The form of the FMEA is not as important as the exercise of creating and maintaining it diligently, but those that I've completed or reviewed in the medical device industry have all had the same general elements. Typically, each row of the matrix relates to a particular failure or hazard (e.g. "biological contamination"

which is described in one of the columns. The effect/consequence of the hazard is described in another column (e.g. "patient infection"

, and receives some rating or ranking of the effect in terms of severity. The cause(s) of the failure (e.g. "ineffective sterilization process"

is described in another column, and receives a probability rating for the occurrence of the failure. The method(s) of prevention or detection is described in another column (e.g. "sterilization validation and periodic audits; certification of sterilization dose"

, and receives a rating for the probability that the failure will be prevented or detected.
Note that many failures have several potential causes (modes) and each should be described and rated separately along with the specific mitigation methods.
The rankings are typically used in some calculation to come up with an overall criticality rating for each failure mode, which helps prioritize the mitigation activities. I've always taken the product of the probabilities and the severity weighting factor, and compared them to a list of ranges which indicate general criticality levels. The numeric portion of the FMEA is where most meetings for these documents degenerate into debate. Don't get too wrapped up in this - most ratings can reasonably be argued up or down one level, and it's all just a guess unless you have copious data behind your rating system. The important thing is to conduct the exercise with diligence and honestly identify failure modes.
The final and most important portion of the FMEA is the description of project activities which mitigate the failure modes. It's bad if the team fails to identify a significant risk; it's worse if they identify a significant risk and fail to do anything about it. It's the difference between incompetence and negligence.
The FMEA should be generated by team members from all primary disciplines, and treated iteratively as a living document. It should be created as soon as the product or process specification has been documented, and criticality levels will typically be high. As the project goes on and mitigation activities are completed, the document reviews should reflect this by lowering the probability ratings. If a change is made to the product or process, the FMEA should be consulted and updated as necessary - new failure modes may result from the change.
Another common pitfall of the FMEA process is incorrect identification of the failure mode, effect, or cause. For any given failure there is a chain of cause-effect. Stay centered on the failure mode of the product or process, and don't drift into upstream causes (e.g. "assembler doesn't follow cleanroom procedure"

or downstream effects (e.g. "patient is hospitalized"

.
Overall, the FMEA has consistently been one of the most useful and valuable documents in the projects that I've managed or supported, second only to the product specification itself.