Introduction
The Harvard medical community founded the Risk Management Foundation (RMF) of the Harvard Medical Institutions, Inc. in 1974 to address the rising expense of malpractice insurance (Bohmer, 2009). According to Bohmer (2009), RMF is dedicated to raising patient safety, lowering malpractice claims, and offering its members liability insurance. The company has a comprehensive risk management strategy that includes data analysis, collaboration, and education.
Discussion
One of the key aspects of RMF’s approach to risk management is its methodology which emphasizes the significance of making informed decisions through data analysis (Bohmer, 2009). The authors explain that the organization utilizes a vast collection of malpractice claims and negative incidents to recognize patterns and tendencies, which can be utilized to devise focused risk management strategies. RMF’s strategy is exemplified by its successful identification of a high occurrence of unfavorable events related to medication errors. As a result, RMF launched an effort to enhance medication safety within the member organizations.
Secondly, RMF’s strategy places a strong emphasis on education and training, which is another crucial factor in risk management (Bohmer, 2009). RMF offers a range of educational resources, including online courses, webinars, and on-site training events, to help healthcare professionals improve patient care and reduce the likelihood of medical malpractice. The training courses offered by RMF encompass a wide range of subjects, such as risk management, patient safety, and communication abilities. The last risk management strategy used by RMF emphasizes teamwork and communication (Bohmer, 2009). Having collaborations with its member companies, RMF creates and implements risk management plans suited to the individual requirements of the respective companies. Therefore, the techniques used for risk management are in line with each organization’s culture and values, which ensures the success of the strategy.
Conclusion
In conclusion, it is evident from the article that RMF uses a data-driven approach when it comes to risk management and reduction (Bohmer, 2009). These approaches are supported by a range of educational resources and a focus on collaboration and communication with its member organizations. By adopting this approach, RMF has been successful in addressing the issues of medical malpractice as well as improving the provision of safe patient care (Bohmer, 2009).
Reference
Bohmer, R., Bradley, S. P., & Kindred, N. (2009). The Risk Management Foundation of the Harvard Medical Institutions, Inc. HBS Case, (610-014). Web.