Risk exists within every industry, but healthcare in particular comes with a wide range of potential issues because it’s so complex. From patient safety to data security, the list of considerations is long, which is why individuals with knowledge of compliance and risk management are so highly valued. The expertise these professionals have ensures patient safety by preventing medical errors, protects the company’s reputation, and reduces financial losses.
By earning a Master of Legal Studies in Compliance and Risk Management, you can learn how to help various healthcare organizations protect their bottom line while ensuring that patients, staff, and equipment are kept safe. With this online degree program, you’ll learn leadership essentials that will make your resume stand out to employers who are looking for qualified, in-house team members with legal knowledge.
Aspects of Risk Management
Although no one can see into the future, an effective risk management specialist can identify potential issues before they happen, because of their extensive training. It is essential that compliance and risk management professionals understand the risks commonly associated with the healthcare industry and the consequences if these risks are not mitigated or prevented entirely. In healthcare, it’s important to consider a number of factors, including:
- Patient safety, encompassing medications, falls, and updated records;
- Cybersecurity, including protecting sensitive patient information;
- Medical devices and equipment; and
- Insurance claims, which necessitate strong communication and attention to detail
A risk management specialist must familiarize themselves with these common issues as well as many others, learning how to assess a situation quickly and accurately to find a solution and mitigate damage. For instance, within many healthcare facilities, the constant juggling of patient needs between caregivers creates a lack of consistent communication. This can be due to a number of factors, including shift turnovers, poor training, and understaffing. The solution may lie in finding tools that allow staff to be more efficient, or in adding training hours so that everyone is on the same page. In looking at the details to find the “why”, a risk assessment can provide answers that will prevent costly errors.
Of course, once a potential risk is uncovered, it’s also essential for staff members to be quick on their feet as they take steps to mitigate damage, whether that means securing a data breach or helping patients stay safe after an event. Creating an action plan–and a training program that details how to use it correctly–is crucial for any healthcare organization.
The Role of Technology in Risk Assessment
As technology continues to evolve and expand within every industry, risk management specialists need to understand how to use the right tools for the task at hand. Reading data, utilizing dashboards and apps to manage information, and creating checklists and plans for disaster recovery are just a few of the ways a risk manager can help their employer. Here are some of the tools compliance professionals use within the healthcare industry:
Root Cause Analysis–This type of document can include graphs or diagrams and aims to chronicle the main causes of major issues within a business to find a solution. For example, a rash of easily avoided mistakes by the staff could be explained by fatigue brought on by an overloaded schedule.
Riskconnect–This software provides real-time data analytics and streamlining tools that allow organizations to look at current issues and predict future trends to prevent problems down the road.
SWOT Analysis–SWOT, or Strengths, Weaknesses, Opportunities, and Threats, gives organizations a detailed look at the factors that contribute to their success or failure. This assessment is highly beneficial when creating a plan to both mitigate and manage future threats.
Incident Reporting Software–This tool allows organizations to maintain a detailed log of accidents and hazards that are exposed over time, creating an invaluable resource full of useful data. This gives staff members and administrators the ability to respond to risks quickly and efficiently while making changes that will keep future patients safe.
Keeping On The Level
Ensuring compliance in the healthcare industry also requires a strong ethical code; without it, the most sophisticated tools in the world won’t help an organization stay within regulatory boundaries. This means that risk management and compliance experts must stay on top of tasks like evaluating third-party vendors, removing conflicts of interest, and ensuring that sensitive data and medical information are properly stored/secured.
These tasks require an individual who can complete an investigation, perform an audit, and write a detailed report, all skills that are covered in the Seattle School of Law MLS program.
Necessary Skills For Risk and Compliance Specialists
Because of the sensitive nature of the healthcare industry, it’s crucial for risk and compliance specialists to hold a number of both hard and soft skills. Learning how to use the right tools and think on your feet are just two ways you’ll be able to stand out in your chosen field; here are a few other skills that the Master of Legal Studies in Compliance and Risk Management program can help you with.
- Building strong communication and interpersonal skills
- Assessing compliance with an eye toward state and federal legalities
- Expanding knowledge of existing case law and statutes
- Growing leadership capabilities to train others on how to implement new strategies and understand the laws
Even for those who have experience with these skills through a bachelor’s program, earning the MLS is advantageous simply because of the evolving nature of the healthcare industry. With technology advancing every day, it’s more important than ever to stay current with the laws and regulations that keep these organizations compliant.
No matter what your career goals are, furthering your education with a specialty in risk management in healthcare can help you remain in demand. Enterprise risk management demands a high level of professionalism and skill, the combination of which will ensure that you retain job security and satisfaction. By learning the current needs of the healthcare industry and predicting those that will manifest in the future, you can build the career you’ve always dreamed of.
