Developing risk management dashboards using risk and quality measures: A visual best practices approach

Area of Science:

• Healthcare Management
• Risk Management
• Health Informatics

Background:

• Quality measures are frequently used as a proxy for risk management in healthcare.
• However, quality measures alone are insufficient for comprehensive risk management.
• A gap exists in fully evaluating enterprise risk management (ERM) effectiveness.

Purpose of the Study:

• To differentiate between quality measures and risk management measures.
• To propose a comprehensive framework for evaluating ERM programs.
• To provide guidance on selecting and visualizing key performance indicators for risk management.

Main Methods:

• Literature review of existing quality and risk measures.
• Conceptualization of a multi-faceted approach to risk management measurement.
• Development of principles for dashboard design and visual best practices.

Main Results:

• Quality measures capture only certain aspects of risk management.
• A comprehensive strategy requires integrating quality measures, risk measures, and other unclassified metrics.
• Effective ERM evaluation hinges on identifying informative measures and optimal dashboard design.

Conclusions:

• Relying solely on quality measures for risk management is inadequate.
• A blended approach incorporating diverse measures is essential for robust ERM.
• Strategic dashboard design and visualization are critical for assessing ERM program value.