In an article from Hospital Impact we learn that the University of Michigan has reduced Malpractice Costs by $57.0 million be being transparent and open about mistakes AND apologizing where appropriate.
This is not a new concept. I wrote about this in a post from October 2009 . What is encouraging to me is that the idea seems to be catching on. In spite of the Scandal and Greed that makes the headlines, business people and leaders are every day making decisions that may seem “soft” like whether or not to apologize for a mistake. And as you can see there is a monetary value to this kind of decision making.
See the article here
Take Good Care