ERM in Healthcare in UAE Discussion

ERM in Healthcare in UAE Discussion

I’m working on a management presentation and need a sample draft to help me understand better.

Hi Prof. H, you helped me write a report on the ERM in UAE (attached). Now am looking for help in developing a presentation for the same. I need 20-25 slides summarising the entire subject. Perhaps making sure all headings are covered in the presentation. Please do not fill the slide with context/words – maybe just bullet points. And ensure putting in in-text references when mentioning something relevant from previous literature etc. It must be in a white background but have some color (lines or design but with white background) You may also add some of the images used in the report.

Exploring factors that affect the implementation of ERM in Healthcare Organization in the UAE 1. Introduction Over the recent past, the healthcare industry has increasingly adopted contemporary risk management practices across the world (Gerard, 2020). In particular, the adoption of these practices is informed by the need for increased security and quality in providing care to patients (da Silva Etges et al., 2018). Besides, healthcare organizations have a general trend to minimize inherent risks and respond to actual risk events (Gerard, 2020). In the United Arab Emirates (UAE), healthcare organizations are exposed to numerous risks that threaten their security systems and the quality of care and services offered to patients. The nature of operations within healthcare organizations in the UAE necessitates effective enterprise risk management to reduce the vulnerability of organizational systems. According to Carroll (2016), effective enterprise risk management systems facilitate accurate consideration of all risks and opportunities in organizational operations. Ultimately, healthcare organizations within the UAE have numerous opportunities for the implementation of sound enterprise risk management systems. The emergence and subsequent declaration of the COVID-19 pandemic by the World Health Organization (WHO) revealed underlying weakness in the global public health systems. Healthcare organizations increasingly face challenges and risks that require appropriate corporate governance strategies to identify and analyze risks and implement frameworks that protect strategic organizational objectives. The UAE government remains committed to developing a world-class health system that provides quality healthcare and improves health outcomes to the population as the primary objective. The UAE is inherently a young nation, and accomplishing the strategic objectives requires substantial investment into established corporate governance to ensure alignment with the proposed objectives. Therefore, this Page 1 current research will explore the possibility of an enterprise risk management (ERM) framework that is based on strategic corporate governance, communicational efficacy, and healthcare organization structures to ensure coherence across all seven Emirates (Wynia & Osborn, 2010). The rapid advancement of the healthcare system stems from rapid economic growth, resulting in increased healthcare facilities, professionals, and service levels in the country. However, there is a need to ensure the extant resources are appropriately used by mitigating potential risks and adversities through strategic management. The improvement of the healthcare system in the UAE and enhanced healthcare outcomes is a crucial objective. The enhanced health outcomes entail increased life expectancy and reduced mortality. Still, there are infrastructural and organizational structures that include appropriate regulations and policies requiring all healthcare facilities to obtain external accreditation (Koornneff, Robben & Blair, 2017). Essentially, the healthcare sector is vulnerable due to heavy involvement in patient confidential information, nature of operations, and time constraints. The industry faces unprecedented risks such as cyber threats, physical attacks, regulatory compliance lapse, healthcare illness, privacy, and information security issues. The multifaceted nature of the risks requires stakeholders and policymakers to incorporate an efficacious ERM framework that fosters collaboration and communication to identify and mitigate risks based on the perceived threat to organizational objectives. ERM frameworks help improve economic, financial, and non-financial performance and assist in resource management, including the intellectual capital available to healthcare organizations in the UAE. Besides, risk management in UAE using the proposed ERM framework will help detect, monitor, assess, mitigate, and prevent risks to the clinical and administrative systems and processes. Page 2 The deployment of risk management strategies, more so an ERM process, is critical for healthcare organizations in the UAE. The proposed ERM is based on corporate governance, education, and qualitative/quantitative risk assessment frameworks. The strategy allows strategic management of healthcare organizations while ensuring compliance and financial control to ensure organizational