features any great healthcare risk management software must have. It is a web-based application that incorporates the safety, risk and governance elements in an integrated platform that provides you with a comprehensive risk management solution. 

Some of its great features include: 

Patient Relation Management

Risk Identification and Management

Safety Alerts

Patient Experience and Feedback

Incident Management

Malpractice Claims Management

In addition, Datix is fully customizable in that it was created to meet your needs as a healthcare provider. It can be tailored to the structure of your organization and to meet any requirement that you may have, no matter how unique they may be. Any complaints, concerns, compliments or comments regarding the functional process of your organization can be fully managed with this software. So if you are looking for a great healthcare risk management software, Datix might be the one for you. You can refer to their blog for additional information and benefits of this software. 

 

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