Social Inflation and Health Care Risk Management
The Journal of Healthcare Risk Management published a research article in June of 2024 that examines the concept of social inflation and its effects on medical malpractice insurance claims and how this is an essential topic for medical risk management.
The published article is an open-access research paper. You can find the article here: Social Inflation and Health Care Risk Management. The article looks at some of the analyses and data related to claims. There are important takeaways that are beneficial for risk professionals to consider when looking at potential impacts around social inflation and claim management.
This article falls under Financial in the Enterprise Risk Management (ERM) risk domains.
Decisions that affect the financial sustainability of the organization, access to capital or external financial ratings through business relationships or the timing and recognition of revenue and expenses make up this domain. Risks might include: capital structure, credit and interest rate fluctuations, foreign exchange, growth in programs and facilities, capital equipment, regulatory fines and penalties, budgetary performance, accounts receivable, days of cash on hand, capitation contracts, reimbursement rates, managed care contracts, revenue cycle/billing and collection.