Program Business

Risk Management Strategies for Healthcare Businesses

Every healthcare business faces liabilities from a variety of avenues. Staying on top of insurance program news and effective risk management strategies can help limit liabilities. These three strategies can help your practice have more effective risk management.

Inadequate Follow-Up

Stay up-to-date on the common practices for your field regarding various diagnoses. Make sure the staff follows-up with patients who have had tests done or were referred to see a specialist. Have the staff keep track of patient tests and alert the physician when they come in.

Informed Consent

In order to abide by HIPAA standards, patients must provide informed consent for procedures, tests, and sharing of medical information with others. Communicate all the risks associated with surgery, procedure or diagnostic test to the patient. Be prepared to answer questions so that the patient can make an informed decision.

Faulty Communication

While mistakes happen, open and honest communicators tend to be forgiven more readily than those who fail to disclose information to their patients. This includes everything from costs to surgical risks. As seen in Program Business, hospital pricing has been targeted for transparency by the Trump administration. Hospitals must be more diligent in open and honest communication.

Insurance program news helps keep providers up-to-date on news that affects their risks. Managing risks starts with knowing what to look for.