Risk Management Essay

Submitted By wink77039
Words: 1142
Pages: 5

Risk Management Assessment Summary
It is important for a healthcare organization to promote and develop secure and successful patient care practices; the conservation of financial resources and the upholding of safe working environments are crucial to its name.
Hospitals today face a wide range of risk factors that can determine success or failure, including:
• Competitive responses both from other hospitals and physician groups.
• Changes in government rules and regulations.
• Razor thin profit margins.
• Community relations as expressed through zoning and permitting resistance.
• State of the bond market and the cost of borrowing.
• Success at fund raising and generating community support.
• Dependence on key physicians, admitting preferences, and age of medical staff.
• High fixed cost structure.
• Advances in medical technology and their subsequent influence on admissions and lengths of stay. Scripps Mercy Hospital
The Scripps Mercy Hospital is a well-known hospital in Southern California. Scripps Mercy hospital, located in San Diego, California, is a nonprofit multispecialty medical center that integrates clinical and hospital care with research and education (Scripps, 2012). Scripps Mercy hospital was founded in 1924 by Ellen Browning Scripps with a vision of providing outstanding patient care based upon the principles of cooperation, compassion, and innovation. Thomson Reuters named Scripps Mercy hospital as one on the top 10 health systems in the nation for providing high quality, safe, and efficient patient care (Scripps, 2012). What steps can be taken to identify and manage risk
Taking key steps to identify and manage their risks is a vital move any company do to remain on top. The Scripps Mercy hospital has found out that only does recognizing the risk keep them at the top of the competition, more importantly it benefits their patients. In the healthcare field there is an abundance of room of inaccuracies and blunders to take place (Scripps, 2012).
It is only after a risk has been acknowledged and assessed that accurate risk management can be achieved. Prioritizing risks so that each can obtain the suitable time and resources is as significant as identifying and assessing risks for this hospital. The capability to shift from the original stages to efficient management can eventually conclude the effectiveness of a risk management opportunity (Carroll, 2009). Scripps Mercy Hospital does a good job at assessing the rights and wrong of providing top-notch service. This organization has particular steps it takes the first one is they try very hard not to engage in activity that produces the risk (Scripps, 2012). There is a cause and effect when something is done; basically have to prevent certain risk from happening. Scripps Mercy Hospital have emergency reaction plans to impede any potential harms and risk to the organization and protect the name. Even if any prospective harm is thought of it is immediately identified and dealt with. Scripps has also been known to use insurance to guard against loss exposures (Scripps, 2012). What and why certain risk can affect a healthcare organization
One typical or actual risk that can negatively affect this organization and it is stakeholders and malpractice. It is regrettable enough to be sick, but it is worse to turn out to be more seriously ill or even depart this life because of a physician’s mistake or carelessness (Carroll, 2009). The organization keeps understandable and inclusive documents (Scripps, 2012). Numerous times records are a key component to malpractice suits. Keeping obvious and comprehensive record may assist to save a doctor when in court.
Another risk is the financial side of things; studies show that it is and increasing distress concerning hospitals with persistent financial losses. These studies find that economically distraught hospitals are likely to be minor and costlier, have