What is risk management and why is it important for your dental practice?

Risk management is a fundamental aspect of running a successful DSO. For many of us though, the term “risk management” can be a little tricky to understand, especially if we’ve never heard of it before. Let’s learn more about it and look into how MDP is protecting our supported providers and team members! 

What is risk management?

Risk management is the ongoing process of identifying, evaluating and minimizing the risks associated with operating a healthcare business. A “risk” is an exposure to something with the potential to negatively impact providers, teams, patients or company as a whole. Some risks are more significant than others. Risk management involves assessing the likelihood and impact of various risks and then implementing measures to reduce or eliminate them. 

What are examples of risk?

Risk comes in many forms, but here are a few examples of situations that can have a negative impact on a dental practice. 

  • Patient privacy breaches. 
  • Clinical errors.
  • Billing inaccuracies.
  • Unsafe working conditions.
  • Personal injuries. 
  • Property damage.

What does MDP do to protect providers and team members?

Practices supported by MDP are backed by a dedicated risk management team who provides tools and resources to help team members more easily identify and manage potential negative exposures. For example, the risk team manages all lines of business insurance, including support when the need to file a claim arises, such as a commercial auto incident or team member accident. Alongside this, our supported providers are protected with professional liability insurance and expert legal guidance free of cost. Team members also have the ability to anonymously submit an email or phone call into our compliance hotline when they have a question or concern.  

In addition to these initiatives, MDP helps providers and team members mitigate risk by providing guidelines to support state and regional policies. These guidelines serve as a support document on how to carry out tasks consistently and correctly every time, and assist in ensuring compliance and consistency with state and federal rules and regulations.

By identifying and managing risk effectively,  we can create a safer and more secure environment for patients and staff, mitigate potential threats, and ensure the long-term success and sustainability of our company.