2017 Healthcare Industry Risks

Healthcare Industry Risks chart Healthcare Industry Risks chart

Legal liability, the changing workforce and cyber-related risks are of greater concern to healthcare organizations than to businesses overall.

Healthcare organizations must balance keeping skilled employees, patients and visitors safe while protecting their high-value equipment, property and confidential data. Business concerns include legal liability, with 64% of healthcare organizations listing this as a top risk, 13 points higher than businesses overall. Other leading concerns include attracting and retaining talent and skilled labor and being able to effectively return employees to work after an occupational injury. Identifying ergonomic risk factors and taking steps to help protect employees can help mitigate the risks of injuries, and having a fleet safety program in place can help protect high-worth vehicles.

Emerging risks facing healthcare organizations reflect trends in the industry. Healthcare organizations are concerned about changes in the workforce, increased automation and empowered consumers. Taking steps to promote safety and adequate training in the workplace can help protect employees from injury, while insurance to value (ITV) assessments can help healthcare organizations evaluate whether they have sufficient property insurance limits in place. This can help organizations recover from losses or damages to highly sophisticated critical equipment.

Two-thirds of healthcare organizations listed cyber, computer, technology, and data breaches and risks as a top business concern. Specific cyber worries include a security breach (57%), an intruder gaining access to the company’s banking accounts or financial control systems (54%), and malicious/criminal attacks (52%). Only 1 in 5 healthcare organizations reported buying separate cyber coverage, with more than half (52%) reporting a belief that they are already covered through other insurance policies. Sixteen percent of healthcare organizations reported not needing cyber insurance because they have other protections in place.