Risk Management Guide

Risk Management Guide

Healthcare leaders use risk management to anticipate, regulate, and prepare for future anticipated changes and issues. Usually, the process of managing risks involves five primary phases, which include identification of the risks, analyzing those risks, prioritizing the risks according to the hierarchy of needs, addressing the risks, and then monitoring or evaluating the risks after the implementation of management systems (Raz & Michael 2001). Leaders within healthcare facilities are responsible for recognizing, analyzing, and controlling threats to organizational performance and attaining objectives such as providing quality treatment to patients. Legal obligations, technology challenges, financial uncertainties, accidents, strategic management failures, and natural calamities are some of the risks that these leaders address in the context of risk management. An example of a risk management case is the training of employees to enhance compliance with policies to promote care delivery and reduce errors and non-compliance.

Analyze Risk Management in Lifespan Management

A lifespan facility is a non-profit healthcare institution established to lower mortality and allow individuals to live longer or even be pleased with the health issues they face. Lifespan services can be provided to various groups of people, such as those with chronic liver diseases and the elderly; these services can be delivered in facilities or personalized treatments within homes. The phenomenon of risk management in lifespan management refers to activities implemented at a personal or institutional level to overcome anticipated challenges to assist patients in living longer or enhancing their quality of life (Van der Heijden et al., 2020). Professionals are responsible for managing risk in a lifespan facility to assess those factors that may challenge the delivery of services to the patients, worsen their health, or decrease their life expectancy.

Identify Risk Management Factors within Lifespan Management

In the context of lifespan management, the risks associated with enhancing life experiences for patients or lengthening their lives may take several forms. Financial risks take the shape of uncertainties about the future costs of offering the services; given that lifespan facilities are non-profit organizations, operations should always be minimal. However, there is a concern about the accuracy of predicting future inflations and price increases for the essential equipment needed to facilitate operations. The management has to establish mechanisms that enable the sustainability of operations in anticipation of future financial needs.

The legal form of risks shapes regulations, standards of practice, and corporate compliance guidelines established for the lifespan facilities. The management must always prepare for the evolving regulations that govern service delivery within these facilities. The standards of practice also keep changing and often require training of employees to uphold compliance; this remains a risk factor because it affects service delivery and the nature of operations. Additionally, training may require funding, thus presenting a challenge for non-profit organizations. The evolution of compliance practices and standards for operations poses a challenge to the facility, which has to train employees, increasing operations costs regularly.

Technological advancement is another risk factor that leaders within a lifespan facility face. Care delivery within lifespan facilities often utilizes modern technologies to offer services to patients, such as the use of wearable devices to track patient conditions. These technologies often require extensive funding and training, which poses the challenge of cost implications whenever technology advances or evolves. The patients may also be at risk of not coping with these technological advancements based on cost and education. It is also essential to understand that modern technology in healthcare systems increases the risk of a data breach.

Finally, accidents and natural calamities are additional forms of risk that lifespan facilities are exposed to. The morbidity of patients often results in various accidents within lifespan facilities; this means that the facility cannot accurately predict the occurrence of accidents but rather estimate, which is a challenge for management because success often lies in the numbers. Natural calamities like pandemics are another risk factor that cannot be accurately anticipated.

Mitigating Risks

Mitigating risks involves planning to embrace certain risks or threats when they occur and approaches to reduce the severity of their impacts. The approaches to risk mitigation include assuming or accepting, avoiding, controlling, transferring, and monitoring the risks (Oliveira et al., 2019). Assuming or accepting risk acknowledges that the risk is evident without establishing a system to address the risks. Avoiding a risk involves the readjustment of operations, structure, or program requirements to eliminate the threat. Controlling risk involves minimizing impacts and reducing the likelihood of occurrence. The concept of transferring risks involves reassigning the responsibility of compensating risks to another firm, generally in the form of insurance coverage. It is also possible to mitigate risks by examining the environment for changes that influence their occurrence and severity.

Risk Management Factors within Lifespan Management

Lifespan management may not always lead to a positive outcome if not properly planned and controlled. Several factors influence the achievement of objectives, and the successful management and care delivery in lifespan facilities rely on various risk factors. In lifespan management, the factors that facilitate effective risk management include early identification, analysis, and prioritization of risks, continuous monitoring of risks, and establishment of systems for risk management and understanding of appropriate approaches for mitigating the risks. These factors challenge the effective management of risks and may influence the facility’s performance.

Risks should be identified in the early stages of organizational planning to facilitate the establishment of counter mechanisms to reduce the likelihood of occurrence and severity of the impacts. After identification, managers should prioritize the risks according to urgency and need for mitigation such that those risks posing serious challenges are addressed before the less severe risks. Also, the monitoring process should be continuous to ensure that it does not resurface once a risk is mitigated, thereby affecting operations and organizational success.

