Risk assessment obligations for Medicare Advantage and Part D organizations

Regan A. Pennypacker (regan@ancorat.com) is President of Ancorat Consulting LLC in Hope Valley, RI.

We assess risk all the time. What happens if we don’t pay the electric bill? How close can we get to an angry dog? What if we said everything that was on our minds?

These seemingly easy choices we make each day are informed by our personal past experiences, knowledge of the experiences of others, and a weighing of benefits and risks based on this information. It could be said that assessing risk is a means of survival, because it helps drive the choices we make in each situation in the game of life. Each choice made, determined by our risk assessments, determines how far we get in the game.

Using that analogy, it should be clear that we have the basic tools to conduct a risk assessment hardwired in our brains. These tools come free of charge, and it is up to each person to decide how they use them. It is better to eliminate the possibility of making a poor choice rather than cleaning up the mess of making such a choice. That said, many industries mandate risk assessments to be conducted as part of their normal operations.

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