Which of the following best describes risk management?

Risk management in the context of healthcare involves identifying, assessing, and prioritizing risks followed by coordinated efforts to minimize, monitor, and control the probability or impact of unfortunate events. The option that states developing strategies to reduce potential liabilities accurately captures the essence of risk management. This involves not just the identification of risks, but also the proactive development of strategies to mitigate those risks, which ultimately protects the organization from financial loss, legal issues, and harm to patients.

The focus on developing strategies is critical because it moves beyond simply recognizing risks to acting on that knowledge to prevent incidents like medical errors or breaches of patient confidentiality. By implementing various strategies—such as training, policies, and procedures—an organization can enhance patient safety and ensure compliance with legal and regulatory requirements, effectively reducing potential liabilities.

In contrast, the other options do not encapsulate the core purpose of risk management. Maximizing profits through patient care is a business strategy but does not directly address risk. Enhancing quality through regulatory compliance is important, but it is more about meeting standards than managing risk specifically. Implementing new healthcare technologies can improve efficiency or care but is not synonymous with risk management—rather, it can introduce new risks that need to be managed.