Risk Identification and Management Strategies for
The field of dermatology favors a private practice setting. Physicians of this specialty have the opportunity to work independently, not being tied down to a healthcare institution. However, the downside to less administrative oversight is that more responsibilities fall on the practitioner.
In the following, we will focus on one of the most crucial aspects, risk identification, and management. We will address some of the main categories of risk and suggest appropriate strategies to handle these: human capital risks, operational risks, strategic risks, and property hazards.
This set of risks links to societal and economic trends. At this stage, it is essential to talk about a private practice in terms of a business. A simple strategy to ensure good patient traffic is by opening a clinic at a good location. However, when you choose the area, always keep the competition in mind.
One efficient way to separate yourself from the competition is to invest in the value of services offered. For example, a high-end device can help you attract more customers and make your presence on the market more noticeable.
Another risk management strategy for dermatology clinics is to go for a diversified service. You can achieve this by opening up more clinics in various locations or by broadening the scope of the services offered. Make sure to get these aspects across to potential patient-customers through targeted promotional campaigns.
Human Capital Risks
Physicians working in private practice are exposed to a series of risks. However, many of these can be prevented. A loss of qualified physicians may arise for several reasons, including:
Regardless of the reason, a high attrition rate will harm patient retention. Patients will not have the context to develop a strong relationship with their physician, as this takes time to develop. So, they may lose trust in the practice and seek another healthcare provider. You can read more about how to increase customer loyalty here.
To prevent work related injuries, raise awareness among practitioners, offer appropriate training and protective gear. While at an administrative level, proper procedures must be in place for reporting workplace injuries and compensating these. Dermatology physicians are at a high risk of injury by sharp objects, like needles. Using double gloves is just one of many ways to decrease this type of injury.
There are many available dermatology jobs in California, so it is vital to keep experts. You can achieve physician retention in many ways. The main strategies include creating a positive work environment, team-building activities, a sustainable workload, opportunities for professional growth, and variable pay benefits.
This risk category involves elements that ensure the operation of the private practice. The source can be anywhere, from people to processes and equipment. As technology becomes more and more intertwined with medicine, the associated risk of malfunction increases.
Especially now, during the COVID-19 pandemic, physicians across specialties are united in relying more on technology. Many healthcare providers have implemented telemedicine. Backups can efficiently prevent the negative effects caused by a device failing or a program crashing.
These risks may refer to both tangible (e.g. personal items) and intangible property (e.g. intellectual property). Any incidents in these areas will have a cascading effect on the reputation of the private practice, employee and patient retention.
Adopt a targeted strategy to prevent these risks. Increased security and monitoring can prevent or help resolve any personal item theft. While a legal consultancy team can help implement strategies for the protection of intangible assets.
Benefits of a Solid Risk Management Plan
When a dermatology physician works within a comprehensive risk management framework, the benefits are manyfold. These mainly revolve around the umbrella of loss prevention and minimization. A well-implemented risk management plan will protect both physicians and patients. This is one of the pillars of longevity and success for a dermatology clinic.