A fluid management system includes a pump connectable to a fluid source. An inflow line removably connects to a cannula for delivering a fluid flow from the pump into a surgical site, such as a joint cavity. A flow pressure sensor is coupled to measure flow pressure in the inflow line and produce a measured pressure value, A controller is connected to the pump and the flow pressure sensor, and the controller maintains a pressure set point by controlling a pump speed based on a backpressure-adjusted pressure value calculated by subtracting a backpressure value selected from a backpressure table from the measured pressure value. The BAPV is monitored to determine whether the BAPV deviates outside an initial BAPV range, and corrective measure are taken should such deviations occur.