HCA 610 Week 5 Discussion 1

HCA 610 Week 5 Discussion 1
HCA 610 Week 5 Discussion 1
Recent turmoil in the capital markets underscored for hospital leaders the negative impact of various liability-side risks. These risks for the liability-side include market and liquidity risks as applied to investments, such as equities (stocks), bonds, securities, and property, plant, and equipment. What are several types of financial risk that the health care organization could take in the course of operations?
Financing risk often must be addressed when an organization is least equipped to deal with it and limited in its options. The interrelationship of asset-side and liability-side risks is a critical issue for hospital leadership. Give an example of how you would use a best practice approach to balance sheet management, giving careful consideration to management of asset/liability risks and returns in concert with one another.
HCA 610 Week 4 Assignment Latest-GCU
Details:
For this assignment, you are required to diagram the service process and the business operating process described by your
HCA 610 Week 5 Discussion 1
interviewee using Microsoft Word.
An example of a service process diagram can be found within the resource at
http://www.emeraldinsight.com.library.gcu.edu:2048/doi/full/10.1108/09604521211287570
and also by searching the Internet for similar diagrams.
Details:
For this assignment, you are required to critique a journal article on risk management. Your critique must include the following:
1) A summary of the article’s main points in a clear and concise manner.
2) Analysis of the article as it relates to risk management in health care organizations.
3) An evaluation or critique of the article: Did you agree or disagree with the merits of the article and why?
Prepare this assignment according to the APA guidelines found in the APA Style Guide, located in the Student Success Center. An abstract is not required.
This assignment uses a grading rubric that can be viewed at the assignment’s drop box. Instructors will be using the rubric to grade the assignment; therefore, students should review the rubric prior to beginning the assignment to become familiar with the assignment criteria and expectations for successful completion of the assignment.
Healthcare businesses are always faced with challenging decisions regarding how to allocate their time, energy, and resources in order to avoid unnecessary risk exposure.
Healthcare internal audit departments must align their risk assessments and resulting internal audit plans to the areas most critical to achieving organizations’ strategic goals and business objectives, as well as maintaining compliance with critical regulatory and other requirements, in order to manage this environment of increasing risks and limited resources.
This risk-based strategy concentrates on the most significant risk areas and advises that low-risk regions receive less, if any, attention.
The higher the return on risk for a company’s internal audit investment, the better the alignment between the internal audit plan and the most critical organization risks.
Even as the business has become more complicated and the number of serious risks has expanded over the last decade, healthcare organizations’ internal audit resources were already insufficient as we entered 2020.
When the United States was attacked by the COVID-19 epidemic in early 2020, the delicate balance between a rising number of hazards and internal audit resources grew even more difficult.
Despite the fact that the healthcare industry has been preparing for natural disasters, terrorist attacks, and other events that could result in a large influx of patients, the COVID-19 pandemic has quickly shifted the industry and resulted in new and significant risks that were not previously considered.
A healthcare organization’s failure to prepare for new hazards might cost it money and its reputation at a time when it can least afford to lose both.
The greatest method to achieving a return on risk is to thoroughly understand the organization’s operations and strategic direction, as well as to identify current and emerging hazards.
Crowe has identified the main risks confronting healthcare organizations in 2020 to assist with this.
The list was compiled with the help of executives and board members from some of the country’s top health systems, as well as data gathered from risk assessments completed at more than 250 hospital customers in 2019.
The Crowe article “5 COVID-19 Emerging Hazards for Healthcare Organizations” lists important risk categories that have emerged as a result of the COVID-19 pandemic, in addition to risks highlighted as part of the 2019 assessment process.