Risk Planning and Nursing Home Insurance

The overall goal of risk management planning is to reduce or prevent any type of risk to the facility itself, the staff, and of course the residents of the nursing home. Such risks include financial loss, preventable patient injuries, and the occurrence of accidents. Nursing Home Insurance helps to deal in the aftermath of issues, but certain steps to accomplish the goal of lessening exposures can also help dramatically. There are four main categories and steps to risk management that have been identified, which includes:

  • Risk identification
  • Risk analysis
  • Risk treatment and
  • Risk avoidance

Risk identification is done in many ways. One aspect of risk management has to do with filing an incident report pursuant to the facility’s reporting policy. Although important, there are many other aspects of risk management that affect your daily nursing practice.
Using those incident reports as a way to identify current risks that have occurred during patient care and put into place preventive measures to avoid those risks in the future is an important early step for the organization.

Risk analysis consists of prioritizing the risks that have been identified and determining which ones need to be dealt with immediately. Risk treatment, on the other hand, applies risk control and risk financing to identify how a risk should be treated. For example, a facility might decide that because there are plenty of risks involved in providing transportation services to certain events, may then make a decision to no longer provide this service to the public. Eliminating a risk is called risk avoidance, which is the only sure way to avoid an identified risk.

In addition, risk treatment also involves purchasing liability coverage as part of the overall Nursing Home Insurance program in order to cover health care providers of the facility. Risk evaluation requires a review of the prior steps in the risk management process to determine if the objectives set have been met. If necessary, changes should be made in order to further meet those objectives as identified.

Initiating or participating in research on patient care issues is also another way in which workers can contribute to reducing patient care risks in their facility. Identifying that change is needed to reduce potential risk to patients, and making those changes through facility processes, contributes to quality care, along with aiding in risk reduction.

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