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Healthcare organizations have long employed various approaches to risk management to prepare for risks that are unique to healthcare delivery settings, such as adverse events that
pose harm to patients, visitors, and employees. However, with the advent of the Affordable Care Act (ACA), which mandates the tethering of clinical and financial operations together into value-based systems, traditional risk management approaches have become inadequate.
With this change, it has become imperative for a healthcare leader to think in terms of the entire system, performing an ongoing in-depth analysis of risk and taking proactive steps to build a safer, more cost-efficient healthcare environment. Recently, enterprise risk management (ERM) has emerged as a preferred risk management approach for businesses across many industry sectors, including aviation, construction, public health, international development, energy, finance, and insurance. Healthcare organizations, too, have begun adopting ERM as a means for adapting to the uncertainties of the changing healthcare landscape.