Assignment:
As a risk management expert you have been asked by a large private hospital to help review and improve their risk management practices. The hospital has recently expanded their operations and invested substantially in latest advance medical technology. However some of the new business units are not profitable. On the whole, the industry is getting more and more competitive and is facing more and tighter government regulatory control. In the wake of escalating operating costs, the hospital has plans to adopt several quality improvement initiatives e.g. six sigma, ISO certification. 5S etc. The service standard has however been deteriorating since two years ago. Patient satisfaction has been deteriorating. The staff turnover rates among nurses are higher than the industry norm. The top management of the hospital is concerned about the risks they are facing. You are asked to advise them on the following: Which risk analytic technique(s) should the hospital adopt? Discuss the advantages of these technique(s).
Which hazard categories that the hospital should pay attention to?
How can the probability and consequences of these hazards be assessed?
Outline briefly a risk management plan that the hospital can adopt.