Describe the Importance of Organizational Management in a Lifespan Management Setting

Organizational management is responsible for adequate resourcing and controlling resources; it also extends to resolving issues and establishing solutions to challenges (Martela, 2019). A firm’s success is highly dependent on the effective allocation of resources; whenever firms efficiently manage and allocate available resources, the flow of work is streamlined, and it may enhance coordination to improve performance. The management also resolves issues and establishes mechanisms for solving risks and issues when they happen to normalize the organization’s operations. Organizational management is also responsible for controlling and monitoring activities and readjusting operations to enhance performance. Whenever managers oversee the operations, they can observe areas that require modifications to enhance performance; therefore, they serve as the central point of support to teams. Organizational management serves the role of setting goals, monitoring results and developing strategies that enhance performance like employee training and promotion.

References

Raz, T., & Michael, E. (2001). Use and benefits of tools for project risk management. International journal of project management, 19(1), 9-17.

Van der Heijden, B., De Vos, A., Akkermans, J., Spurk, D., Semeijn, J., Van der Veldek, M., & Fugate, M. (2020). Sustainable careers across the lifespan: Moving the field forward. Journal of Vocational Behavior, 117.

Oliveira, J. B., Jin, M., Lima, R. S., Kobza, J. E., & Montevechi, J. A. B. (2019). The role of simulation and optimization methods in supply chain risk management: Performance and review standpoints. Simulation Modelling Practice and Theory, 92, 17-44.

Martela, F. (2019). What makes self-managing organizations novel? Comparing how Weberian bureaucracy, Mintzberg’s adhocracy, and self-organizing solve six fundamental organising problems. Journal of Organization Design, 8(1), 1-23.

ORDER A PLAGIARISM-FREE PAPER HERE

We’ll write everything from scratch

---

Create a 1,050- to 1,400-word risk management guide that can be used for a lifespan management facility or service. In your guide: Each subheading below should be organized just as it is written; please do not use your own subheadings.

Analyze risk management in lifespan management. Consider the following:
What is risk management? Define clearly and use a RISK MANAGEMENT CASE EXAMPLE
What risks are possible in a lifespan management setting?
How can you mitigate risks?
Identify risk management factors within lifespan management.
Consider various populations and environments.
Describe the importance of organizational management in a lifespan management setting.
Consider risks associated with roles, teams, training, qualifications, etc.
Include the use of quality indicators for risk management.

Below is the Strategy Guide for Week 3.

Objective 3.1: Analyze risk management in lifespan management.

a. Compliance—In terms of risk management, the Executive Director, Director of Nursing, and the attending or admitting physician review the “move-in” or admitting orders to ensure compliance with state, medical, and parent organization acceptance. Some residents will not be admitted and can be referred to alternative facilities offering the level of care required.

b. Public Relations

1. Spokesperson—The Executive Director is the person charged with the responsibility to talk with the media in the absence of a parent organization public relations specialist

2. Legal representation—The parent organization will provide legal representation on all matters pertaining to employees and litigate when necessary

c. Resident demographics are all protected by the Health Insurance Portability Accountability Act of 1996

1. Age

2. Sex

3. Religion

4. Educational background

5. Financial background

6. Ethnicity

d. Health care needs are recognized or classified within the health care industry as activities of daily living (e.g., bathing, eating, dressing, brushing, toileting, housekeeping, etc.) and are prescriptive in nature

Objective 3.2: Identify risk management factors within lifespan management.

a. Risk management factors will vary depending on the setting

1. Home health services is a position that may be filled by a full-time or part-time medically trained person. If this person is providing care at a private home, some states may require the person to be licensed and bonded.

2. Assisted living—a simple background check and interview may be all that is required for employment in many states

3. Community of-care retirement communities involve a simple background check in many states, and an interview may be all that is required for employment

4. Rehab care typically requires a formal state license; medical care staff are licensed or bonded

5. Skilled nursing facilities have employees who are often required to hold a current CPR card, nursing license, and treatment plans prescribed/reviewed by a physician

6. Hospice—Depending on state regulations such as California and Oregon, the language (policy or procedure) may be slightly different. As technology and medications are selected for hospice care, each state that supports or offers hospice care may undergo reviews of medications used in coordination with hospice care and delivery of said care

Objective 3.3: Describe the importance of organizational management in a lifespan management setting.

a. Identify risks associated with the following:

1. Roles, such as the Executive Director and all employees, must identify, report, and attempt to prevent all mishaps

2. Teams—The leadership team is responsible for reviewing all residents’ applications for admittance and may accept or reject potential residents based on the level of care needed

3. Training—For caregivers in many states, either a GED or High School Diploma may be needed. Some facilities offer dementia/Alzheimer’s training and could include emergency procedures for an evacuation. Typically, employees come with the basic educational requirements for employment.

4. Qualifications

a) Per state law and regulations

b) What are the requirements in your state?

c) State

d) County

e) Parent Organization

f) Where can you check to find out what is required in your state and county, etc.?