Categories   >   Risk Management Tools in Healthcare
Last Reviewed: November 19th, 2024

Best Risk Management Tools in Healthcare Of 2024

What are Risk Management Tools in Healthcare?

Risk Management Tools in Healthcare are technological resources used to identify, assess, and mitigate risks associated with patient safety and privacy, regulatory compliance, financial uncertainties, and operational efficiency in the healthcare sector. They work to cement a culture of safety, reduce errors, increase productivity, and minimize legal repercussions. Key functionalities include data analytics, policy management, compliance tracking, and reporting mechanisms. AI and big data are now emerging, making predictive risk analysis possible. Healthcare providers, administrators, and insurers form the primary user base. The potential limitation could be personnel resistance to technological change, integration issues with existing systems, or costs. To conclude, these tools offer an integrated platform for managing risks, ensuring compliance, improving safety, and optimizing operations. Their main value lies in fostering a safer healthcare environment and enhancing organizational efficiency, making them an advantageous investment despite the initial costs or challenges.

What Are The Key Benefits of Risk Management Tools in Healthcare?

  • Enhances patient safety
  • Ensures regulatory compliance
  • Reduces operational risks
  • Minimizes financial uncertainties
  • Improves operational efficiency
  • Supports decision-making processes
  • Facilitates comprehensive risk analysis
  • Automates compliance tracking
  • Aids in policy management
  • Promotes a culture of safety
Read more

Overall

Based on the latest available data collected by SelectHub for 113 solutions, we determined the following solutions are the best Risk Management Tools in Healthcare overall:

Avetta
Avetta
Company Size
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Deployment
Cloud On-Premise
Platform
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Key Features

  • Alerts/Notifications
  • Archiving & Retention
  • Audit Management
  • Audit Trail
  • Bid Management
  • Budgeting/Forecasting
  • Business Process Control
  • Compliance Management
  • Compliance Tracking
  • Contractor Database
  • Controls Audit
  • Corrective and Preventive Actions (CAPA)
  • Dashboard
  • Demand Forecasting
  • Document Management
  • EDI
  • Environmental Compliance
  • Exceptions Management
  • FDA Compliance
  • HIPAA Compliant
  • Import/Export Management
  • Incident Management
  • Internal Controls Management
  • Inventory Management
  • ISO Compliance
  • IT Risk Management
  • Job Management
  • Legal Risk Management
  • Mobile Access
  • Offboarding
  • Operational Risk Management
  • Order Fulfillment
  • OSHA Compliance
  • Performance Metrics
  • Predictive Analytics
  • Process/Workflow Automation
  • Qualification Tracking
  • Reporting/Analytics
  • Reputational Risk Management
  • Response Management
  • Risk Assessment
  • Risk Management
  • Risk Reporting
  • Risk Scoring
  • Safety Management
  • Sales & Operations Planning
  • Sarbanes-Oxley Compliance
  • Scheduling
  • Self Service Portal
  • Shipping Management
  • Sourcing Management
  • Subcontractor Management
  • Supplier Management
  • Surveys & Feedback
  • Time Tracking
  • Transaction History
  • Transportation Management
  • Vendor Payment
  • Version Control
  • Warehouse Management
Refinitiv
Refinitiv
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
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Key Features

  • Alerts/Notifications
  • Archiving & Retention
  • Asset Tracking
  • Audit Management
  • Audit Planning
  • Business Process Control
  • Compliance Management
  • Compliance Tracking
  • Controls Audit
  • Corrective and Preventive Actions (CAPA)
  • Dashboard
  • Environmental Compliance
  • Exceptions Management
  • FDA Compliance
  • Forms Management
  • HIPAA Compliant
  • Incident Management
  • Internal Controls Management
  • ISO Compliance
  • Issue Management
  • IT Risk Management
  • Legal Risk Management
  • Mobile Access
  • Operational Risk Management
  • OSHA Compliance
  • Predictive Analytics
  • Process/Workflow Automation
  • Reputational Risk Management
  • Response Management
  • Risk Assessment
  • Risk Management
  • Sarbanes-Oxley Compliance
  • Surveys & Feedback
  • Task Management
  • Version Control
  • Workflow Management
Qualys
Qualys
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
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Why We Picked Qualys

Qualys is a cloud-based platform that allows users to pick and choose modules depending on their requirements. Its vulnerability management, patch management and reporting modules are some of the best in the category. In addition, integrations with third-party enterprise software make it an end-to-end solution that can take care of all your risk management needs.

However, adding too many modules together can drive up costs. Its speed and testing accuracy can also suffer at times. Nevertheless, considering its comprehensive kit, simple UI and knowledgeable support team, Qualys stands out amongst its competitors.

Pros & Cons

  • Functionality: 90% of users who reviewed this element appreciated the platform’s functions, including asset management, patch management, corporate scanning, patch manager and scan maps.
  • Ease of Use: According to 59% of users who reviewed this aspect, the system’s intuitive UI makes it easy to use and navigate.
  • Reporting: 81% of users who mentioned this feature said they were satisfied with the detailed and accurate vulnerability descriptions in threat reports.
  • Service and Support: According to 67% of users reviewing this element, the technical support team is responsive and resourceful.
  • Deployment: 80% of users who reviewed deployment found it straightforward.
  • Integration: All the users who mentioned this element were satisfied with the choice and quality of integrations.
  • Speed and Performance: 87% of users who reviewed performance experienced false positives, inaccurate scan results, slow scans and unexpected downtimes.
  • Cost: According to 82% of users mentioning this aspect, the solution’s pricing strategy makes it very expensive.

