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response to the following with 300 words, APA style

After reviewing both the FIRM and PESTLE models of Risk Classification Systems, I have found them both to be useful in their own ways. As I was reviewing the two, I was thinking about which method I can utilize for the Hospital/Healthcare Industry. The specific risks I identified when incorporating the models where large disasters that could impact the hospital such as hurricane, or even highly infections disease outbreak. I also was thinking about certain government regulations such as CMS Emergency Preparedness Rule and how that has impacted the hospitals also. After much thinking of both and how they would be great in evaluating risks for a healthcare facility I decided to go with the FIRM Model over the PESTLE for this discussion. Not that there is anything wrong with the PESTLE. I believe it would work great determining risk. According to Hopkin, P. (2017) The PESTLE Model needs to be undertaken on a regular basis to be effective. Which made me think that this model could be costly and time consuming especially for a small hospital or healthcare network that doesn’t have the time to put into long research and data sources. I placed myself in a position of being the Risk Manager of a healthcare facility and if I was asked to perform a FIRM Model pertaining to if the hospital had an Ebola Patient or other highly infectious disease patient what would the risks or impacts it would have in the facility. Financially, the risks could be the use of staff and how much staff it would take to take care of the patient(s) at the facility. Also the purchase of personal protective equipment that the staff need to protect themselves from the disease. Infrastructure risks could be the large amount of cleaning that would need to be done to ensure staff and patients they would not be exposed or infected by the highly infectious disease. Also, making sure the rooms the highly infectious disease patient would have to have a separate air handling system to ensure the highly infectious disease is not airborne. Reputational, once word gets out that a highly infectious disease patient is at the facility, media outlets and social media will be following what is going on at the hospital. Rumors could spread and cause major issues for the facility by not getting out in front of the media blitz. According to article written by McCann, E. (2014) Emergency room visits, for instance, sank a staggering 50 percent compared to the first nine months of the year, representing a loss of 2,336 visits for the hospital, according to an October 22 financial disclosure filed by the 25-hospital Texas Health Resources, parent company of TH Presbyterian. Marketplace; the way the Hospital does business after treating patients with HID can go either way. One way it could show that the hospital/healthcare system is prepared and ready to treat patients that cant be treated anywhere else locally or regionally which could expand the marketplace into different specialty care. Or it if the facility does happens to have missteps in the process of taking care of the HID patients, it could hinder their facility’s everyday business and could have to close.

References:

Hopkin, P. (2017). Fundamentals of Risk Management, Understanding evaluating and implementing risk management. 4th Edition. IRM. London, England

McCann, E. (2014). Texas Health Presbyterian Takes Financial Hit after Ebola Crisis. Healthcare Finance. Retrieved:

Expert Solution Preview

Introduction:
Risk classification systems are essential tools for evaluating and managing risks in the healthcare industry. In particular, the FIRM (Financial, Infrastructure, Reputational, Marketplace) model and the PESTLE (Political, Economic, Socio-cultural, Technological, Legal, Environmental) model have proven to be effective in identifying and assessing risks. This discussion focuses on the selection of the FIRM model over the PESTLE model for evaluating risks in a healthcare facility, with a specific scenario involving the presence of a highly infectious disease patient.

Answer:
In the context of the healthcare industry, both the FIRM and PESTLE models can be valuable in evaluating risks. However, for the specific scenario of dealing with a highly infectious disease (HID) patient, the FIRM model is more suitable. The FIRM model examines risks across four dimensions: Financial, Infrastructure, Reputational, and Marketplace.

Financial risks related to HID patients involve the allocation of resources, including staff, personal protective equipment, and potential financial losses. Taking care of HID patients typically requires a higher staff-to-patient ratio, increasing labor costs. Additionally, acquiring appropriate personal protective equipment can be expensive. Therefore, using the FIRM model aids in identifying and managing these financial risks.

Infrastructure risks associated with HID patients entail taking measures to prevent the spread of the disease within the facility. This includes extensive cleaning and the need for separate air handling systems, which can strain existing infrastructure. By utilizing the FIRM model, healthcare facilities can identify and address these infrastructure risks effectively.

Reputational risks are critical, as HID patients often attract media attention and public scrutiny. By promptly addressing media perceptions and ensuring transparent communication, healthcare facilities can mitigate the potential negative reputation impacts. The FIRM model assists in evaluating and managing these reputational risks associated with HID patients.

The Marketplace dimension of the FIRM model highlights the potential effects of HID patients on a healthcare facility’s business. A facility that effectively handles HID cases can demonstrate expertise and attract patients seeking specialized care. Conversely, missteps in managing HID patients can result in a loss of trust and damage to the facility’s reputation, potentially leading to a decline in business. The FIRM model enables healthcare facilities to assess and adapt their marketplace strategies accordingly.

In conclusion, while both the FIRM and PESTLE models offer valuable perspectives on risk classification, the FIRM model proves more practical and efficient for evaluating risks associated with highly infectious disease patients in the healthcare industry. By considering the financial, infrastructure, reputational, and marketplace dimensions, healthcare facilities can effectively identify and manage the risks inherent in managing HID patients.

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