What is HCM?
On its website, HCM claims it, “delivers a robust set of best-in-class human resources functionality.” For anyone in the HR world this really comes into play with three areas: productivity, performance and cost. This best happens when the system is heavily utilized for risk management.
What is risk management?
At the heart of risk management in healthcare is trying to control as many known variables as possible to lower your amount of risk. One of the best examples of risk management in healthcare is a robust billing and coding department that is working as hard as possible to avoid a RAC audit. Or using specially trained physicians to ensure best practices to avoid medical malpractice lawsuits. For HR specifically, risk management means finding the right people to get the job done in the best way possible. Once you’ve assembled a stellar team, risk management makes sure they have the necessary tools and training to stay that way.
What about HCM?
HCM is a great tool to have on hand as you manage workforce across both large and small hospital systems. According to Becker’s Hospital Review, the average hospital has 3.21 – 5.76 full time staff for each bed in the hospital. Each one of these employees holds risk potential if they are not monitored and managed. Risk management for healthcare HR involves scrutiny of clinical licenses, monitoring of incidences, and a close eye on patient privacy, just to name a few. HCM can help you achieve your goals, but you might need help navigating the system. If you are interested in learning more about how HCM can help your risk management, please contact us.
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