By David Burik, Dennis Butts, Jr.
For health system leaders, enterprise risk management (ERM) strategies are evolving. Threats such as the move toward digital care delivery, well-capitalized disruption, lack of agility among legacy organizations, and increased demands for price transparency all require a more urgent and complete approach to identifying and responding to business risk.
ERM is a leadership challenge. It is virtually impossible to predict all material variables accurately and with precision at the pace required by a rapidly shifting market. In 2022, it is important that leaders make investments that help them more effectively anticipate, mitigate, and manage business risk.
It will take strong ERM muscle to mitigate these threats in 2022 and beyond. And executive support is crucial. The challenge that now lies before healthcare organizations is to effectively transform ERM from a check-the-box compliance exercise to a fundamental component of doing business in a rapidly evolving environment.
Read the full byline in the February edition of HFMA’s Cost Effectiveness of Health Report.
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