With aftershocks from the pandemic and volatile geopolitical conditions punching a hole in the stability of healthcare organisations, managing risk is now more important than ever.

Cybersecurity threats and compliance issues are two of the most impactful risks for the healthcare industry. In the case of cyber threats in particular, the healthcare industry has had to contend with an increase of 58.3% in ransomware attacks, from April 2022 to March 2023.

To add to the importance of managing risk properly, the healthcare industry has the highest average cost per data breach—averaging $10.1 million.

Risk assessment in hospitals and other healthcare facilities provides a methodical approach to risk identification, classification, prioritisation, and mitigation. They can go a long way in helping healthcare organisations achieve their strategic goals in risk management.

Let’s take an in-depth look at why a comprehensive risk assessment can be beneficial for healthcare organisations.

The need for comprehensive risk assessment in hospitals and other healthcare organisations

As stated before, the healthcare industry is rife with risk. Apart from cybersecurity threats and compliance issues, healthcare organisations also have to deal with risks associated with industry operations.

These may include patient safety considerations, financial uncertainties, and workforce challenges.

In this landscape where risks are densely populated, risk assessments are no longer an optional consideration.

A risk assessment that is conducted for hospitals and other healthcare organisations will take a structured risk management approach. This includes defining the scope and objectives of risk assessment, identifying potential risks, and assessing the identified risks. Next, mitigation measures must be developed to either avoid, transfer or manage these risks.

One of the most useful parts of a risk assessment is the role it plays in continuous improvement. Since the risk landscape changes quickly, especially in the case of the healthcare industry, implementing continuous evaluation and improvement is vital for successful risk management.

The need for comprehensive risk assessment in hospitals and other healthcare organisations

As stated before, the healthcare industry is rife with risk. Apart from cybersecurity threats and compliance issues, healthcare organisations also have to deal with risks associated with industry operations.

These may include patient safety considerations, financial uncertainties, and workforce challenges.

In this landscape where risks are densely populated, risk assessments are no longer an optional consideration.

A risk assessment that is conducted for hospitals and other healthcare organisations will take a structured risk management approach. This includes defining the scope and objectives of risk assessment, identifying potential risks, and assessing the identified risks. Next, mitigation measures must be developed to either avoid, transfer or manage these risks.

One of the most useful parts of a risk assessment is the role it plays in continuous improvement. Since the risk landscape changes quickly, especially in the case of the healthcare industry, implementing continuous evaluation and improvement is vital for successful risk management.

The role of risk assessment software in managing healthcare risk

There is no one-size-fits-all approach to risk management in healthcare.

While there are certain popular methods for risk assessment in hospitals and other healthcare organisations such as risk matrices, decision tree models, Failure Modes and Effects Analysis (FMEA), and bowtie models, there is one solution that stands above the rest not just in effectiveness, but also for convenience.

This solution is risk assessment software. They provide the capability to cater to the various needs of the healthcare industry including protecting patient data, improving the safety of personnel, maintaining regulatory standards, and reducing operational costs.

It allows healthcare organisations to manage risks within a centralised system, create customised risk matrices, ensure regulatory compliance, simplify comprehensive analytics data, and reduce direct and indirect costs through operational shifts or mitigation strategies.

The role of risk assessment software in managing healthcare risk

There is no one-size-fits-all approach to risk management in healthcare.

While there are certain popular methods for risk assessment in hospitals and other healthcare organisations such as risk matrices, decision tree models, Failure Modes and Effects Analysis (FMEA), and bowtie models, there is one solution that stands above the rest not just in effectiveness, but also for convenience.

This solution is risk assessment software. They provide the capability to cater to the various needs of the healthcare industry including protecting patient data, improving the safety of personnel, maintaining regulatory standards, and reducing operational costs.

It allows healthcare organisations to manage risks within a centralised system, create customised risk matrices, ensure regulatory compliance, simplify comprehensive analytics data, and reduce direct and indirect costs through operational shifts or mitigation strategies.

Improve your healthcare organisation’s risk management capabilities with SECTARA

SECTARA’s tailored solutions for healthcare risk management improve data protection through risk identification, enhance the safety of patients and healthcare professionals, ensure regulatory compliance, and reduce operational costs.

Leveraging risk assessment tools in healthcare like SECTARA can inform comprehensive risk assessments in healthcare organisations—improving risk resilience.

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Some of the industries we serve

Government

Identify, monitor, and manage systemic risks associated with policy implementation, public safety, and national security with a scalable and configurable risk assessment solution.

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Critical infrastructure

Obtain insights to identify and mitigate potential threats to critical infrastructure like energy, transportation, and communication systems through professional risk assessments.

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Mining

Ensure safe, secure, and efficient operations and overcome common mining challenges like equipment failure and environmental hazards via a professional risk assessment solution.

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Defence

Obtain a comprehensive view of potential threats to national and regional security and implement effective risk management strategies with military-grade risk assessment solutions.

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Healthcare

Ensuring the safety of patients, staff, and other stakeholders while managing risks associated with medical procedures and data privacy through a configurable risk assessment solution.

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Finance

Identify, monitor, and manage critical risks like market volatility and data breaches with a risk assessment solution to protect stakeholder assets and ensure regulatory compliance.

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Consultancy

Help your clients make informed decisions about risk management by leveraging insights from a professional risk assessment solution that helps identify, address, and monitor risks.

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Cybersecurity

Protect your digital assets with our advanced cybersecurity risk assessment solutions. Stay ahead of evolving threats and fortify your defences with comprehensive risk assessments.

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Education

Identify and mitigate compliance, finance, operational, and reputational risks in processes such as student selection and regulatory adherence with professional risk assessments.

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What you get with our free trial

2 users (Account Admin, Org & BU Admin, Assessor, Viewer)

2 concurrent assessments

2 organisations & business units

In product training

The ability to export assessments to MS Word

MS Excel treatment plans

White label SECTARATM platform

White-label exported documents

Audit records

Experience the capabilities of SECTARAsup>TM first-hand. Sign up for our 14-day free trial today.

What you get with our free trial

2 users (Account Admin, Org & BU Admin, Assessor, Viewer)

2 concurrent assessments

2 organisations & business units

In product training

The ability to export assessments to MS Word

MS Excel treatment plans

White label SECTARATM platform

White-label exported documents

Audit records

Start your 14-day free trial

Please complete all fields.

.sectara.com

Frequently Asked Questions

What are the different types of risk assessments in hospitals?

There are 5 main types of risk assessments that can be used in hospitals to enhance your risk management efforts. These include:

  • Quantitative risk assessment
  • Qualitative risk assessment
  • Generic risk assessment
  • Site-specific risk assessment
  • Dynamic risk assessment
What are the 5 things a risk assessment should include?

A risk assessment must include the following:

  • Identifying risks
  • Assessing risks
  • Controlling the risks
  • Recording the results
  • Reviewing and updating controls
What are the risks in a hospital?

The most common risks in a hospital are clinical risks and patient safety issues, healthcare professionals’ safety issues, regulatory compliance issues, cybersecurity threats, legal issues, and workforce challenges.