The Evolution of Healthcare Management
Risk management is drastically different today than it was 40-50 years ago. Back then, risk managers were mostly focused on clinical issues and minimizing damages due to the abundance of medical malpractice suits and professional liability claims.
It also didn’t help that they were essentially managing these risks from their own isolated departments. Such practices today are not sustainable if an organization or provider wants to compete in an environment where risks are more diverse and intricate than ever before.
That’s why it’s required for healthcare risk managers to expand their role within an organization. However, doing so requires a SaaS technology that provides a holistic approach to risk management, like VendorInsight®.
Healthcare Risk Management to Help Improve Patient Safety Reduce Cost Inefficiencies
An outdated risk management process can lead to negative consequences for everyone involved. Patients will experience:
- Longer hospital stays
- Negative medical events
- Incorrect tests and treatments
- Higher costs
- More readmissions
Additionally, doctors and facilities are at risk for malpractice claims, government penalties, consolidation, aging facilities and infrastructures, and workplace shortages. An effective risk management process for any healthcare facility must address overall patient safety and prevention of common medical errors while maintaining protocol consistency.
Privacy and Cybersecurity in Healthcare
The biggest cost to consumers and a provider’s bottom line is patient privacy and HIPAA compliance. It’s crucial to have monitoring capabilities to ensure vendors abide by the Health Insurance Portability Act of 1996 (HIPAA) standards.
Under HIPAA, the Privacy Rule establishes national standards for the protection of certain health information while the Security Rule establishes a national set of security standards for protecting specific health information that is held or transferred in electronic form.
According to an Accenture analysis, healthcare providers that do not make cybersecurity a strategic priority will put $305 billions of cumulative lifetime patient revenue at risk over the next five years.
VendorInsight® — The Sophisticated and Agile VRM Solution
Today’s technological, organizational and legal requirements have made allocating resources to HIPAA compliance a challenge. In order to protect patient privacy and care, cut costs, and increase revenue, a sophisticated and agile solution is needed.
VendorInsight®’s system-wide, integrated approach guarantees a patient-centered approach to VRM. VendorInsight® can help covered entities stay in compliance and deliver value to your bottom-line as it:
- Incorporates a wide range of patient safety, insurance and risk management data into a centralized and interactive system.
- Data input automatically generates real-time analysis of a diverse range of patient safety, insurance, and risk-related information as well as workflows and activities.
- It standardizes data from varied sources into common formats that can integrate with each other, prompting risk management activity or analysis.
- Reduces time and costs associated with vendor assessments.
- Provides the ability to benchmark your own risk assessments and achieve repeatable, auditable results.
- Generates custom reports showing which vendor and third-party records are in or out of compliance and exactly what is needed to remediate the gaps.
With VendorInsight®, you never have to wonder if your vendor documents and requirements are met and up to date to stay HIPAA compliant.
An integrated solution, like VendorInsight®, centralizes all risks across the organization to determine how they interrelate, uncovering insights that have previously been hidden within individual silos. This allows your organization to promote a comprehensive framework for protecting privacy though compliance, while also maximizing your bottom-line.
To see how your healthcare organization can benefit from managing vendor risk, read more below or request a free demo today.