resources are well-utilized. The ERM framework is based on an economic healthcare process with fundamental components of risk management. The framework advocates for identifying and delegating micro-processes to management teams responsible for attaining defined strategic objectives. Subsequently, the management teams will be responsible for identifying risk events for all critical processes that threaten the organizational goals. Subsequently, the management teams should promote staff education on the risk events. Still, the framework requires analysis and ranking of critical risk events using a multi-criteria decision analysis based on the impact to develop the potential treatment and monitoring strategy. The treatment and monitoring strategies based on the estimates of the impact and urgency of the risks are backed by the promotion of risk education practices and communication across all organization levels (Burtscher et al., 2020). Risk assessment frameworks or techniques, as described in Figure 1, vary from qualitative to quantitative. The amount of data required, and level of difficulty is much higher in quantitative than in qualitative techniques (“Enterprise Risk Management: Tools and Techniques for Effective Implementation | SSWM – Find tools for sustainable sanitation and water management!”, 2021). Page 3 Qualitative Quantitative Qualitative/Quantitative • Risk identification • Risk rankings. • Risk maps. • Risk maps with impact and likelihood. • Risks mapped to objectives or divisions. • Identification of risk correlations. • Validation of risk impact. • Validation of risk likelihood. • Validation of correlations. • Risk-corrected revenues. • Gain/loss curves. • Tornado charts. • Scenario analysis. • Benchmarking. • Net present value. • Traditional measures. • Problastic techniques: • Cash flow at risk. • Earnings at risk. • Earnings distributions. • EPS distributions. Level of difficulty and amount of data required. Figure 1. Qualitative and Quantitative Techniques in Risk Assessment, adopted from Enterprise Risk Management: Tools and Techniques for Effective Implementation | SSWM – Find tools for sustainable sanitation and water management!”, 2021). 2. Background and Context of ERM in UAE Healthcare services Currently, the UAE government is significantly aspiring to develop a global competitive healthcare system. According to Koornneef et al. (2017), the government has adopted the application of ERM to enhance healthcare services qualities for improved health outcomes for its people. However, UAE does not have a specific framework followed when addressing healthcare risks but uses ERM depending on the nature of the risk that needs to be addressed. An example of the current situation of ERM in the UAE, can be explained by looking at how the nations addressed the COVID-19 pandemic, which has threatened their healthcare Page 4 facilities. Hasan et al. (2021) argue that UAE deployed data-driven modeling and forecasting as a comprehensive framework to make informed clinical decisions to curb the COVID-19 pandemic. The country has completed more than 4.9 million COVID-19 tests, which is the primary source of data for the ERM process (Hasan et al., 2021). ERM in UAE healthcare facilities extended to the development of protective decisions like the closure of learning institutions, place of worship, night curfew, and restricted movement within the country. Paying attention to this form of ERM in UAE healthcare was dependent on the situation created by COVID-19. Hasan et al. (2021) stipulate that the adoption of movement restrictions, isolation, and a more comprehensive National Screening Program in the COVID19 ERM dramatically reduced the daily reported cases. They conclude that the United Arab Emirates lacks a specific ERM framework but addresses healthcare risks depending on their nature. The UAE has made a substantial investment in healthcare over the last decade. The government identified quality healthcare as a core value and objective for the nation. Ever since the country gained independence in 1971, the government has focused on developing healthcare infrastructure in line with international standards. However, the country’s health issues are similar to those faced by the developed world, such as the prevalence of conditions caused by sedentary lifestyles and fast food consumption. Healthcare in the country is divided between public and private healthcare providers. However, the entire system experiences challenges in keeping up with immigration-driven population growth and cost increase per capita in healthcare spending from increased morbidity, affluence, and chronic diseases. Still, healthcare goals in the country are under the direction of the Ministry of Health and Prevention (MOHAP), and the evolution of healthcare services to offer quality care and improve outcomes is still a top priority in all seven Emirates. For instance, Ras Al Khaimah and Page 5 Fujairah act as distinctive and preeminent destinations for quality healthcare due to quality infrastructure capitulated with foreign partnerships and investments (Moonesar, Elsholkamy & Sayani, 