Response to a post
response to the following with 300 words APA style
The success of risk management depends on the correct identification of a risk, its impact and the formulation of a strategy that is appropriate towards its mitigation. The process of risk management allows companies to identify risks, the exact way the business will be impacted and thus come up with ways to mitigate such risks and any that are similar to such identified risks.
There are various methods used in risk analysis, and categorization, the focus for this discussion is the FIRM approach and the PESTLE analysis. The former is aimed at addressing the strategic implications of risk. This means that the approach looks at risk in terms of its potential impact on the strategy of the firm, or a project. On the other hand, the PESTLE analysis examines risk in a broader sense and would be favorable in an elaborate environment with long-term goals. PESTLE is usually utilized alongside a SWOT analysis to give a clear picture of the threats and weaknesses of a business. This model is advantageous as it enables a business to think about future strategies and available opportunities (Hopkin, 2010).
Hopkin, P. (2010). Fundamentals of risk management: Understanding, evaluating, and implementing effective risk management. London: Kogan Page.
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Response to a post
I don’t know how to handle this Health & Medical question and need guidance.
response to the following with 300 words, APA style
After reviewing both the FIRM and PESTLE models of Risk Classification Systems, I have found them both to be useful in their own ways. As I was reviewing the two, I was thinking about which method I can utilize for the Hospital/Healthcare Industry. The specific risks I identified when incorporating the models where large disasters that could impact the hospital such as hurricane, or even highly infections disease outbreak. I also was thinking about certain government regulations such as CMS Emergency Preparedness Rule and how that has impacted the hospitals also. After much thinking of both and how they would be great in evaluating risks for a healthcare facility I decided to go with the FIRM Model over the PESTLE for this discussion. Not that there is anything wrong with the PESTLE. I believe it would work great determining risk. According to Hopkin, P. (2017) The PESTLE Model needs to be undertaken on a regular basis to be effective. Which made me think that this model could be costly and time consuming especially for a small hospital or healthcare network that doesn’t have the time to put into long research and data sources. I placed myself in a position of being the Risk Manager of a healthcare facility and if I was asked to perform a FIRM Model pertaining to if the hospital had an Ebola Patient or other highly infectious disease patient what would the risks or impacts it would have in the facility. Financially, the risks could be the use of staff and how much staff it would take to take care of the patient(s) at the facility. Also the purchase of personal protective equipment that the staff need to protect themselves from the disease. Infrastructure risks could be the large amount of cleaning that would need to be done to ensure staff and patients they would not be exposed or infected by the highly infectious disease. Also, making sure the rooms the highly infectious disease patient would have to have a separate air handling system to ensure the highly infectious disease is not airborne. Reputational, once word gets out that a highly infectious disease patient is at the facility, media outlets and social media will be following what is going on at the hospital. Rumors could spread and cause major issues for the facility by not getting out in front of the media blitz. According to article written by McCann, E. (2014) Emergency room visits, for instance, sank a staggering 50 percent compared to the first nine months of the year, representing a loss of 2,336 visits for the hospital, according to an October 22 financial disclosure filed by the 25-hospital Texas Health Resources, parent company of TH Presbyterian. Marketplace; the way the Hospital does business after treating patients with HID can go either way. One way it could show that the hospital/healthcare system is prepared and ready to treat patients that cant be treated anywhere else locally or regionally which could expand the marketplace into different specialty care. Or it if the facility does happens to have missteps in the process of taking care of the HID patients, it could hinder their facility’s everyday business and could have to close.
Hopkin, P. (2017). Fundamentals of Risk Management, Understanding evaluating and implementing risk management. 4th Edition. IRM. London, England
McCann, E. (2014). Texas Health Presbyterian Takes Financial Hit after Ebola Crisis. Healthcare Finance. Retrieved: https://www.healthcarefinancenews.com/news/texas-health-presbyterian-takes-financial-hit-after-ebola-crisis