Risk Management

1 Risk Management Nurse practitioners deal with different people, including high-risk patients, colleagues, families, suppliers, and policymakers. Their interactions with these groups may generate mishaps that affect business, clinical and patient outcomes. Common nursing practice risks include clinical errors, Medicare fraud, poor public perception of the nurse, malpractice suits, breach of ethics, and poor-quality ratings. Failure to properly manage these problems could irreversibly tarnish the nurse’s reputation and ability to deliver quality services. Therefore, these professionals must employ strategic means to reduce legal risks during practice.

Although healthcare providers have the knowledge and skills to deliver high-quality, unbiased services, outcomes among providers vary significantly. These variations are attributable to resource availability, compliance with ethics, the healthcare culture, technology use, and improvements in care processes. Healthcare providers, who fail to invest time, resources, and knowledge in risk management, are likely to experience poor outcomes.

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2 These outcomes, in turn, affect patient outcomes and business stability. Risk management helps prevent clinical errors, financial losses, and poor patient outcomes. However, the care provider must be adequately prepared to manage the risks. Preparation involves implementing effective systems and processes to disclose, mitigate and prevent risks. For instance, healthcare providers could implement an electronic health recording system to reduce legal risks such as medication errors and missed appointments (McGowan et al., 2022). Other preparation steps include developing contingency plans and communicating the plan to the risk management team.

This task equips the risk management team with accurate information concerning proposed interventions and potential outcomes. The other activities integral to risk management are assigning responsibility for tasks and monitoring the risk management process. These activities improve the team’s commitment to risk management and ensure that project risk management results are achieved.

3 References Buppert, C. (2018). Nurse practitioner’s business practice and legal guide. (6th ed.). Jones & Bartlett Learning.

McGowan, J., Wojahn, A., & Nicolini, J. R. (2022). Risk management event evaluation and responsibilities. https://www.ncbi.nlm.nih.gov/books/NBK559326/ Raveesh, B. N., Nayak, R. B., & Kumbar, S. F. (2016). Preventing medico-legal issues in clinical practice. Annals of Indian Academy of Neurology, 19(Suppl 1), S15. https://doi.org/10.4103%2F0972-2327.192886