Key Features

  • Infrastructure Security: Monitor threats in real time, analyze compliance risks and run reports with a powerful data analysis engine. Always maintain a 360-degree view of IT infrastructure security. 
    • Infrastructure Inventory: Survey the organization’s IT architecture to detect and catalog all connected assets automatically. Get a direct feed on the dashboard of product information, hardware/software life cycles, software licenses, running services, and more. Categorize assets according to product families and custom tags. 
    • Vulnerability Management: Accurately monitor all system assets with the Six Sigma scanning functionality. Run security assessment reports, assign remediation tickets and manage application exceptions. The Qualys security configuration assessment (SCA) manages all security-related configuration issues with CIS-certified controls and policies. 
    • Continuous Surveillance: Receive vulnerability alerts in real time with continuous monitoring. Set up custom surveillance profiles and datasets to detect unexpected hosts, expiring SSL certificates, open ports, undesired software and other severe vulnerabilities. 
    • File Integrity Monitoring: Monitor operating systems globally to manage core events, keep tabs on file integrity and capture change incidents. Use preconfigured industry-specific protocols to maintain file integrity and compliance requirements. 
    • System Monitoring: Safeguard the system against vulnerabilities, exploitations and misconfigurations with the multi-vector endpoint detection and response module. Get vital context and insights into security incidents by correlating multiple context vectors. Acquire complete visibility of endpoint processes and threat remediation. 
    • Remediation Response: Automatically correlate asset inventory against a vulnerability disclosure live feed to determine critical threats. Search for specific product information and vulnerabilities with customizable queries. Filter threats according to its real-time threat indicator (RTI). 
  • Cloud Security: Protect both hybrid and public cloud environments with platform-wide security coverage, complete asset visibility and virtual scanner applications. 
    • Asset Management: Secure cloud assets and public workloads with real-time tracking and classification of vulnerability instances. 
    • Prioritize Remediation: Automatically target critical vulnerabilities first with the Threat Protections module’s Live Threat Intelligence Feed. 
    • Compliance: Investigate applications, operating systems and network devices for compliance failure and configuration drift. Streamline the organization’s compliance assessments with preconfigured policies using CIS Benchmarks. Create technology-specific custom controls and run reports for risk managers, auditors and executives. 
    • Account Security: Maintain a holistic view of cloud accounts, assets and services with its Cloud Inventory module. Safeguard against misconfigurations, non-standard deployments and security breaches with the Cloud Security Assessment extension. 
  • Web Application Security: Leverage web application scanning and firewall capabilities to scan and defend against external threats like OWASP Top 10 attacks. Patch and remedy vulnerabilities in real time. 
    • Visibility: Monitor both approved and unapproved web applications with custom labels. Automatically update inventory with applications hosted on local, mobile, IoT or cloud architectures. 
    • Vulnerability Detection: Continuously scan all connected web applications for critical vulnerabilities and misconfigurations. Smart scanning covers all SOAP and REST-based APIs and prepares custom security reports. 
    • Application Testing: Perform test runs of web applications on remote and mobile devices, cloud environments and internal networks. Run complex scans throughout the development and quality analysis stages. Supports processes like DevOps, Agile and Continuous Delivery. 
    • Malware Protection: Use the dashboard to scan, detect and eliminate malware. Run remediation and blacklist infected websites. 
    • Block Web Server Attacks: The Web App Firewall module creates virtual patches and remediation responses on the go. Detect and patch vulnerabilities with security templates and establish custom rules for the firewall. 
  • Endpoint Security: Maintain a continuous inventory of all connected endpoint devices including PCs, laptops, tablets, smartphones and more. Detect suspicious activity and vulnerability in real time with complete visibility of networked endpoints. Eliminate critical misconfigurations and breaches with multi-vector threat contextualization, data visualizations and forensic analysis. 
    • Compliance: Automatically ensure compliance of endpoint devices with IT policies and mandates like PCI, GDPR and HIPAA. 
  • DevOps: Get dedicated support throughout the application development lifecycle with bug and misconfiguration testing, compliance audits and security checks. 
    • Integration: Streamline the development process with popular tools and plugins including Puppet, Bamboo, Jenkins ServiceNow and more. Create appropriate integrations with REST-based APIs. Visit the vendor’s Github repository to access the sample code. 
    • Track Progress: Run reports with data consolidated from integrated applications and internal processes. Run reports directly from the dashboard and compare performance against industry benchmarks and standards. 
    • Container Security: Securely build and develop container-native applications without disrupting integration and deployment pipelines. Scan container images for vulnerabilities and compliance failures. Automatically detect runtime errors and behavioral anomalies in applications deployed on AWS ECR, Fargate and EKS. 
  • Compliance Solutions: Ensure the organization’s practices, assets, endpoint devices and applications are in compliance with industry standards and regulations. Generate reports on compliance data and manage third-party risks like contractors, partners and vendors. 
    • IT Compliance: Oversee compliance of IT assets. Automate the verification process with custom controls and configuration requirements. 
    • PCI Compliance: Comply with Payment Card Industry Data Security Standard (PCI DSS) guidelines. Patch vulnerabilities and submit compliance reports to relevant banks. 
    • Third-Party Risk: Automate third-party risk management with purpose-built notifications, deadlines, workflows, templates and more. 
  • Public Cloud Platforms Integration: The vendor provides security and compliance services for Microsoft Azure, Google Cloud and AWS. 
IDX
IDX
Start Price
$3.88
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
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Key Features

  • Access Controls/Permissions
  • Activity Monitoring
  • AI/Machine Learning
  • Alerts/Notifications
  • Allow / Block List
  • Archiving & Retention
  • Asset Tracking
  • Audit Management
  • Audit Planning
  • Behavioral Analytics
  • Business Process Control
  • Check Fraud Detection
  • Compliance Management
  • Consent Management
  • Corrective and Preventive Actions (CAPA)
  • Custom Fraud Rules
  • Customer Accounts
  • Dashboard
  • Data Discovery
  • Data Mapping
  • Email Routing
  • Encryption
  • Endpoint Management
  • Exceptions Management
  • For Banking
  • For Insurance Industry
  • Forms Management
  • Incident Management
  • Internal Controls Management
  • Internal Fraud Monitoring
  • IOC Verification
  • Issue Management
  • IT Risk Management
  • Legal Risk Management
  • Mobile Access
  • Operational Risk Management
  • PIA / DPIA
  • Policy Management
  • Predictive Analytics
  • Quarantine
  • Reporting/Analytics
  • Reputational Risk Management
  • Response Management
  • Risk Assessment
  • Risk Management
  • Sensitive Data Identification
  • Spam Blocker
  • Spam Detection
  • Task Management
  • Tokenization
  • User Management
  • Vulnerability Scanning
  • Whitelisting/Blacklisting
  • Workflow Management
Mango Languages
Mango Languages
Start Price
$7.99
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
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Key Features

  • Academic/Education
  • Assessment Management
  • Asynchronous Learning
  • Blended Learning
  • Built-in Course Authoring
  • Corporate/Business
  • Course Authoring
  • Course Management
  • Course Tracking
  • Gamification
  • Learner Portal
  • Learning Management
  • Learning Paths/Tracks
  • Mobile Learning
  • Multi-Language
  • Progress Tracking
  • Reporting & Statistics
  • SCORM Compliance
  • Self-Learning
  • Social Learning
  • Synchronous Learning
  • Video Conferencing
  • Virtual Classroom, eCommerce Management, eLearning Companies
Workiva
Workiva
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
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Why We Picked Workiva

Workiva is a cloud-based comprehensive reporting platform that provides unrestricted global access to FERC and SEC reporting modules, internal controls, and audit and policy management tools for complete in-house risk management. The platform can be difficult to learn initially, but a responsive support team makes it easier to understand the functionalities. In addition, automated reporting processes add a lot of value to the platform.

However, the NextGen platform has a few performance issues. Updates can cause temporary glitches and bugs, resulting in unforced errors in datasets. All in all, Workiva is a safe bet for vulnerability management software. In spite of high subscription costs, it’s an excellent candidate if you can fit it into your budget.

