Implementing technologies like CPOE and CDS has been shown to reduce medication error rates by 55% (Durham, 2016). These systems guide healthcare professionals on drug dosages, routes, and frequencies, and provide alerts for allergies or interactions (Shah, 2016). The BCMA system ensures the five rights of medication administration (right patient, dose, drug, time, and route) and generates real-time alerts (Shah, 2016).
Confidential incident reporting will help gather data on medication errors, enabling the development of strategies to improve patient safety. A safety culture will be fostered, encouraging error reporting without fear of repercussions, thereby providing valuable insights for risk managers (Rodziewicz, 2021).
Legal and Ethical Financial Risk Obligations
As an accountable care organization (ACO), RGH must manage legal and financial risks effectively to remain profitable and successful (NAACOS, n.d.; LaPointe, 2016). ACOs aim to provide coordinated, high-quality care while reducing costs and preventing medical errors (CMS, 2021). Compliance with CMS policies, which reduce or withhold reimbursement for preventable errors, is essential (National Conference of State Legislatures, n.d.). By adhering to safe medication practices and The Joint Commission (TJC) guidelines, RGH can improve patient safety and maximize reimbursement from CMS.
References
AMCP. (2019, July 18). Medication Errors. Retrieved from Academy of Managed Care Pharmacy: https://www.amcp.org/about/managed-care-pharmacy-101/concepts-managed-care-pharmacy/medication-errors
Chen, C. H.-Y.-C. (2017, August). The cost-saving effect and prevention of medication errors by clinical pharmacist intervention in a nephrology unit. Retrieved from Medicine; LWW Journals: https://journals.lww.com/md-journal/Fulltext/2017/08250/The_cost_saving_effect_and_prevention_of.40.aspx
CMS. (2021, March 4). Accountable Care Organizations (ACOs). Retrieved from Centers for Medicare and Medicaid Services: https://www.cms.gov/Medicare/Medicare-Fee-for-Service-Payment/ACO#:~:text=What%20is%20an%20ACO%3F%20ACOs%20are%20groups%20of,give%20coordinated%20high-quality%20care%20to%20their%20Medicare%20patients.
– Risk Financing
Durham, M. S. (2016, February). Reducing Medication Administration Errors in Acute and Critical Care: Multifaceted Pilot Program Targeting RN Awareness and Behaviors. The Journal of Nursing Administration, 46, 75-81. Retrieved from https://oce-ovid-com.library.capella.edu/article/00005110-201602000-00006/HTML
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