Effective risk management within any organization requires proactive measures, including the solving of problems before they occur. At any given nursing home facility, regardless of size, there exists several risks associated with duties pertaining to caring for the elderly. Risk management is a responsibility of every member of the staff, along with anyone coming into contact with residents at these healthcare facilities.
Having proactive measures should help and involve the collation of data and outcomes reporting. This data, which must be continually analyzed for potential improvements (and deficits in care), can help in determining what course should be taken to improve existing conditions. These measures can ultimately help to reduce nursing home insurance rates.
How this data will best serve the facility
Skilled nursing facilities should carefully examine and analyze reported data in order to identify issues and thereby effect a measurable change. A risk management program can be a very inexpensive solution as it relies mostly upon information and data already being collected by nursing clinicians.
This data can ensure the facility reduces survey deficiency along with the occurrence of negative incidents, and aid with professional liability premiums. This can lead to improved marketability of a facility and strong public relations within the community. This can also improve compliance with federal and state agencies as well.
By incorporating data into a risk management approach, nursing facilities gain the ability to benchmark, track, trend and continually monitor performance, which in turn helps to mitigate and manage risk and exposure. Facilities armed with well-defined policies for prevention, assessment, and intervention fare much better than those without specific policies in place.
Negative patient outcomes are more likely to occur in facilities with poor or outdated risk management policies, little or no staff education, inadequate staffing and weak data collection, documentation and reporting.
Effective risk management reduces risk
The federal government continues to monitor care provided to individuals in institutions, particularly those where negative outcomes have been reported. It’s essential that nursing homes and elderly care facilities effectively utilize the necessary tools to ensure effective risk management and the collection of data. This will help provide an efficient means of reporting the outcomes of the program and could have a positive impact on nursing home insurance rates.