Pros & Cons

  • Functionality: 69% of users who reviewed this aspect were satisfied with the platform’s functionalities, including internal controls and issue Testing, SOX narratives, auditing, and policy management.
  • Ease of Use: According to 61% of users mentioning this element, the platform’s intuitive UI makes it easy to use.
  • Sharing and Collaboration: All the users who mentioned this element said the platform made it easier to share documents and collaborate on projects.
  • Service and Support: 83% of users reviewing customer support said it’s highly responsive and knowledgeable.
  • Automation: 100% of reviewers mentioning automation found it helpful to learn and apply new formats and automate financial and regulatory processes.
  • Speed and Performance: 100% of users mentioning performance said they experienced bugs, glitches and slow upload and export speed on the NextGen platform.
  • Cost: All the users who reviewed this aspect found the system’s subscription charges higher than its competitors.
  • Training Resources: 60% of users mentioning this element said the platform requires more training material to compensate for its steep learning curve.

Key Features

  • Enterprise Risk: Get a 360-degree picture of risk with dedicated assessment and remediation capabilities. Generate reports and perform internal audits to make informed business decisions. 
    • Risk Assessment: Track and assess risks in real time. Prepare risk assessment spreadsheets and act on critical risk information first. 
    • Aggregation and Analysis: Correlate and analyze multiple data sources to find the complete context behind risk information. Categorize risks by datasets like historic risk ratings, risk owners, pillars and more. 
    • Risk Prioritization: Prioritize critical risk throughout the environment with key risk indicator (KRI) information. 
    • Risk Reporting: Create up-to-date risk reports with data visualization options. Combine information from KRIs and risk owners with heat maps, graphs and scatter and bubble charts to prepare reports on enterprise risk. 
  • Internal Audit Management: Streamline the auditing process with custom templates and automated evidence gathering, certification, reporting and planning tools. Access relevant data, manage audits and follow up on tasks. 
    • Audit Analytics: Automatically populate audit reports in a no-code environment to highlight any exceptions. 
    • Templates: Process audits faster with over 3,000 purpose-built AuditNet templates. 
    • Audit Reporting: Increase stakeholder and audit committee engagement with personalized audit reports. Tailor reports accordingly by elaborating on specific details. 
    • Follow Up: Automatically drill down into complicated reports to elaborate on observations and recommended courses of action. 
  • Policy and Procedure Management: Manage policies and procedures across the entire organization. Maintain an up-to-date inventory of auditable policies and procedures. 
    • Policy Indexes: Correlate policies with regulations, controls, processes and risks to create an interconnected and centralized master index. Standardize policies with templates and automatically update changes. 
    • Review Permissions: Review and edit documents directly from the platform. Streamline the review process with automated assessments and audits. 
    • Document History: Track all edits to policy documents with full version history. Send documents for bulk approval and leave comments and reviews within the content. 
    • Attestation Tracking: Track policy status, link current document versions and schedule deadlines. Sign and approve policies from any device and export records for auditing purposes. 
  • Internal Controls: Improve the visibility and security of risk information with internal controls. Allow risk and control owners to make updates with full transparency. 
    • Documentation: Implement role-based permissions to control access to information. Review, edit and update files in their native formats with the Microsoft Office 365 integration. Instantly visualize updates by linking data fields to narratives and flowcharts. 
    • Testing: Perform random sampling tests with single or bulk tasks. Monitor test progress, attach samples and communicate results from the dashboard. Automatically corroborate evidence and track response. 
    • Reporting: Run convenient and tailored reports for data fields including issues tracking, COSO mapping, status reporting and more. Deliver accurate risk information to senior management, business partners and stakeholders. 
    • Certification: Leverage letter templates, customizable certificates and reminders to establish an efficient certification process. Sign and approve certificates from any device with an internet connection. 
  • FERC Reporting: Meet the Federal Energy Regulatory Commission’s (FERC) standards with accurate and prompt XBRL tagging. Work on connected datasets in real time to eliminate errors. Supported forms include electric (Form No. 1, 1-F, 3-Q, 714), gas (Form No. 2, 2A, 3Q), oil (Form No. 6, 6-Q) and service companies (Form No. 60). 
  • SEC Reporting: Streamline the preparation and filing of proxy statements, tax disclosures, 10-Qs, 10-Ks, 8-Ks, 20-Fs, Section 16 and more. Comply with European regulations like Solvency II, CIPC, IFRS and more. Link datasets to narratives and consolidate both structured and unstructured information with EDGAR and XBRL services. 
  • Capital Market Transactions: Implement a greater degree of control over debt, equity, IPO and M&A deals. Prepare documentation for capital market transactions, mergers, acquisitions, debt-offerings and take-private deals with preconfigured workflows. 
    • Speed and Accuracy: Link numbers and texts across multiple files to process transactional documentation faster. Streamline the evaluation process by automatically creating review, sign-off and commentary tasks within documents and reports. 
    • Risk Reduction: Eliminate inconsistent numbers, version inaccuracy and certification errors with a single consolidated data source. Maintain accountability, security and transparency with complete version history and permission-based access. 

    • Limitations

    At the time of this review, these are the limitations according to user feedback:

    •  Users located outside the US can experience latency issues in the SOX module. 
    •  The NextGen platform has a few incomplete features and bugs. 
    •  Involves a steep learning curve. 
    •  High subscription charges. 

    Suite Support

    Visit the vendor’s support center to learn more about using the platform; online resources include patch notes, beginner’s guides, articles, hot topics and transition assets. The community forum hosts discussions, events, webinars and feedback.

    mail_outlineEmail: [email protected].
    phonePhone: (800) 706-6526. Additional phone numbers for customers in other regions are available on the vendor’s website.
    schoolTraining: Log in to the vendor’s website to access the Learning Hub. Online training is available in the form of guided courses, videos, newsletters and simulations.
    local_offerTickets: Visit the vendor’s website to submit a support ticket.
Riskalyze
Riskalyze
Start Price
$250
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
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Key Features

  • Accounting
  • Alerts/Notifications
  • Audit Management
  • Benchmarking
  • Bonds / Stocks
  • Business Process Control
  • Client Management
  • Client Portal
  • Commodity Futures
  • Compliance Management
  • Compliance Tracking
  • Corrective and Preventive Actions (CAPA)
  • Credit Risk Management
  • Data Import/Export
  • Exceptions Management
  • Financial Analysis
  • For Hedge Funds
  • For Investment Advisors
  • For Investors & Traders
  • For Traders
  • Fund Management
  • Internal Controls Management
  • IT Risk Management
  • Legal Risk Management
  • Liquidity Analysis
  • Loan Portfolio Management
  • Market Risk Management
  • Mobile Access
  • Modeling & Simulation
  • Operational Risk Management
  • Performance Metrics
  • Portfolio Accounting
  • Portfolio Management
  • Portfolio Modeling
  • Portfolio Rebalancing
  • Predictive Analytics
  • Real Estate
  • Reporting/Analytics
  • Reputational Risk Management
  • Response Management
  • Risk Analytics
  • Risk Assessment
  • Risk Management
  • Stock Management
  • Stress Tests
  • Tax Management
  • Wash Sale Detection
Kiteworks
Kiteworks
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
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Key Features

