Legal Issues
Risk Management and Your Practice
Jun 15, 2013 - 11:53:54 AM

( - Risk Management - these are two little words that you probably hear all of the time, but do you really know how they affect your practice?  Financial loss and legal liability can handicap the most careful, prudent physician.  The goal of risk management is to reduce or prevent incidents that could put your facility - and your career - in serious jeopardy.

Everyday, hundreds of routine events occur in your office.  While you may not give much thought to these daily tasks, if they should be handled inappropriately, a single misstep or miscommunication could carry a heavy legal burden.

Potential liabilities include:

For a physician, managing your own risks can be difficult and overwhelming.  The best advice: start by looking at the complaints and problem reports that come in daily.  This will allow you to determine which issues are most dangerous to your practice, and which are benign; it will also give you the leverage to decide what risks are financially worth managing.

Risk management breaks down into four parts:

1.  Risk Identification:  Note the incident reports and complaints on your desk; identify all of the potential risks currently happening in your office.

2.  Risk Analysis: Prioritize the risks you identified and decide which should be dealt with immediately and which can be can wait a little longer.

3.  Risk Treatment: Decide how much money is needed to address your top priority risks.  Determine if they are worth the repair or need to be eliminated.

4.  Risk Evaluation: Finally, review the prior steps again and again; keep the risk management process moving to meet new issues as they arise.

If this process still feels stressful - and a little risky - you are right.  A wise medical group understands that by employing a quality risk management program, they will be able to provide a safe environment for patients and staff, ensure patient satisfaction, and reduce the severity of legal claims.  Most of all, a comprehensive risk management plan will allow physicians to stay focused on their patients during the day and sleep soundly at night.

Physicians Idemnity Risk Retention Group (PIRRG) is a different kind of risk management company.  We are created, owned, and managed by physicians - so you know that we have only your interest at heart.  Created in 2006, PIRRG provides all the same standard professional liability insurance that big name insurance companies offer, but with a personal touch.

Do you still have questions about how risk management can affect your practice?  Call Physicians Idemnity Risk Retention Group at 954.236.2400 for your obligation free quote.


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