Cohesive Risk and Quality Management Strategies Anthony Farmer University of Phoenix 12/6/14

Cohesive Risk and Quality Management Strategies
Companies are continually developing new approaches to business and relationships with their customers, requiring significant evaluation of what needs to be improved. This process of refinement is ubiquitous throughout industries, and yet, it may be particularly crucial for health care companies. Adjustments in law, such as the Patient Protection and Affordable Care Act (ACA), have reshaped the economics and regulations that surround these companies and the industry as a whole. In order to implement the changes these laws require, health care companies have to evaluate their efficiency of care, and how that may affect their profit margins and sustainability over time. Risk and quality management strategies are popular in most industries, and perhaps especially so in health care companies. Patients filing lawsuits for malpractice, over-occupied beds and other limitations force these corporations and organizations to have real-time accountability for their workers, and a means for determining their patients’ level of satisfaction. As the factors, laws and issues fluctuate within the health care industry, risk and quality management analyses have to become that much more nuanced. Baxter Medical is one of the foremost leaders within the health care industry, producing pharmaceuticals and various medical products for patients and health care organizations. Since their pharmaceutical division represents a significant portion of their sales, and core competencies, they need to be particularly vigilant in keeping up with risk and quality management strategies. Combatting financial issues and keeping abreast with regulation developments requires a close relationship between risk and quality