PM FPX 4060 Assessment 4 Risk Management Policy & Procedure & Analysis

Student Name

Capella University

PM-FPX4060 Risk Management in Project Management

Prof. Name

Date

Part 1

Risk Management Policy and Procedure Purpose Statement

The success of an organization’s safety and quality goals is highly dependent on the implementation of an effective risk management program. A well-designed risk management program enables the organization to assess all potential risks it may encounter, recognizing that there is a fine line between these risks and the impact they could have on achieving strategic goals.

Key Risk Management Terms

Risk prevention: Risk prevention involves taking actions and measures ahead of time to avoid new risks. This is a fundamental aspect of any risk assessment. Employees are tasked with reducing or eliminating risks in the workplace. Once a hazard is identified and the type of risk is analyzed, control measures should be implemented. Strategies for mitigating risks include avoidance, acceptance, reduction/control, or transfer. For example, it is hospital policy that all staff must use hand sanitizer before entering a patient’s room, which helps prevent the spread of germs and bacteria, reducing the risk of illness.

Risk reduction: Risk reduction focuses on minimizing both the likelihood and severity of potential losses. For example, an investor considering oil company stocks may reconsider based on the company’s credit or political risks.

Regulatory compliance: Regulatory compliance refers to the rules or laws healthcare organizations and providers must follow. Examples include the Health Insurance Portability and Accountability Act (HIPAA), the Affordable Care Act (ACA), and the Health Information Technology for Economic and Clinical Health (HITECH) Act.

Patient safety: Patient safety is critical for delivering high-quality essential health services. It aims to prevent and reduce risks, errors, and harm to patients during their care. For instance, tangled or long bed cords in a patient’s room pose a safety hazard and can lead to injury, such as tripping or even strangulation.

Adverse event: An adverse event refers to harm caused to a patient as a result of medical care, whether preventable or not. For example, a patient could develop a rash, or there could be a gas leak or snowfall that affects their care.

Near miss: A near miss is an event that could have caused harm to a patient but did not. For example, if two patients in a room have their medications mixed up, but the error is caught before it causes harm, it is considered a near miss.

Major Risk Categories and Risk Identification Techniques

In healthcare organizations, major risk categories include Cyber Security, Compliance Lapses, Physical Attacks, Healthcare-Related Illnesses, and Privacy Violations. Cybersecurity involves safeguarding electronic information and assets from unauthorized access, use, and disclosure. There are three primary goals in cybersecurity: protecting confidentiality, integrity, and availability of data. Protecting patient medical records is crucial for ensuring quality care, as patients’ information is often accessed through systems such as Electronic Medical Records (EMR), software, and patient medical portals. Proper cybersecurity measures also align with patient safety goals.

Coding errors are a significant concern in healthcare, as they can negatively impact both patient care quality and privacy. Such errors can lead to fraud, financial penalties, and even reductions in payments. Preventing billing or coding errors is essential for ensuring accurate care, protecting information, and preventing revenue loss.

Risk Manager’s Role in Program Implementation and Compliance

The role of the risk manager is vital to the effectiveness of a risk management program. Risk managers ensure compliance with changing legal regulations related to patient safety, and they also ensure that staff remain informed about current policies. The risk manager’s responsibilities are essential for maintaining both patient safety and quality of care.

Part 2 – Application of Risk Management Principles – Specific Incident

[Provide an introduction to this section of the paper. Part 2 should consist of 3-4 pages of double-spaced text, similar to an APA-formatted paper. Ensure that you review the “Instructions” and “Scoring Guide” to differentiate between “Distinguished,” “Proficient,” “Basic,” and “Non-Performance” levels. These scoring guides are used to evaluate the assignment. Parts 1 and 2 should be 6-8 pages in total, excluding the Cover and Reference Pages. Remove all bracketed instructions, such as this paragraph, and replace them with your own content.]

Risk Description

[Provide an overview of the specific risk you are analyzing, using the same risk you selected for the Week 2 Assignment. Discuss the potential risks to patients, employees, and the organization from the Vila Health: Patient Safety simulation. If this risk is not addressed, what are the consequences? Also, detail the risk management strategies and techniques the organization will use to identify this type of risk in the future. Discuss alternative strategies for identifying this risk, providing a rationale for your choices.]

Evidence-Based Risk Management Strategies to Reduce/Eliminate

[Discuss evidence-based risk management strategies supported by current literature that the organization could implement to eliminate or reduce the risk. What steps would you take to implement your plan for mitigating or eliminating the selected risk?]

Importance of a Risk Management Program

[Explain the significance of a risk management program in healthcare organizations. Discuss key elements of a risk management program, why it is important to the organization, and the organizational impact of not having such a program in place.]

PM FPX 4060 Assessment 4 Risk Management Policy & Procedure & Analysis