MHA5014 Capella University Risk Financing Of Epic EHR at Mayo Clinic Memo

Create a 2–3-page internal memo for a risk-management team. Summarize a risk financing issue for a selected organization in the memo.

Note: The assessments in this course build upon each other, so you are strongly encouraged to complete them in a sequence.

Financial risk-management helps reduce the financial impact of risk. It also determines the best approach for handling adverse situations from a financial standpoint. Health care leaders must have a solid understanding of the basics of regulation, government and public risk sharing, and also the era of ACOs.

By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies and assessment criteria:

  • Competency 2: Apply a risk-management model or framework to a specific risk-management priority.
    • Identify key performance indicators and measures associated with a specific risk-management issue.
    • Discuss strategies used to identify risk financing issues in a selected organization.
    • Provide recommendations for risk financing options related to an identified financial risk issue.
  • Competency 4: Analyze applicable legal and ethical institution-based values as they relate to quality assessment.
    • Summarize the legal and ethical financial risk obligations of an accountable care organization.
  • Competency 5: Communicate in a manner that is scholarly, professional, and consistent with expectations for professionals in health care administration.
    • Prepare a professional memo summarizing a risk financing issue for a specified organization.

Expert Solution Preview

Introduction:

As a member of the risk-management team, it is important to understand the financial risks associated with the healthcare industry. This memo will provide an overview of a risk financing issue for a selected organization and offer recommendations for risk financing options.

Memo:

To: Risk-Management Team

Subject: Risk Financing Issue for ABC Hospital

ABC Hospital has been experiencing financial difficulties in recent years. One of the main reasons for this is the increasing cost of medical malpractice insurance. Medical malpractice lawsuits can result in significant financial losses for the hospital, which underscores the need for effective risk financing strategies.

Key Performance Indicators:

The key performance indicators associated with this risk financing issue include the hospital’s current premium rates and its loss experience. These indicators can help assess the financial impact of medical malpractice lawsuits on the hospital’s budget.

Strategies for Identifying Risk Financing Issues:

There are several strategies that can be used to identify risk financing issues in healthcare organizations. These include analyzing loss history, evaluating healthcare trends, and conducting risk assessments. These strategies can help to identify potential risks and develop effective financing strategies.

Recommendations for Risk Financing Options:

To combat the increasing cost of medical malpractice insurance, the hospital should consider alternative risk financing options such as captive insurance, risk retention groups, and self-insurance. These options can help to reduce the cost of insurance and increase the hospital’s control over its risk financing.

Legal and Ethical Obligations:

As an accountable care organization, ABC Hospital has a legal and ethical obligation to provide quality care to patients while also maintaining financial stability. This requires effective risk management practices and a commitment to ethical behavior.

Conclusion:

ABC Hospital’s financial risk issue with regards to medical malpractice insurance underscores the need for effective risk financing options. By identifying key performance indicators and measures, developing strategies for identifying risk financing issues, and providing recommendations for financing options, the hospital can better manage its financial risks and maintain quality patient care.

Share This Post

Email
WhatsApp
Facebook
Twitter
LinkedIn
Pinterest
Reddit

Order a Similar Paper and get 15% Discount on your First Order

Related Questions

EHHA 501 Patient Journey Flow Chart

Develop an existing patient journey that crosses the three sectors of care in your organization (the organization is military hospital) Hwo could this be improved ? As a chart flow  You are a medical professor in charge of creating college assignments and answers for medical college students. You design and

MDC Gabapentin in the Context of Bipolar Disorder

A new patient presents to your office for treatment of bipolar disorder. In his medical history, he reports that he takes gabapentin prescribed by his primary care provider, but he is not sure what he takes it for. He states he is almost out of his gabapentin and is asking

KEMUL Health & Medical Using Technology to Prevent Patient

Using Technology To Prevent Patient Falls Review the concepts of technology application as presented in the Resources. Reflect on how emerging technologies such as artificial intelligence may help fortify nursing informatics as a specialty by leading to increased impact on patient outcomes or patient care efficiencies. In a project proposal

KEMUL Organizational Conflict and Effectiveness

1. Conflict  2.Relationship Between Organizational Conflict and Effectiveness  3.Common Sources of Organizational Conflict 4.Managerial Response to Conflict 5.Categories of Conflict 6.Stages of Conflict 7.Conflict Resolution Outcomes 8.Common Conflict Resolution Strategies. 9.Compromising 10.Competing 11.Cooperating/Accommodating 12.Common Causes of Organizational Conflict 13.Helpful Tips in Conflict Resolution. 14.Negotiation 15.Types of Alternative Dispute Resolution (ADR)

