Since the time the world has witnessed the deadly wings of the COVID-19 pandemic, there has been a growing surge of healthcare workers who provide care to patients at home. The demand for home care has also increased because of an aging population and chronic illnesses. This industry holds a lot of opportunities, but comes with a lot of risks too. Unlike established hospitals and clinics, which work in a well-regulated environment, home centers have to work in a multi-dimensional environment encompassing a lot of challenges. So, having a cover for home health providers is not an option but a necessity because that is what distinguishes temporary setbacks from huge inefficiencies. But the real question lies in understanding – What are the unexpected risks that can arise? Therefore, in this blog, we will explore the associated risk factors and how home healthcare businesses safeguard themselves.
A Pragmatic Guide to Identifying Risks and Safeguarding Home Healthcare Business
From lawsuits to data breach-related issues, from operational inefficiencies to natural disasters and exigencies, unexpected risks can shatter reputation. Here are the risks that can affect the home healthcare business –
- Legal and regulatory compliance– Businesses must comply with regulations like HIPAA, OSHA, and other local and national licensing requirements. Not adhering to laws, whether intentionally or accidentally, can lead to a huge amount of fines and a direct impact on the reputation, with a loss of trust on the part of the patient as well.
- Data violation and cybersecurity issues– Since digitalization has crept into the medical world as well, records of patients are stored well on cloud storage and computer systems, which these days are prone to cyber hacks and attacks. Not only that, patients’ medical history and even billing records are fed into the system, which, if leaked, results in loss of faith in the care units and a sheer breach of confidentiality and privacy.
- Employee-related risk factors– The people working in this business represent the brand and the image built up in the minds of the consumers. If the people dealing with patients lack empathy and an understanding of their work, the purpose of the established business is forfeited. The employees working need to be properly trained. Improper training could amplify risks and can even lead to turnover and absenteeism at a regular rate, which can cost the company a lot.
- Natural phenomenon and exigencies– Since home centers rely heavily on external infrastructure as they do not have an in-built system to control damages, any sort of mishaps like earthquakes, floods, hurricanes can make them inaccessible to their patients. Hence, proactive measures need to be taken to tackle emergencies.
How do businesses protect themselves by adopting proactive measures?
- Insurance coverage investments– These days, insurance isn’t just an option but a sort of necessity that can help you sail through predicaments in life. Home healthcare businesses must be associated with an insurance broker who understands the medical industry well so that you can truly have a good cover for home health providers, in case of need. These could include Professional Liability Insurance, workers’ compensation insurance, and General Liability Insurance, among others.
- Build up efficient training portals– Since employees are directly related to patients’ health and well-being, an efficient staff training program could well equip them with the required skill set and help reduce mishaps that occur due to errors on the part of employees. Establishing a clear set of policy pathways, along with pre-defined working norms, can help achieve target objectives.
- Strengthen Cybersecurity measures– The data of patients stored in the cloud is highly sensitive. Businesses must invest in encrypted software that can protect against malware. A strong security mechanism with well-regulated storage is imperative. Vulnerabilities, if any, should be tracked down through regular software updates.
- Disaster preparedness plans– A clear working plan for evacuation and delivery must be pre-established to tackle any emergency whatsoever. Patients requiring immediate actions in case of mishaps must be properly monitored and kept an eye on. In case of severe absenteeism on the part of employees, backups must be on standby so that they can help the patients.
Conclusion
Thus, efficient running of a home healthcare business comes with a lot of expansion opportunities, along with a set of responsibilities and unexpected risks through which businesses have to navigate their way. It requires consistent efforts to provide effective and safe care to the patients under treatment. For that, preparedness is the ultimate key.
