METHOD, SYSTEM AND COMPUTER PROGRAM PRODUCT FOR MANAGING HEALTH CARE RISK EXPOSURE OF AN ORGANIZATION

1 . A computer-implemented method for facilitating management of health care risk exposure of an organization, the method comprising:

receiving, by a processor, a plurality of records associated with an organization from one or more data sources, each record from among the plurality of records comprising data corresponding to a health related adverse event, wherein the data is received in a structured form;

generating, by the processor, a set of composite documents from the plurality of records, each composite document from among the set of composite documents comprising information in an unstructured form;

determining, by the processor, if the set of composite documents comprises instances of duplication of information;

creating, by the processor, events corresponding to the instances of duplication of information if the set of composite documents is determined to comprise instances of duplication of information;

classifying, by the processor, each event from among the created events using a predetermined taxonomy; and

analyzing, by the processor, the events classified using the predetermined taxonomy to facilitate assessment and management of health care risk exposure of the organization.

2 . The method as claimed in claim 1 , wherein a record corresponds to a claim, a complaint or an incident in a workplace setting related to the organization.

3 . The method as claimed in claim 1 , further comprising:

removing a structure of data in each record from among the plurality of records by the processor using an unstructuring algorithm to facilitate generation of the set of composite documents.

4 . The method as claimed in claim 1 , wherein a deduplication algorithm is used by the processor to identify instances of duplication of information in the set of composite documents.

5 . The method as claimed in claim 1 , wherein at least one event from among the created events corresponds to an occurrence of an activity that triggered a medical malpractice or a worker's compensation action.

6 . The method as claimed in claim 1 , further comprising:

classifying the each event based on the predetermined taxonomy using at least one of predefined rules and machine-learning algorithms.

7 . The method as claimed in claim 1 , wherein analyzing the events comprises performing at least one of benchmarking analysis, trend analysis and comparative analysis.

8 . The method as claimed in claim 1 , further comprising facilitating at least one of:

development of loss control programs for insured entities by the insurance carriers based on the analysis of the events; and

isolation of key sources of risk and development of intervention strategies by the risk managers based on the analysis of the events.

9 . A system for facilitating management of health care risk exposure of an organization, the system comprising:

a communication interface configured to receive a plurality of records associated with an organization from one or more data sources, each record from among the plurality of records comprising data corresponding to a health related adverse event, wherein the data is received in a structured form;

a document generator configured to receive the plurality of records from the communication interface and generate a set of composite documents, wherein each composite document from among the set of composite documents comprises information in an unstructured form;

a duplicate document identifier configured to determine if the set of composite documents comprises instances of duplication of information;

an event creator configured to create events corresponding to the instances of duplication of information if the set of composite documents is determined to comprise instances of duplication of information by the duplicate document identifier;

a taxonomy classifier configured to classify each event from among the created events using a predetermined taxonomy; and

an event analyzer configured to analyze the events classified by the taxonomy classifier to facilitate assessment and management of health care risk exposure of the organization.

10 . The system as claimed in claim 9 , wherein a record corresponds to a claim, a complaint or an incident in a workplace setting related to the organization.

11 . The system as claimed in claim 9 , wherein the document generator comprises an unstructuring algorithm capable of removing a structure of data in each record from among the plurality of records to facilitate generation of the set of composite documents.

12 . The system as claimed in claim 9 , wherein the duplicate document identifier comprises a deduplication algorithm capable of identifying instances of duplication of information in the set of composite documents.

13 . The system as claimed in claim 9 , wherein at least one event from among the created events corresponds to an occurrence of an activity that triggered a medical malpractice or a worker's compensation action.

14 . The system as claimed in claim 9 , wherein the taxonomy classifier is configured to classify the each event based on the predetermined taxonomy using at least one of predefined rules and machine-learning algorithms.

15 . The system as claimed in claim 9 , wherein the event analyzer is configured to facilitate at least one of:

development of loss control programs for insured entities by the insurance carriers based on the analysis of the events; and

isolation of key sources of risk and development of intervention strategies by the risk managers based on the analysis of the events.

16 . A computer program product comprising at least one computer-readable storage medium, the computer-readable storage medium comprising a set of instructions which, when executed by one or more processors, cause an electronic device to:

receive a plurality of records associated with an organization from one or more data sources, each record from among the plurality of records comprising data corresponding to a health related adverse event, wherein the data is received in a structured form;

generate a set of composite documents from the plurality of records, each composite document from among the set of composite documents comprising information in an unstructured form;

determine if the set of composite documents comprises instances of duplication of information;

create events corresponding to the instances of duplication of information if the set of composite documents is determined to comprise instances of duplication of information;

classify each event from among the created events using a predetermined taxonomy; and

analyze the events classified using the predetermined taxonomy to facilitate assessment and management of health care risk exposure of the organization.

17 . The computer program product as claimed in claim 16 , wherein a record corresponds to a claim, a complaint or an incident in a workplace setting related to an organization, and, wherein at least one event from among the created events corresponds to an occurrence of an activity that triggered a medical malpractice or a worker's compensation action.

18 . The computer program product as claimed in claim 16 , wherein the electronic device is further caused to:

remove a structure of data in each record from among the plurality of records using an unstructuring algorithm to facilitate generation of the set of composite documents.

19 . The computer program product as claimed in claim 16 , wherein the electronic device is further caused to:

use a deduplication algorithm to identify instances of duplication of information in the set of composite documents; and

classify each event based on the predetermined taxonomy using at least one of predefined rules and machine-learning algorithms

20 . The computer program product as claimed in claim 16 , wherein the electronic device is further caused to facilitate:

development of loss control programs for insured entities by the insurance carriers based on the analysis of the events; and

isolation of key sources of risk and development of intervention strategies by the risk managers based on the analysis of the events.