  • Activity Dashboard
  • AI/Machine Learning
  • Alerts / Escalation
  • Alerts/Notifications
  • Anomaly/Malware Detection
  • API
  • Audit Trail
  • Collaboration Tools
  • Content Filtering
  • Content Management
  • Customizable Branding
  • Data Leak Prevention
  • Document Storage
  • Drag & Drop
  • Encryption
  • File Management
  • File Sharing
  • File Transfer
  • For MSPs
  • Intrusion Detection System
  • IP Filtering
  • Log Access
  • Mobile Access
  • Network Monitoring
  • Policy Management
  • Project Management
  • Quarantine
  • Real Time Editing
  • Real Time Monitoring
  • Real-time Updates
  • Reporting & Statistics
  • Reporting/Analytics
  • Scheduled / Automated Reports
  • Security Auditing
  • Single Sign On
  • Spam Analysis
  • Task Management
  • Third Party Integrations
  • Threat Protection
  • Two-Factor Authentication
  • Version Control
  • Whitelisting/Blacklisting
Resolver
Resolver
Start Price
$10,000
Annually
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
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Why We Picked Resolver

Resolver provides enterprise risk management, incident management, and security and investigation modules in a stable and easy-to-use package. It offers a high degree of flexibility and customizability to ensure seamless scaling with changes and requirements. The ability to create custom reports further adds to its price to performance value. However, the platform’s lengthy implementation process can negatively impact time to market.

All things considered, Resolver offers excellent functionalities for this price range as long as you don’t have to compromise on integration options important to your business.

Pros & Cons

  • Functionality: The solution offers multiple features for governance, risk and compliance management, according to 88% of users who reviewed this aspect.
  • Ease of Use: According to 72% of users reviewing this element, the platform’s intuitive UI and customizability make it easy to use.
  • Speed and Performance: 67% of users who mentioned the platform’s performance said it’s fast and reliable.
  • Reporting: Regarding this feature, 75% of reviewers expressed satisfaction with flexible and highly customizable reports.
  • Service and Support: 89% of users who reviewed the customer support said it’s friendly and useful with great incident management skills.
  • Integrations: The platform needs wider and better integration options, according to 100% of users who reviewed this aspect.
  • Implementation and Setup: All the users who mentioned this element said the implementation process is time-consuming.

Key Features

  • Incident Management: Simplify the organization’s incident reporting process. Automate incident remediation with artificial intelligence. Track root causes, location, trends and charts to prevent future occurrences. 
    • Intelligent Triage: Leverage artificial intelligence algorithms to tag corporate incidents and prioritize remediation. 
    • Customization: Create, customize and define data fields, forms and workflows in a low-code environment. 
    • Geo-Mapping: Track specific elements within incident reports to create a geo-map and visualize possible connections and associations. 
    • Data Warehouse, Analytics & Reporting: Run reports on investigative efficiency, incident volumes, high-risk assets and more. Analyze the organization’s data to generate predictive models. 
  • Investigation Management: Drill down into investigation reports to link evidence, narratives, losses, incident properties, persons of interest, logs, attachments, recoveries and more. Get a holistic view of the organization’s security risks. 
    • Integrate with Incident Management: Interact directly with the incident management module to supply context for investigations. 
    • Automation: Streamline the investigation process with custom workflows. Automate incident reporting, investigation, approval and triage. 
    • Data Collection: Provide context to investigations with incident-specific data on locations, assets, individuals and more. Collect evidence with an unbroken chain of custody. 
    • Investigation Insights: Get detailed insights on performance metrics including unresolved investigations, expenses, time per investigation and more. Improve future investigations with reports on failed controls and gaps in remediation. 
    • Management and Resolution: Find connections between related incidents with forensic data analysis. Group related incidents and investigations together to streamline case management. 
  • Risk Management: Optimize enterprise security risk management with integrated incident reporting capabilities. Perform audits securely and analyze audit scores. Prepare effective security policies and automate submission, approval and remediation processes. 
    • Location-Based Asset Planning: Prepare custom controls and security measures tailored to protect critical assets present in different locations. 
    • Track Assets & Risks: Create an inventory, track actual and perceived values and identify critical assets. Maintain a real-time risk register with incident metrics and live KPIs to predict future risks. 
    • Manage Corrective Actions: Monitor issues from identification to remediation, all from the same platform. 
    • Risk Prioritization: Maximize return on investment with automated risk prioritization. 
    • Data Storage: Create and keep track of all security incidents in a central database. 
Veriforce
Veriforce
Start Price
$1,500
Annually
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
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Why We Picked Veriforce

Is Veriforce a force to be reckoned with in the world of risk management software, or is it a force for frustration?

User reviews from the past year paint a bleak picture of Veriforce. The software is criticized for its poor customer service, which is described as "horrible" and "the worst ever." Users report difficulty getting in touch with customer support, with calls going unanswered and messages ignored for weeks. This lack of responsiveness is a major concern for businesses that rely on Veriforce to manage their supply chain risks, as it can lead to delays and disruptions in operations. While Veriforce offers a comprehensive suite of features, including contractor management, operator qualification programs, and safety monitoring, these features are overshadowed by the platform's unreliable customer support. Users who have experienced these issues are quick to point out that Veriforce falls short compared to similar products like ISN, Avetta, and TPS, which are known for their responsive customer service. Veriforce's lack of customer support is a significant drawback, as it can lead to frustration and dissatisfaction among users. Ultimately, Veriforce is best suited for businesses that are willing to tolerate poor customer service and are comfortable with the risk of delays and disruptions in their operations.

Pros & Cons

  • Easy to Use: Users consistently praise Veriforce for its intuitive interface, making it easy to navigate and manage even complex risk assessments.
  • Comprehensive Risk Management: Veriforce offers a wide range of features, allowing users to track and manage various risks, from safety hazards to compliance issues, in a single platform.
  • Strong Reporting Capabilities: Users appreciate the detailed reports generated by Veriforce, providing valuable insights into risk trends and helping them make informed decisions.
  • Excellent Customer Support: Veriforce is known for its responsive and helpful customer support team, providing timely assistance and resolving issues efficiently.
  • Limited Customization: Some users have reported difficulty tailoring the platform to their specific risk management needs, finding it inflexible and lacking in customization options. For example, they may not be able to create custom reports or dashboards that align with their unique risk profiles.
  • Steep Learning Curve: The platform's interface can be complex and challenging to navigate, requiring significant time and effort to master. This can be particularly frustrating for users who are new to risk management software or who have limited technical expertise.
  • Lack of Mobile Optimization: The platform's mobile app is not as robust or user-friendly as its desktop version, making it difficult to manage risks on the go. This can be a significant drawback for organizations that require their risk managers to be able to access and update information from anywhere.
  • Integration Challenges: Integrating Veriforce with other systems can be a complex and time-consuming process, leading to potential data inconsistencies and workflow disruptions. This can be a major obstacle for organizations that rely on a variety of software applications to manage their operations.

