Healthcare Accreditation as a Tool for Financial and Risk Management Analysis

Healthcare Accreditation as a Tool for Financial and Risk Management Analysis

Elizabeth Ziemba
Copyright: © 2021 |Pages: 18
DOI: 10.4018/JHMS.2021070102
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The risk management landscape for healthcare providers is growing more complex, presenting hospitals and clinics with regulatory compliance challenges. Accreditation plays an important role in providing risk management best practices, offering expertise to healthcare providers to navigate risk management demands. The current business climate makes it difficult for financial organizations to assess risk. Opportunities are lost to leverage the accreditation process including the assessment report. Healthcare providers can access accreditation standards and expertise to improve overall performance. Successfully accredited hospitals and clinics may utilize accreditation reports to negotiate more favorable financial terms and conditions. Financial organizations can use accreditation reports to help evaluate providers' operational and financial risks. Healthcare providers and financial organizations are failing to maximize the benefits of accreditation including accessing risk-related information in the assessment report.
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About Accreditation

Healthcare accreditation programs can be effective tools to help financial organizations assess and analyze financial and other types of risks in both clinical and non-clinical services (Ellis et al., 2020). With a comprehensive set of standards developed according to local, national, or international best practices and assessors to evaluate compliance with those standards, accreditation reports offer financial organizations insights into the overall health of the hospital or clinic seeking access to capital.

In general, “accreditation is concerned with the external assessment of organizations against designed, pre-approved standards”. There is a wide variety of accreditation programs available: mandatory or voluntary; local, national, or international; public or private; ISQua-EEA accredited or not (Ziemba, Accreditation, 2021). Accreditation programs are often built on the principles of Continuous Quality Improvement (CQI) and its management virtuous cycle of Plan-Do-Study-Act (Ziemba, Accreditation, 2021). This wide variety results in an equally wide range of standards being applied as part of the accreditation process.

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