CareNotes

The Role That’s in High Demand and Growing!

This is a guest article by Julie Rupenski, the founder, president, and CEO of MedBest, an OHCA business partner.

What is one of the hottest careers in the healthcare sector and senior living industry? The pandemic pushed the healthcare, senior living, and long-term care industries into the spotlight like never before, and risk managers stood out as essential to organizational survival.

The job of a risk manager is to minimize damages whenever incidents occur. In other words, they identify, analyze, and respond to any risk factors that surround their organization. Then, they must figure out what precautionary measures to take and implement them in order to limit injury and harm to patients, staff, visitors, and the organization itself.

The New England Journal of Medicine organized a list of nine essential steps for performing risk management in a healthcare setting:

• Identify the risk
• Prioritize the threat
• Investigate Sentinel Events
• Report events to oversight bodies
• Encourage reporting of near-miss events
• Identify latent failures
• Investigate incidents using analysis models
• Use a good risk management information system (RMIS)
• Properly manage the facility’s risk financing

What Does it Take to Become a Healthcare Risk Manager?

Since the role of a healthcare risk manager is in high demand, those aspiring to become one will find plenty of opportunities.

To land a job as a healthcare risk manager, a bachelor’s degree is required. Majors can vary from business administration to public health, healthcare administration, and healthcare risk management.

Upon completion of the bachelor’s degree, it is recommended that students go on to complete additional education in the form of a certificate or master’s degree. These programs are not hard to find. Colleges and universities across the country offer risk management programs, both in-person and online.

While a master’s degree is not required, it can be a huge asset. Employers value the additional education. An advanced degree can help candidates stand out when seeking employment or when seeking career advancement and better pay.

Certification for healthcare risk managers is not mandatory. However, it is highly recommended and sought after by employers and can also help to increase career advancement opportunities and salary. The primary certification for healthcare risk managers is the Certified Professional in Healthcare Risk Management (CPHRM) through the American Hospital Association.

Where do Healthcare Risk Managers Work?

A majority of healthcare risk managers work in hospitals, senior living communities, long-term care facilities, rehabilitation centers, and clinics. Others may find employment in nonprofit organizations and governmental agencies. Typically, risk managers are members of the leadership team. Their work schedule is usually 9 a.m.-5 p.m. and many healthcare risk managers work remotely or enjoy a hybrid schedule.

What is the Salary of a Healthcare Risk Manager?

According to bestcolleges.com, as of June 2022, Healthcare Risk Managers take home an average of $75,174 per year in the U.S.  More advanced and experienced risk managers who work for large healthcare facilities can earn a six-figure salary per year in the US.

What Skills are Necessary to be an Effective Healthcare Risk Manager?

• Financial acumen
• Strong analytical skills
• Extensive knowledge of the healthcare industry
• Excellent communication skills
• Strong problem-solving and decision-making abilities
• Ability to work under Pressure

Career Outlook for Risk Managers

Almost overnight, risk managers have become one of the most sought-after professionals in the world. The pandemic caused this high demand, and the growth trajectory is expected to continue. Healthcare and senior living organizations rely on risk managers to keep pace with new trends and new risks. Therefore, expect these industries to recruit more risk managers to help them prevent foreseeable and unforeseeable events and issues.