Key Features

  • Compliance Management: Streamlines the process of tracking and managing regulatory compliance requirements across various jurisdictions.
  • Contractor Management: Facilitates the onboarding, qualification, and monitoring of contractors to ensure they meet safety and compliance standards.
  • Incident Management: Provides tools for reporting, tracking, and analyzing workplace incidents to improve safety protocols and reduce future risks.
  • Training and Certification Tracking: Keeps records of employee training and certifications, ensuring that all personnel are qualified for their roles.
  • Audit Management: Simplifies the scheduling, execution, and documentation of internal and external audits to ensure compliance and identify areas for improvement.
  • Document Management: Centralizes the storage and retrieval of critical documents, making it easier to maintain up-to-date records and ensure accessibility.
  • Risk Assessment Tools: Offers comprehensive tools for identifying, evaluating, and mitigating risks within the organization.
  • Performance Analytics: Provides detailed analytics and reporting capabilities to monitor key performance indicators and drive data-driven decision-making.
  • Mobile Accessibility: Ensures that users can access the platform and perform essential tasks from mobile devices, enhancing flexibility and responsiveness.
  • Customizable Dashboards: Allows users to create personalized dashboards to quickly access the most relevant information and metrics.
  • Integration Capabilities: Supports integration with other enterprise systems, such as ERP and HR software, to streamline data flow and improve operational efficiency.
  • Real-Time Notifications: Sends instant alerts and notifications to keep stakeholders informed of critical updates and changes.
  • User-Friendly Interface: Features an intuitive and easy-to-navigate interface, reducing the learning curve and enhancing user experience.
  • Regulatory Updates: Keeps users informed of the latest regulatory changes and updates, helping organizations stay compliant with evolving standards.
  • Custom Reporting: Enables the creation of tailored reports to meet specific business needs and regulatory requirements.

COMPARE THE BEST Risk Management Tools in Healthcare

Select up to 2 Products from the list below to compare

 
Product
Score
i
SelectHub’s Analyst Rating is based on data from our 400+ point analysis of Risk Management Tools in Healthcare, user reviews, and our own crowd-sourced data from our free software selection platform. Scores are periodically updated via ongoing selection projects and user activity within our platform.
Start Price
Free Trial
Company Size
Deployment
Platform
Logo
Avetta
Still gathering data
No
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
Avetta
Refinitiv
Still gathering data
No
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
Refinitiv
Qualys
Still gathering data
No
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
Qualys
IDX
$3.88
Yes
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
IDX
Mango Languages
$7.99
Yes
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
Mango Languages
Workiva
Undisclosed
Yes
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
Workiva
Riskalyze
$250
No
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
Riskalyze
Kiteworks
Still gathering data
Yes
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
Kiteworks
Resolver
$10,000
Annually
No
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
Resolver
Veriforce
$1,500
Annually
No
Small Medium Large
Cloud On-Premise
Mac Windows Linux Chromebook Android
Veriforce

All Risk Management Tools in Healthcare (113 found)

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Avetta

by Avetta
Avetta
Avetta is a reputable software tool that ranks 3 among all Risk Management Software according to our research analysts and 60 crowd-sourced reviews from 2 sources. Avetta is most applicable for any sized company. Avetta can be deployed in the cloud. Similar alternatives to Avetta include KPA Risk Management Center, ARMATURE Fabric and Contentverse.
User Sentiment User satisfaction level icon: poor
Cost Breakdown
$100 - $500
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
Request with no obligation:
Demo Pricing

Refinitiv

by Refinitiv
Refinitiv
Refinitiv is a leading solution that ranks 4 among all Risk Management Software according to our research analysts and 5 crowd-sourced reviews from 1 source. Refinitiv can be deployed online. Similar alternatives to Refinitiv include KPA Risk Management Center, ARMATURE Fabric and SecurityGate.
User Sentiment User satisfaction level icon: excellent
Cost Breakdown
$100 - $500
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
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Demo Pricing

Qualys

by Qualys, Inc.
Qualys
The Qualys Cloud Platform integrates IT, security and compliance into one vulnerability management solution. It provides organizations with global continuous, end-to-end threat detection in real time. A constant, system-wide analysis of every connected device’s security and compliance status allows it to prevent, detect, and immediately respond to threats whenever required. Comes with advanced security data indexing that allows for almost instantaneous finding and quarantining of compromised data. Provides users with a customizable and dynamic dashboard that can monitor the IT, security and compliance conditions of the entire environment in one workspace. Having all-in-one infrastructure security, web app security, cloud security and endpoint security allow organizations to synchronize all teams. The built-in threat prioritization and automated response modules for all categorized system assets provide comprehensive security.
User Sentiment User satisfaction level icon: great
Cost Breakdown
$500 - $1,000
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
Request with no obligation:
Demo Pricing

IDX

by IDX
IDX
IDX is a prominent software platform that ranks 7 among all Risk Management Software according to our research analysts. Starting from $3.88, IDX is priced fairly and has offered a free trial in the past. IDX can be deployed in the cloud and on-premise and is accessible from a fewer number of platforms including Windows devices. Similar alternatives to IDX include KPA Risk Management Center, ARMATURE Fabric and SecurityGate.
Cost Breakdown
$10 or less
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
Request with no obligation:
Demo Pricing

Mango Languages

by Mango Languages
Mango Languages
Mango Languages is a well-known software application that ranks 69 among all LMS Software according to our research analysts and 10 crowd-sourced reviews from 2 sources. Starting from $7.99, Mango Languages is priced for those with smaller budgets, offers a free trial on occasion and is most fitting for any business. Mango Languages can be deployed online. Similar alternatives to Mango Languages include Unlock LEARN, Edly and izi LMS.
User Sentiment User satisfaction level icon: great
Cost Breakdown
$10 or less
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
Request with no obligation:
Demo Pricing

Workiva

by Workiva
Workiva
Workiva is a cloud-based reporting platform that globally connects an organization’s workforce with its data sets and data sources. It combines all user data under a single digital roof to remove any errors and ensure complete transparency. Provides automatic and secure scheduling of repetitive tasks and recycles redundant data and reports into functional assets. It allows users to visualize data relating to ERP, consolidation, compliance, security, budgeting and more by connecting everything under one secure reporting module. A live-updating dashboard with a code-free interface allows for easy analysis and data reporting. It auto-updates linked cross-organizational data for a seamless reporting experience.
User Sentiment User satisfaction level icon: excellent
Cost Breakdown
$1,000 or more
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
Request with no obligation:
Demo Pricing