2019). Additionally, healthcare development and spending in the UAE reveals the country’s situation. Thus, the need for a quality healthcare system is a federal diversification plan aimed at improving health system planning and ensure availability, accessibility, and quality healthcare services. The distinctive aspect of UAE’s healthcare sector is the commitment by Federal and individual-emirate governments through significant and strategic investments intended to boost the healthcare sector. Despite the numerous resources and investments by the government, the UAE has a relatively small population which hinders substantial investment in specialty care practices and gaps such as women’s care, oncology, pediatrics, and diabetes care. Traditionally, such specialized care was obtained outside the UAE in countries such as Singapore, India, Thailand, and North America, which is inherently expensive. The government has focused on creating opportunities for US healthcare organizations hoping that such partnerships will obliterate the need to travel to the country for quality care. For instance, there is a high demand for medical supplies, equipment, and management expertise, including cardiovascular medical devices. The demand reveals an inherent vulnerability and lack of appropriate information technology infrastructure and supply chain management challenges, which are opportunities for investors but challenges for the UAE’s healthcare sector (Sittig et al., 2020). Therefore, the healthcare sector in the country has untapped potential mainly propagated by barriers to international partnerships such as inconsistencies in pharmaceutical pricing, outdated medical malpractice policies, inconsistent licensing and insurance processes, unavailable medical information, and insufficient healthcare education and training. Page 6 The UAE is increasingly emerging as a popular tourist destination, and medical tourism is an emergent niche that attracts health tourists and holidaymakers. However, medical tourists are often motivated by various factors, including affordability, long waiting lists, local regulations, privacy and opportunity to travel, religious restrictions, combining wellness with vacation and insurance agencies. Despite the substantial health investments by the government, the country is currently exploring ways to market the UAE as a medical tourist destination. The weaknesses are barriers to advancements and risks for healthcare organizations while risking government and private investments in the country’s healthcare sector. Policymakers and corporate governance of healthcare organizations must collaborate and cooperate through strategic decision-making to align the progress of UAE’s healthcare sector to have an internationally accepted healthcare system (Turner & Wright, 2021). Besides building national policies, a new threat looms across the global healthcare sector due to incorporating health information technology as a mainstream and critical resource for sustainable growth. The introduction of health information technology (IT) in the UAE is aligned with improving care delivery but has introduced unintended risks and new challenges. The safety of health IT in the clinical setting is a critical challenge that threatens the strategic objectives and reputation of the UAE’s healthcare sector. 3. Existing Gap and Research Problem The potential for the adoption of enterprise risk management systems in UAE healthcare organizations is expansive. Indeed, effective ERM contributes to holistic frameworks through which risk management decisions are achieved. There is an inherent need for systems of risk management that reduce risk and uncertainty, thereby maximizing value creation and Page 7 protection within healthcare organizations. While most healthcare organizations in UAE have structured risk management systems, they do not meet the specific goals and objectives of the management. In part, most of these approaches have a traditional focus on clinical events through reactive strategies for risk management (Almansoori and Ali, 2020). Almansoori and Ali (2020) further explained the dynamic nature of modern healthcare organizations necessitates the integration of systems that underline the significance of shared responsibilities in the identification, mitigation, and management of risks. While some healthcare organizations have benefitted from the implementation of enterprise risk management systems, they have been limited in their efficiency based on ineffective and unresponsive models. This dissertation proposes expanding the role of risk management across the organization, hospitals and other healthcare facilities are adopting an ERM framework which is a more holistic approach. ERM includes the traditional aspects of risk management, currently followed by the healthcare organization, which includes patient safety and medical liability however, it also expands involves the “big picture” approach to risk across the organization (“What Is Risk Management in Healthcare?”, 2021). According to the American Society for Healthcare Risk Management ( ASHRM), “Enterprise risk management in