Hospital managers are increasingly concerned about incidents that resulted in or were likely to result in a lawsuit. While Insurance premiums for hospitals and malpractice lawsuits are posing a challenge on one hand the sector on the other hand is exposed to increasing operational risks including those arising from clinical trials.

No wonder therefore, the focus on risk management in hospitals is especially keen, given the “incredibly slim margins” on which hospitals are operating. Risk managers and Chief Risk Officers in hospitals wear many hats, overseeing patient safety and clinical malpractice; business processes, including workers compensation and business interruption; and financial management, processes and strategies.