Riskalyze

by Riskalyze
Riskalyze
Riskalyze is a high-profile software tool that ranks 11 among all Risk Management Software according to our research analysts and 10 crowd-sourced reviews from 1 source. Starting from $250, Riskalyze is priced within reason and is most suitable for all company sizes. Riskalyze can be deployed in the cloud. Similar alternatives to Riskalyze include KPA Risk Management Center, ARMATURE Fabric and Contentverse.
User Sentiment User satisfaction level icon: excellent
Cost Breakdown
$100 - $500
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
Request with no obligation:
Demo Pricing

Kiteworks

by Accellion
Kiteworks
Kiteworks is a prominent application that ranks 12 among all Risk Management Software according to our research analysts and 25 crowd-sourced reviews from 1 source. Kiteworks is most fitting for companies with hundreds or thousands of employees. Kiteworks can be deployed in the cloud and on-premise and is accessible from a limited set of platforms including Windows and Linux devices. Similar alternatives to Kiteworks include KPA Risk Management Center, ARMATURE Fabric and Contentverse.
User Sentiment User satisfaction level icon: great
Cost Breakdown
$100 - $500
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
Request with no obligation:
Demo Pricing

Resolver

by Resolver Inc.
Resolver
Resolver provides organizations with a single enterprise solution to manage corporate security, system governance, information security, governance, risk and compliance. Its dynamic approach to individual user requirements makes data transformation and sharing more accessible and efficient. Allows users to access all the data securely within a single interface for better reporting and analytics. Features automated system-wide investigation, response and reports on vulnerabilities and data breaches to provide complete security.
User Sentiment User satisfaction level icon: great
Cost Breakdown
$1,000 or more
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
Request with no obligation:
Demo Pricing

Veriforce

by Veriforce
Veriforce
Veriforce offers a comprehensive software solution designed to streamline risk management tasks, making it particularly beneficial for industries with stringent safety and compliance requirements. The platform excels in managing contractor safety, compliance, and workforce training, ensuring that all regulatory standards are met efficiently. Companies in sectors such as oil and gas, utilities, and construction find Veriforce especially useful due to its robust features tailored to their specific needs. Key benefits of using Veriforce include enhanced visibility into compliance status, reduced administrative burden, and improved safety outcomes. Popular features include real-time tracking of compliance metrics, automated alerts for non-compliance issues, and detailed reporting capabilities. Users appreciate the intuitive interface and the ability to customize the platform to fit their unique operational requirements. In terms of pricing, Veriforce typically operates on a subscription model, with costs varying based on the number of users and the specific features required. This flexible pricing structure allows businesses of different sizes to find a suitable plan. Compared to similar products, Veriforce is often praised for its user-friendly design and comprehensive support, making it a preferred choice for many organizations focused on rigorous risk management.
User Sentiment User satisfaction level icon: poor
Cost Breakdown
$1,000 or more
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
Request with no obligation:
Demo Pricing

ReliaQuest

by Digital Shadows
ReliaQuest
ReliaQuest is a well-known software platform that ranks 15 among all Risk Management Software according to our research analysts. Starting from $50000, ReliaQuest is priced fairly, commonly offers a free trial and is most suitable for any business. Similar alternatives to ReliaQuest include IsoMetrix, OpenPages and KPA Risk Management Center.
Cost Breakdown
$1,000 or more
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
Request with no obligation:
Demo Pricing

Virtru

by Virtru
Virtru
Virtru is a well-known platform that ranks 16 among all Risk Management Software according to our research analysts and 74 crowd-sourced reviews from 2 sources. Starting from $0.01, Virtru is priced at a low cost and is most suitable for any sized company. Virtru can be deployed in the cloud and on-premise and is accessible from a few platforms including Windows devices. Similar alternatives to Virtru include ThreatMark, HIPAAtrek and RiskRate.
User Sentiment User satisfaction level icon: excellent
Cost Breakdown
$10 or less
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
Request with no obligation:
Demo Pricing

Security Scorecard

by SecurityScorecard
Security Scorecard
Security Scorecard is a popular software tool that ranks 17 among all Risk Management Software according to our research analysts and 12 crowd-sourced reviews from 2 sources. Starting from $20000, Security Scorecard is priced on the costly side, commonly offers a free trial and is most applicable for all business sizes. Security Scorecard can be deployed online. Similar alternatives to Security Scorecard include smartGRC, StandardFusion and TrustLayer.
User Sentiment User satisfaction level icon: great
Cost Breakdown
$1,000 or more
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
Request with no obligation:
Demo Pricing

Building Engines

by Building Engines
Building Engines
Building Engines is a platform to manage commercial real estate (CRE) building operations. It connects all CRE tech stack elements under a single, open, user-friendly interface. Provides modules to manage building communications, work orders, preventive maintenance, space allocation, insurance, HVAC status, inspection, and more to help real estate managers maximize revenue and profitability while maintaining tenant satisfaction. Provides real-time analysis and reporting of security and compliance through every point of building operations. Organizations can use it to automate day-to-day operations and pinpoint critical improvement areas. Tenants can access it to utilize tenant services like broadcast messaging and vendor contact information.
User Sentiment User satisfaction level icon: great
Cost Breakdown
$10 or less
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
Request with no obligation:
Demo Pricing

Onfido

by Onfido
Onfido
Onfido is a popular application that ranks 19 among all Risk Management Software according to our research analysts and 2 crowd-sourced reviews from 1 source. Onfido is most fitting for enterprise-level businesses. Onfido can be deployed in the cloud. Similar alternatives to Onfido include KPA Risk Management Center, ARMATURE Fabric and Contentverse.
User Sentiment User satisfaction level icon: excellent
Cost Breakdown
$100 - $500
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
Request with no obligation:
Demo Pricing

MasterControl

by MasterControl
MasterControl
MasterControl is a cloud-based platform that supervises an organization’s security, compliance and quality standards. It brings all clinical data under one roof to comprehensively analyze and correct data breaches, consumer complaints, production deficits and quality deviations. Provides automated and user-friendly methods to manage different phases throughout the product development life cycle. Users can access the complete set of integrated modules to manage documentation, application, audits and suppliers. Automated training modules educate new users while the Corrective and Protective Actions (CAPA) module handles threat response protocols.
User Sentiment User satisfaction level icon: great
Cost Breakdown
$100 - $500
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
Request with no obligation:
Demo Pricing

ComplySci

by ComplySci
ComplySci
ComplySci is a well-known software product that ranks 21 among all Risk Management Software according to our research analysts and 14 crowd-sourced reviews from 1 source. Starting from $3000, ComplySci is priced reasonably and is most applicable for companies of all sizes. ComplySci can be deployed online and on-premise and is accessible from a limited amount of platforms including Windows devices. Similar alternatives to ComplySci include KPA Risk Management Center, ARMATURE Fabric and Contentverse.
User Sentiment User satisfaction level icon: excellent
Cost Breakdown
$1,000 or more
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
Request with no obligation:
Demo Pricing

