Increased Risk as a Result of Transformational Changes in Healthcare

Increased Risk as a Result of Transformational Changes in Healthcare
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In the past decade, healthcare has emerged as one of our country’s most important social and economic issues. The infancy of this transformational change centered around how to move from a fee-for-service model to value-based care. From there, new and innovative models of care and payment were born.

The Game-Changer: COVID-19

Prior to 2020, our focus was fixated upon consumerism and population health, overlaid with the explosion of technology in all aspects of health and wellness. Then, the most disruptive event of our lifetime entered the playing field; the COVID-19 pandemic. For most, this black swan event forced us to evaluate our respective organizations’ resiliency and preparedness for uncertainty. As a result, risk and risk management efforts were laser-focused on responding to this crisis, and while some did well, others did not.

What Did We Learn? What's Next?

As we emerge from the COVID-19 crisis, many organizations have undergone a groundbreaking transformation. New models of care like telehealth and acute care at home have become standards, while a series of new deals, partnerships, and acquisitions have also taken place. Household names like Amazon and Walmart are now in the healthcare delivery space, offering unique solutions for patients. These changes have resulted in unusual relationships between entities at different levels of the healthcare marketplace, and we continue to experience a rapid shift in how care is delivered.

Going forward, we will see new healthcare paradigms take form. The realignment of organizations in the last few years should start to settle, and the results will be seen on the budget sheets and how consumers experience healthcare. From artificial intelligence (AI) and machine learning to the demand for scarce, skilled resources like nurses and pharmacists— the risks in all of this disruption are almost unimaginable, and it’s not over yet.

We Can Help

Today’s healthcare landscape can be difficult to wrap your head around amid the rapid change we are currently experiencing. While this change can be overwhelming, RCM&D has an enterprise risk management (ERM) solution that can help you navigate this new environment. 

An ERM approach allows any healthcare organization, regardless of size or scope, to systematically optimize new opportunities while managing threats— and in healthcare, these threats and opportunities are everywhere. When risk management is integrated into the entire healthcare organization, exposures can be recognized and resolved quicker and more efficiently than in a traditional siloed approach.  

It often takes several years to fully develop and implement ERM. However, through this approach, change will come gradually, purposefully and strategically. In the end, a mature ERM program increases an organization’s success by managing not only the risk of loss but also strategy and opportunity.

There are several ways an ERM approach can add value to your organization, including:

  • Improving strategic decision-making.
  • Anticipating risks & minimizing threats
  • Improving business performance
  • Identifying & managing cross-enterprise risks
  • Enhancing risk response decisions
  • Providing compliance with legal & regulatory requirements

With RCM&D’s phased-in approach, we embed ERM into your existing organization while creating as little disruption as possible. Change won’t happen overnight, but with a strong partner, you will be able to design and implement an ERM program that is sustainable, cost-effective and provides clear long-term results.

Click here to learn more about this helpful program and take an ERM self-assessment that can help determine your organization’s culture, operations and aptitude for ERM.  You can also reach out to a trusted RCM&D advisor with any questions.

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