HSA 405 SU?Healthcare Quality Case Study

Overview In order to complete this case study, refer to this week’s readings for policy information required to analyze and make recommendations on this case. As a healthcare quality fraud analyst, you are responsible for identification of root causes and providing recommendations in an action plan to ensure compliance with

Needs to be 3 paragraphs You are the sole psychologist on

Needs to be 3 paragraphs  You are the sole psychologist on what is considered a small-sized base, with a population of approximately 6,000 people, including civilians, dependents, reservists, and active duty personnel. You have an appointment scheduled today with a patient whom you know works within the MTF (Military Treatment

Homework Content ScenarioThe administrator’s presentation,

Homework Content Scenario The administrator’s presentation, based on your briefing, was so well received by the board members that they asked to see a proposal for a hospital-based outpatient facility. In fact, the board suggested that the administrator ask you to take the lead in the project. Your administrator is

The CEO of a health care system has asked you, the system’s

The CEO of a health care system has asked you, the system’s strategic planner, to explain the factors they must consider when deciding the resources that should be devoted to a new facility project. List and describe the factors that determine the location, physical size, projected staffing, and effective décor

AMU HIMA 410 Hospital Data Modeling and Entity Relationship

A data model provides a view of how the data is structured throughout an organization. You’ve been provided with a set of data points from a local hospital. Instructions: Using the data points provided, create a model. Your data model should structure the data to support the business practices of

HIMA 360 AMU Encoder Selection for HIM Director Report

Case Scenario: Part 1: You are the HIM Director at Community General Hospital. As the director, you are in charge of purchasing an encoder for your 20 coders. You have identified the criteria that you will use to make the determination and put it in the grid below. Vendor 1

NUR 3846 BCC Deep Vein Thrombosis Questions

Using the video from Episode 2 on Samantha, answer the following prompts: Prompt 1: Explain in detail the pathogenesis of a DVT (Deep Vein Thrombosis) and how it can lead to a PE (Pulmonary Embolism). Prompt 2: Research and list all the possible treatment options for a DVT. Please correlate

MDC Key Elements of Psychiatric Assessment Discussion Reply

response to post: Discuss the Key elements of Psychiatric assessment and Interviewing of children. Assessing children and adolescents is challenging.  A psychiatric assessment can determine if a child is experiencing a disorder or if there are other factors that may be causing their difficulties. Establishing rapport is the first and

MDC Conducting Psychiatric Assessments Discussion Reply

Respond to Ste: Discuss the Key Elements of Psychiatric Assessment and Interviewing of Children When conducting psychiatric assessments and interviewing of children, there are several important elements to consider. According to Sharma et al. (2019), creating a rapport is crucial to building a relationship of trust with children while encouraging

MDC Assessing Childrens Mental Health Discussion Reply

post response Mari: Assessing children and adolescents is challenging. Generally, the child/adolescent in question would not have initiated the consultation or may not be in agreement with the need for a consultation. The consultation may or may not even be sought for the most impairing problem at hand. While children

MU African American Counselors in Training Project

Task summary: You are to do Exploring clinical supervision with African American counselors in Training editing Full description: please write Exploring clinical supervision with African American counselors in Training   You are a medical professor in charge of creating college assignments and answers for medical college students. You design and

Few people have not heard about the Food and Drug

Few people have not heard about the Food and Drug Administration (FDA). The COVID pandemic has placed a renewed focus on its role in assuring safety of drug approval. It is not nearly as well known that the FDA is tasked with regulating multiple categories of products. One cannot work in healthcare

MHA 543 UP Health & Medical Generational Work Trait

Work traits vary considerably between various generations. Each individual has a unique manner for interacting with others and solving problems or addressing issues that arise. In this assignment, you will address work trait differences and how these differences might impact the organizational culture and succession planning.  Part I: Individual Work

Health & Medical Health Screening Tests Issues and Concerns

Describe what you already know about the module’s topics (if anything) With your limited understanding, how you would answer the module’s guiding question: “Do you think most people undergoing a screening test understand how to assess the benefits and risks of the test?” What other questions does the guiding question