ZeroFOX

by ZeroFOX
ZeroFOX
ZeroFOX is a popular software solution that ranks 23 among all Risk Management Software according to our research analysts and 1 crowd-sourced review from 1 source. Starting from $99, ZeroFOX is priced reasonably and has offered a free trial in the past. ZeroFOX can be deployed in the cloud. Similar alternatives to ZeroFOX include KPA Risk Management Center, ARMATURE Fabric and SecurityGate.
User Sentiment User satisfaction level icon: great
Cost Breakdown
$10 - $100
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
Request with no obligation:
Demo Pricing

Interos

by Interos
Interos
Interos is a popular application that ranks 24 among all Risk Management Software according to our research analysts. Interos can be deployed online and on-premise and is accessible from a few platforms including Windows and Linux devices. Similar alternatives to Interos include KPA Risk Management Center, ARMATURE Fabric and SecurityGate.
Cost Breakdown
$100 - $500
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
Request with no obligation:
Demo Pricing

NAVEX Global

by NAVEX Global
NAVEX Global
Navex Global provides integrated security and compliance management solutions that handle a full range of risk assessments and response protocols. Its reporting and analysis modules track people risk, regulatory risk, business risk and environment, social and governance (ESG) risk. Feedback-driven reporting increases the visibility of opportunities and achievements. Automatically secures users against data breaches, workplace hazards, vendor compliance failures, production disruptions, regulation compliance failures and more with its highly configurable interface. It compares resource, third-party, performance and corporate data to generate sustainability reports. Provides legally vetted compliance, cybersecurity and ethical training for employees.
User Sentiment User satisfaction level icon: good
Cost Breakdown
$1,000 or more
Company Size
Small Medium Large
Deployment
Cloud On-Premise
Platform
Mac Windows Linux Chromebook Android
Request with no obligation:
Demo Pricing

Buyer's Guide

Risk Management Tools in Healthcare Are All About Improving Healthcare Delivery and Management

By Perminder Kaur, Technical Writer at SelectHub

Risk Management Tools in Healthcare BG Intro

The healthcare system has historically overlooked risk management. But the COVID-19 pandemic has highlighted critical issues in the healthcare industry, such as rising costs, inadequate access to care, workforce shortages, medical errors and a lack of technological innovation. To tackle these challenges, medical professionals are increasingly incorporating risk management tools in healthcare.

In this buyer’s guide, we’ll cover what healthcare risk management tools are, how they can benefit your organization, their features and how to select the most appropriate solution.

Executive Summary

  • Healthcare risk management tools let you identify, assess and mitigate organizational risks to ensure patient safety and meet regulatory compliance.
  • These tools help avoid financial losses by improving medical services.
  • The software reports incidents after a thorough investigation and leverages data analytics to improve patient outcomes.
  • When evaluating risk management tools in healthcare, we recommend preparing a requirements checklist and establishing a budget beforehand to sift through the multiple options available.
What This Guide Covers:

What Are Healthcare Risk Management Tools?

Healthcare risk management tools are platforms designed to identify, monitor, evaluate and prevent potential risks in healthcare. They’re a combination of clinical and administrative frameworks, protocols, procedures and reporting mechanisms.

These systems offer advanced risk assessment and management features to prioritize risks based on severity, develop mitigation strategies and track their progress. You can ensure compliance with regulatory requirements with automated notifications, customizable compliance checklists and in-depth reports.

Its advanced analytics features let you analyze extensive volumes of data to recognize recurring patterns and trends, helping you make informed decisions about patient care and resource allocation. With predictive analytics, you can proactively find and mitigate risks to improve patient outcomes, reduce costs and enhance the overall quality of care.

Related Categories

Primary Benefits

Risk Management Tools in Healthcare Benefits

Avoid Financial Losses

Healthcare organizations often develop risk management strategies to address the financial impacts of various scenarios, such as medical errors, malpractice claims, compliance violations, reimbursement levels and insurance claims. According to a study, the implementation of well-structured and systematic risk management can minimize the costs associated with medical errors.

A risk management plan also lets you discover potential threats and develop mitigation strategies to avoid any negative impact on the organization's financial status. Moreover, by reducing the probability of threats, you can eliminate expenses associated with managing and recovering from them and minimize liabilities, leading to fewer fines and penalties.

Ensure Compliance

In order to meet legal requirements, ensure patient safety and protect your business’s reputation, you need to comply with internal regulations and relevant city, state and federal laws, including HIPAA, FDA and OSHA regulations.

For instance, some healthcare regulations focus on potential patient risks arising from shifts and schedules that result in exhausted medical staff. To address this issue, a study emphasized the importance of balancing the sleep schedules of hospital staff with patient safety concerns.

As regulations and compliance standards change frequently, you should update your healthcare risk management plans with the latest information.

Improve Brand Image

Effective staff communication and empathetic patient interactions are vital for healthcare organizations to build trust and maintain a good reputation, leading to increased patient volume. The software helps evaluate your current communication strategy and policies to ensure the risk management plan outlines how to respond to the public during data breaches or malpractice lawsuits.

Key Features & Functionality

It’s crucial to prioritize some basic features to optimize the success of risk management tools in healthcare, streamline the risk managementprocess and ensure a high-quality patient experience.

Risk Management Tools in Healthcare Features

Incident Reporting

This feature is crucial for effective risk management. Your staff can report incidents and near misses to accurately record and investigate them. It helps identify patterns and trends in patient safety events and take proactive steps to mitigate future risks.
Risk Assessment

You can assess the severity of risks and the likelihood of their occurrence to allocate resources accordingly. Develop targeted strategies to prevent and mitigate adverse events.
Investigation and Analysis

This feature lets you thoroughly investigate and analyze incidents to identify underlying causes and contributing factors and create practical solutions to prevent a recurrence. It also helps find system-level issues affecting patient safety and take corrective action to address them.
Corrective Actions Tracking

Track and manage corrective actions to adequately address and resolve identified problems. You can monitor their progress and assign responsibilities to relevant departments.
Reporting and Analytics

You can identify trends in incident data, measure the effectiveness of risk management strategies and track the progress of patient safety goals. It also helps improve decision-making by providing organizations with all the information they need.
Training and Education

You must ensure that your staff is knowledgeable and competent in identifying and managing risks. By providing adequate training and education, you can promote a safety culture, improve staff engagement and satisfaction, and ultimately improve patient outcomes.

Software Comparison Strategy

The healthcare risk management software market is expected to expand at a CAGR of 10.9% from 2022 to 2027. With this growth, there are multiple options available and selecting the appropriate healthcare risk management tool can be challenging. Therefore, remaining composed and adopting a structured, data-driven approach to software selection is crucial.

