Finance for Healthcare

Business Finance

Respond to at least 2 classmate


Discussion Board is: Legal and Regulatory

With the background gained from the outside readings assigned this week on the Legal and Regulatory Environment, what action or recommendations in the area of enterprise risk management initiatives would you recommend as the Chief Financial Officer within your healthcare organization (name the type of healthcare organization that you work in) after reviewing the Office of Inspector General Work plan for the current year?

My First classmate post is

I never work in the health care industry but from what I read, enterprise risk management (ERM), in the health industry promotes a comprehensive frame work for making risk management decisions which maximizes value protection by managing risk and uncertainty. Boards and management are reevaluating their business practice and overall knowledge of the organization operations to determine if any risk exists. The discipline not only calls for corporations to identify all the risks they face and to decide which risks to manage actively, it also involves making that plan of action available to all stakeholders, shareholders and potential investors, as part of their annual reports.

From this point of view, my recommendation to my CFO will be: to educate all management staff on the nature of the business and to identify potential risks before any risks may occurs. I would also recommend the HIPAA training and mandate each employee to understand and allow the compliance program of the organization. It is important for any health care industry that patient information stays secure at all times and is transmitted appropriately through a secured encryption service. Having each employee trained on what to do and how to handle them when there is a data breach is essential for enterprise risk management..

My second classmate post is

I have worked in the reputable local hospital which is famous for its services, but as the chief financial officer within the hospital, I would like to recommend some initiatives which should be taken for the enterprise risk management. I have viewed the office of inspector general work plan for the last year, and I have concluded that there are some actions which should be taken on the part of the hospital. The hospital should be made some profit plans for the employees by providing them with extra facilities and marinating the model of the organization, and it will be helpful for the risk of management. The hospital should take care of all the records and have proper legal consultants to avoid the legal issues. The hospitals are the places where people make their trust, so it is important, and this can be made possible if the risks are not managed properly. The hospital should work for the satisfaction of its costumers because this is the thing which is important for its repute. (Anderson, 2011)All the departments which are working under this health care organization should work according to the goals and missions which are stated by the hospital. It is needed that the hospital must develop its enterprise risk management approach which is according to its culture, values, mission, and circumstances.

Just I need respond to them I like …… great job …. I agree.