As the New Year begins, it is important to take some time to evaluate the most important challenges in health care and determine which will require proactive and different planning. The complexity of many of these risks requires a multi-faceted approach in order to develop a comprehensive solution. Collaboration has never been more important, both in gaining a full understanding of the Risk and in designing the most proactive solution. Experts, brokers and insurance providers should be consulted to assure that you optimize both risk control and risk transfer strategies. The following issues are prominent areas of discussion for risk managers, health care professionals and clinicians. Here are some of the most important healthcare risks.
- Cyber Risk
The healthcare industry’s move to electronic records has created new patient privacy exposures as records are more easily accessed by consultants, vendors and other third parties for efficient operation, and targeted by cyber criminals. Moreover, healthcare organizations face exposure to cyber risks that could have significant impacts on their operations, including shutting down critical, health-related systems.
- Physician Contracting
Organizations continue to pursue physician integration, and physician arrangements are increasingly complex, bringing with them much greater risk. Hospitals often must move quickly on contracts with crucial physicians, but it is extremely important for all parties to review the contracts before they finalized. A committee or attorney should review every contract for appropriate compensation based on location, specialty, and market comparability as well as potential Stark Law violations.
- Healthcare Infections
Healthcare-acquired infections (HAIs) cost the U.S. healthcare system billions of dollars each year and lead to the loss of many lives. At any given time, about 1 in 25 hospital patients has at least one such infection. Healthcare-acquired infections also come with a financial price, costing up to $10 billion a year.
- Quality Process Improvement
Healthcare reform has brought an increased focus on the quality of patient care, with quality measures having a bigger impact on reimbursement. To help improve outcomes and recover the highest reimbursement possible, hospitals need to implement evidenced-based practices and reinforce the reliability of their clinical processes. Proper monitoring is essential to identifying and accurately addressing breakdowns.
- Ransomware
Cyber criminals don’t even have to steal data from the computers of hospitals to be able to make easy money. Ransomware is a new data security threat that has victimized a great deal of hospitals in recent years. It also pertains to a type of malware that cyber criminals infect on a healthcare organization’s IT system, preventing the company from accessing certain files or sectors. Usually, the infected components become encrypted and the authorized user is then unable to access them. The hackers will then deliver a message containing instructions for sending payment or ransom in exchange for restored access to the affected system. What makes ransomware even more complex is that cyber criminals demand that payment be made through bitcoins. Unlike credit cards, bitcoin payments are difficult to trace which helps hackers in eluding authorities.
- Violent Incidents in Hospitals
Hospitals may be places of healing, but they also have become the scene of number of violent incidents. Such incidents not only put patients at risk but also medical professionals, who are often the targets of attacks, harassment, intimidation and other disruptive behavior.
The risks facing the healthcare industry are complex and constantly evolving. Organizations need to conduct formal risk assessments to identify new and changing risks, regularly monitor identified risks, uncover gaps, and take appropriate actions to mitigate risks to an acceptable level.
