Problem: Patient and employee safety are of paramount importance to a prominent medical center. The organization, however, was at a disadvantage because it did not have the ability to understand what was causing medical errors and employee injuries. That meant it could only react after a loss happened instead of preventing problems from happening in the first place. The organization also wanted to ensure that all of its risk management initiatives create the greatest value for patients, staff, and the community.
Solution: The medical center uses Riskonnect ClearSight to identify and measure its exposures, detect patterns and trends, and quantify the costs and benefits of risk-related decisions. The software is helping the organization uncover the root causes of medical errors and employee injuries so that it can proactively prevent future issues. And dashboards are used to monitor the total value of risk in any given program or intervention and report the results to senior leadership.
Results: The medical center has significantly cut claims-related costs and the frequency of workers’ compensation claims. It is able to analyze risk strategically and make evidence-based decisions to proactively manage risk and opportunities. And it now has a transparent and defensible understanding of the key drivers for increasing the value of the risk program to all of its constituents. That knowledge has helped the medical center achieve measurable and sustainable returns on its risk management investments – and improve its bottom-line performance.