First, you should create a committee of stakeholders, including executives and department heads, to discuss and prioritize their needs from the new healthcare risk management software. After that, make a requirements checklist based on priorities.

Mentioned below are some of the factors that you should consider while creating your requirements list:

  • The number of business associates: The software must scale your vendor risk management (VRM) strategy alongside your organization's growth.
  • Self-reported Assessments: Prioritize solutions that allow business associates and third-party vendors to complete and upload their own assessments directly within the system. It streamlines the VRM process and helps reduce your team's workload. As a result, they can focus their efforts on reviewing and addressing higher-risk vendors.
  • Risk Filtering: The platform must allow you to rank your business associates based on their inherent risk level and evaluate how they use, store or disclose protected health information.
  • Automated notifications and logs: Consider solutions that let you send automatic email notifications for assessment reminders to all business partners. This saves time and enhances communication with vendors. In addition, an audit log of the email delivery status can help you ensure all vendors get necessary notifications, thereby reducing compliance issues.
  • Reporting and metrics for assessments: You can ensure accountability using detailed reports for business associate assessments and regulatory compliance.

To understand the platform and its functioning, consider conducting additional research, such as reading user reviews, contacting past customers and requesting product demos.

Cost & Pricing Considerations

The projected cost for personalized healthcare risk management software falls between $5,000 to $20,000. However, the final price might surpass the estimated value according to the intricacy of design, development timeline and geographical location.

The cost of on-premise deployment of risk management tools in healthcare can vary from vendor to vendor. It mostly depends on the size of your business and the features you require. Some vendors may charge extra for:

  • Implementation
  • Customization
  • Technical support
  • Maintenance
  • Upgrades
  • Training

The Most Popular Healthcare Risk Management Tools

It's important to note that there isn’t one solution that can work for every business. What may be effective for one company may not necessarily be the right fit for another. Hence, evaluating your distinct needs and circumstances is crucial to identify the ideal solution for your business.

To assist you in your search, we’ve provided overviews of some of the most popular healthcare risk management tools available in the market.

RSA Archer

RSA Archer offers enterprise-level solutions for managing governance, policies, risk, deficiencies and compliance. The platform helps seamlessly integrate external technologies, streamline critical workflows, automate business processes and configure the interface to enhance data visualization, reporting and analytics. You can automatically assign tasks, escalate critical issues and manage user access levels.

RSA Archer

Leverage various use cases of RSA Archer IT & security risk management.

MetricStream

MetricStream assists organizations in managing risks, cybersecurity, compliance and audits in multiple industries. Its AI technology uses embedded content and integrated data to generate profound expertise and practical insights. Machine learning ensures easy adaptability and scalability to handle future obligations. The advanced reporting and analytics module can analyze business and market trends, providing real-time intelligence for informed decision-making and improving stakeholder engagement.

You can consolidate all information into a federated data model, eliminating data silos and facilitating data correlation and visualization. The dashboard allows you to develop new APIs and incorporate third-party ones. It includes predictive models to improve threat detection and automates incident evidence collection, document creation and mapping of corporate hierarchy for efficient task management and accountability.

MetricStream

Know the severity of risks using MetricStream’s concise reports.

LogicManager

LogicManager is a comprehensive governance, risk and compliance (GRC) solution that integrates easily into any department. You can centralize data into a secure repository for a thorough assessment of location-specific, third-party and regulatory risks. It provides pre-built libraries to house risks, regulatory documentation and standards, allowing for easy tracking of compliance obligations, internal audits, claims and risk assessments. It also complies with multiple frameworks and regulations such as ISO, NIST, COBIT, GDPR, and CCPA.

The advanced analytics module and intuitive dashboard offer risk-intelligent reporting of vulnerability assessments with configurable data visualizations. Its taxonomy technology links regulations, risks and controls across departments, revealing correlational data and dependencies that enhance operational efficiency. You can automate assignments, threat remediation plans, document generation, alerts and reminders.

LogicManager

Customize and expand LogicManager’s pre-built risk libraries. Source

 

 

Questions To Ask

The following questions can help you develop a more thorough understanding of your company's requirements:

  • What’s our budget for the software?
  • What are the main operational issues that we’re currently facing?
  • Which features are the most essential for resolving these challenges?
  • Which integrations do we require?
  • How many employees will use the software?

Risk Management Tools in Healthcare Key Questions

Consider inquiring about the following aspects from potential vendors to gain deeper insights into both the software and vendor:

  • How do your customer support and training services cater to client needs?
  • Can the software fulfill specific business requirements?
  • What data security measures do you provide?
  • What integrations does the platform support?
  • What are the key benefits of the software?

Next Steps

The right risk management tools in healthcare can help identify, mitigate and prevent the potential patient safety hazards and provide a better quality of care. To find the ideal healthcare risk management software, you can start by analyzing pain points in your workflow and creating a list of required features. Then, ask prospective vendors about their customer support, data security and integration capabilities. Finally, take advantage of free trials and demos to choose the best fit for your needs.

In case you require further assistance, our free comparison report can help you make an informed decision by providing information on the industry’s leading systems.

Product Comparisons

Additional Resources

About The Contributors

The following expert team members are responsible for creating, reviewing, and fact checking the accuracy of this content.

Shauvik
By Shauvik Roy
Technical Content Writer
Shauvik Roy is a Market Analyst at Selecthub. He writes content for the insurance, risk management and legal domains. Hailing from the city of Kolkata, he has a Master's Degree in English from the University of Hyderabad. When he's not busy pitting one software against another, you will find him playing video games, reading sci-fi books or tinkering with his PC.
See Full Bio
Rohit Dutta
Technical Research By Rohit Dutta Mazumder
Senior Analyst
Hailing from the serene landscapes of Assam, India, Rohit is a seasoned professional with diverse expertise in several software categories. Armed with a Bachelor of Technology in Mechanical Engineering and an MBA in Operations Management, he brings a unique blend of technical acumen and strategic thinking to the table. His proficiency extends across dynamic fields such as Product Lifecycle Management, Hotel Management, Ecommerce, Accounting and Finance.
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Shashank
Technical Review By Shashank K K
Principal Analyst
After graduating with a Masters in Finance from Trinity College Dublin, K K Shashank's research and detail-oriented skills led them to SelectHub. He has diverse knowledge across various software categories like Accounting, Financial Planning and Analysis, Ecommerce, Risk Management, PLM, Insurance and more since 2020.
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Pooja
Edited By Pooja Verma
Content Editor
Pooja Verma is a Content Editor and Senior Market Analyst at SelectHub, who writes and edits content for endpoint security, legal, CRM, fundraising software, eCommerce, and mental health software. She earned a literature degree from Miranda House, DU and also holds Master’s in Journalism from Symbiosis Institute of Media and Communication in India. In her free time, you can spot her reading a book or binge-watching the latest web series and movies.
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