Case Study: Managing Risk

Case Study Managing RiskJuaries Fe Dela CruzJohn white potato MolinaIntroductionThis study demonstrates the critical value of having an essential knowledge and applicative strategy in managing risk of exposure considering the policy and procedures with strategies and operation that cease protect the organic law against the threat of the healthcare fear dies and additional option that is inevitable for the advantageous and success of the organization welfare. The entire case study elucidated how the dickens private surgical hospitals integrate as combined facility aiming to go away the highest quality of medical services and other high timeworn cost resulted to become center of clinical excellence as come up as the credit line prosper with the hold of the name to be well-known as the best facility providing finest healthcare system. Teaming up similarly bring to a greater extent risk to the formed unification of the two private surgical hospital. The policies and sta ndard procedure of each organization should be efficiently contemplated bearing in mind of well-nigh factors that may jeopardize the integrations. Aiming to eliminate or if non, to sink negative risk and developing opportunities and success should place the top antecedency of the organization. Foreseeing objectives of the cost that is maximizing the potential gain and attainment as well as minimizing the likelihood of the severity of leave behindurees and negative outcome. The Acute clinical Hospital mustiness be prepared for any consequence they capacity face as well as how they controlled and monitored risk to score triple-crown operational healthcare business functions that may benefit the consumer and the producers.The Acute clinical Hospitals planned a strategic risk centering policy and procedure to safeguard the operational healthcare business function from any risk that may encounter and is identified in ball club distinguishable risk factorsA. Business RiskAs b eing in camera owned by a number of shareholders, the business risk of this organization intimately likely is more successful and propitious be realize of the organizations dedication in providing high standards of services and holding their accreditation as the award recognizes the quality of healthcare delivered and the commitment of improvements of the unified hospitals. Unlike government funded healthcare business which is alternatively fuzzy always relying government economic status in which largely interfered by some politics decisions, privately owned business is more focus on their endeavor concerning with those that engage kindly or corporal interest. However, private business is at risk liabilities under the forethought and professionalism thought that is unexpected massive range of events, for instance are government fines, pricey lawsuits, data thief and some other criminal activities. Administrative and financial disaster is so disruptive that is hard to r ecover even to those larger companies.B. Insurance RiskInsurance covers a wide range of perils and incidents boot out those that are noned in the policy. In business category, insured smart set covers the loss of income, the incurred expenses or any peril that interrupts the normal business operation. However, damages contract is the policy. The policy of the insurance may define all or specific covered perils with certain named exclusion. The risk of anticipated losses is transferred from the policyholder to the insurance agent who has the authority to specify rules and condition.C. Compliance riskThere are some standard regulations and rules set by the government on their policy in terms of business sector. Conforming to those arranges of stated requirements and regulation is a must and there entrust be reasonable punishment if you will not do so either government funded or privately owned business. The potential cost and risk against non-compliance of the applicable requir ements that is set by the laws, regulations, contract, policies and strategies as well as the expenses to achieved corrective actions to comply into it.D. Information technology riskSecurity risk to selective information technology is one of the problems encountered in new-fashioned times most especially in the business sector. Cyber attacked jeopardized the business by hacking their sensitive data via the earnings. Some important structure of figures might loss that cause harm and a largish loss to the system as well as the event to the capital interest of the company that carry them vulnerable. Another example that put the business at risk through and through information technology is fire, flood and the loss of access.E. Legal riskevery country there is a law that is established and should be penalise and implemented in order to smoothly run legal. In the business sector private or public, government legal rules must be followed and be adapted to the complex sets of process es. Legal risk in the business sector put concentrations on evaluating the present alternative regulatory as well as the non-regulatory responses to risk. This legal risk entails to know knowledge in legal, social and economic factors along with knowledge and ideals of the business world in which legal groups function.F. Business disruption riskHospitals are businesses that will attend towards time because of the demand of healthcare by the people. However, when a lot of hospitals have been put up there would be a competition that would be a risk to the business especially when there is no innovation. In addition, technology really plays a big role in healthcare nowadays, due to advancement of equipment used in diagnostic, surgical operations, etc. If hospitals would not improve their equipment business will be disrupted. To demonstrate, people would go to hospitals that have advanced equipment for more various reasons and one of which is to save time.G. Accounting and financial riskIn any case, business is about gold. Not having the decline employees in history then there would be a big financial risk which could lead to bankruptcy. Many businesses have shut vote out because financial risk was taken for granted. Having the right people to manage the tend of money can minimise or stop loss of money which could nourish the business.The purpose of having a good management in accounting can be accomplished by giving relevant information to improve the willingness and ability of the workers to attain the goals and objectives of the company. In addition, it is a necessity to base information on the risks that is taken and its relationship to the risk manner competence of organisations as well as their connection to the profit produced.The demonstration of suspicion and risk in the system of accounting is limited in proficiency and scope as well as isolated over different systems. As for now, there is no specialised comprehensive system in accounting for the main reason of representing risk organisation wide in comparison terms has developed.H. Employment practicesIn hospitals having the right employees to function in their designated areas is an asset to the business. Management should hire the right people for the position to lead the utmost level of functioning. Hiring the wrong people would lead the institution to have a bad reputation which could lead to loss of money. Having excellent doctors and physicians can boost the reputation of the hospital which is nourishing to the business. In addition, having nurses that have finish their degree and have registered to the company is a big help to the management and the patients. Furthermore, having trained, hardworking, loyal employees can help deliver the best service to the customers.Hospitals should leave behind trainings to its staff to enhance their skills in providing healthcare to the patients. Having the best healthcare contri only wheners is a big factor in every health care institution for the customers will always go for the best quality care there is with follow to the price.I. Workplace Health and SafetyHospital is a place where most of the people with diseases are confined may they be good or criminals. Ensuring the health and safety of the staff and employees should be given importance, considering that it is the responsibility of the management. occupational health and safety is important for financial, legal, and moral reasons. If taken for granted could cause legal issues. In addition to this, financial security of the staff should in addition be given importance by the management. Every employee would go for employers that provide good benefits for their employees.Maintaining and promoting the safety and health of the employees in the workplace to the highest degree of mental, physical, and social well-being would minimise the risk of many issues in the work force. To mention, workers would depart from work due to diseases caused by env ironmental conditions in the workplace.Although work provides many economic and other benefits, a wide array of workplace hazards also present risks to the health and safety of people at work. These include but are not limited to, allergens, chemicals, physical factors, biological agents, adverse ergonomic conditions, a broad range of psychosocial risk factors, and a complex network of safety risks.