healthcare promotes a comprehensive framework for making risk management decisions which maximize value protection and creation by managing risk and uncertainty and their connections to total value.” ASHRM also has identified eight main domains that make up ERM in healthcare. The domains are mentioned in Figure (2). Page 8 Operational Clinical/patient safety Hazard Technology Strategic Financial Legal/Regulatory Human Capital Figure 2. The Eight Risk Domains of Enterprise Risk Management Page 9 The dissertation objectives are 1) to understand the current state of ERM in health care organizations, 2) to explore the factors that lead to different implementations level. This dissertation is adopting an ERM framework (Figure 3) from the literature (da Silva Etges, Grenon, de Souza, Kliemann Neto & Felix, 2018) . Page 10 • Institutional Strategic Management • Compliance and Finanicial Control Corporate Governance Enterprise Risk Management for Healthcare Identification and Anlysis Step 1: Identification of macroprocesses and management teams responsible for the attainment of the strategic objectives. Step 2: Identifiicationof risk events for each critical process that threatens the achievement of the strategic objectives. Education of all staff on risk events Critical risk evets analyzed and ranked using Multi-Criteria Decision Analysis Risk education practices and communication established at all levels of the organization. •Treatment: Development of short and long term action plans. •Monitoring: Risk owner definition leading to service level agreements between risk owner and ERM. Figure 3. E 2 RM health care -Economic Enterprise Risk Management in Health Care. Page 11 Healthcare organizations in the UAE must acknowledge the responsibilities and predispositions of operating in a dynamic health environment and the role of the external environment in achieving national objectives. The external environment requires a critical assessment of threat levels and opportunity factors to inform the decision-making process, and corporate governance strategies hence align the organizational objectives with the identified needs. Besides, the external environment, such as economic situations and regulatory requirements, are paradigmatically beyond the control of most healthcare environments. However, it is crucial to ensure appropriate resource management as the external environment encapsulates numerous situational factors and considerations that must inform healthcare organizational activities. For instance, the advancement of medical tourism in the UAE is inextricably tied to compliance with international health practices and tourism destinations. Essentially, medical malpractice and failure to comply with regulations have numerous political, economic, and legal implications (Jacob et al., 2010). Moreover, policymakers must develop strategies that mitigate increased drug abuse and overdoses of over-the-counter medications throughout the country, but the factors are beyond the scope of healthcare organizations. An ERM framework can help analyze the threat levels and counter the latter by distributing drugs to responsible pharmacies and hospitals to avoid lawsuits and improve logistical efficacy across the seven Emirates. The advent of health information technology posits numerous threats to the healthcare infrastructure in general. The rapid growth of the healthcare system in the UAE has amassed international attention, prompting cybercriminals to target the extant infrastructure. Despite advancements in cyber-security defense mechanisms, the UAE is a potential target for malicious and highly skilled actors for various reasons, such as stealing patient information and perpetuating system failures or incompetence for personal, financial, Page 12 or political reasons. The extant incompetence in most organizations in cyber-security decision-making emanates from a pronounced gap in information and knowledge among the involved stakeholders. Subsequently, healthcare organizations in the UAE require a corporate governance framework that fosters effective offensive, defensive, and education awareness campaigns on cybersecurity threats in the healthcare infrastructure and technology. Notably, government agencies and multinational corporations often struggle to defend against cyberattacks due to the lack of enough cyber-security talent. Contemporary cybersecurity attacks are inherently diverse and sophisticated but still expose crucial data such as personally identifiable information to attackers. Implementing an ERM framework in UAE’s healthcare organizations to enforce legal and informed cybersecurity policies fosters data retention, data encryption, security management, file system security, and improved vigilance of healthcare information technology systems. Communicational discrepancies are pronounced across numerous government, nongovernmental and private healthcare organizations. Similarly, the UAE’s focus on developing the healthcare sector has increased attention by experts, international healthcare organizations, and healthcare tourism. The latter reduces th…

ERM in Healthcare in UAE Discussion