Risk Management Strategies for Provident Health Case Study

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Boldly Go Case Study AnalysisIntroductionProvidence Healthcare is exposed to a number of risks that could negatively affect its ability to deliver quality consistent care to its patients. These risks range from financial instability to the need for improved patient flow and resistance to change. Addressing these risks requires a comprehensive risk management approach. This paper discusses these risks, how a risk management approach should be developed to address them, and what the best ways to manage them are likely to be.RisksThe Providence Healthcare facility faces a number of risks. These include financial instability, potential cutbacks and layoffs, poor patient flow, poor productivity, resistance to change, lack of stakeholder engagement, lack of sustainable positive change, a possible over-reliance on Walsh as a leader, and the risk of failing to meet strategic goals (Weil & Reddin, 2017). For instance, in 2008, the global financial crisis along with growing financial pressure in Ontario\'s healthcare sector contributed to a significant deficit that threatened the organization’s operations and that also put its pension plans at risk. This situation occurred at a time when regulators expected healthcare organizations to reduce costs at the same time they continued providing services. The situation was very unstable.As a result, the financial instability could lead to service cutbacks, staff layoffs, and closing patient care units if the organization followed a traditional approach to managing financial pressures. On top of this, there was a growing realization among healthcare leaders that Ontario\'s model of patient flow and care needed to be radically improved, with shorter wait times, higher quality and standards of care, smoother hand-offs, and better use of limited resources (Weil & Reddin, 2017).Added to all this was the problem that hospitals were being held accountable for performance and productivity and were expected to balance their budgets. Unfortunately, the older the organization, the slower it is to change. The multi-year project redesigned 32 processes, changed staffing and infrastructure, affected multiple stakeholders, both inside and outside Providence, and subjected stakeholders to constant change. Providence Healthcare\'s multiple stakeholders included the board of directors, senior management team, employees, physicians, volunteers, students, patients, residents, clients and their families, donors, union members, and various healthcare partners. Managing the expectations and needs of these diverse stakeholders represented a substantial risk..Thus, leadership needed to sustain the momentum of positive change and build for the future. However, the success of the transformation depended on the leadership of Josie Walsh, the president and CEO. She succeeded, but any changes in leadership could pose a risk to the continuity and success of the transformation.

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Plus, the strategic plan, Time to Shine, set high goals including redeveloping the hospital\'s rehabilitation inpatient units, expanding outpatient programs and services, and providing excellence in patient care. There was a risk of not meeting these goals.The Most Important Risks and How to Manage ThemThe three most important risks selected for management are financial instability, the need for improved…

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…reduce waste. Thus, there should be no hesitancy on the part of the risk manager to approve these recommendations and implement them immediately.Would the Culture Accept These Strategies?It is quite likely that the culture would accept these strategies. Providence Healthcare has a culture that values innovation, continuous improvement, and financial sustainability, and so the proposed strategies of diversifying funding sources and cost optimization would likely be well-received. However, there is always the risk of people resisting change, so that would need to be managed as well. The key to overcoming potential cultural resistance is having a leader who is good at effective communication and change management. A change model like Kotter’s would certainly help, too.ConclusionIn conclusion, the risks facing Providence Healthcare can be addressed so long as the company adopts a suitable approach to risk management. The proposed strategies of diversifying funding sources and cost optimization can help the company to face the issues of financial instability, patient flow, and change. This approach would also give a good solid path towards financial stability, improved efficiency, and ultimately, better patient care. However, success as always depends on making sure the risk manager and other key stakeholders understand the challenges and also that the organization’s culture is supported for the task. So long as there is a leader who can communicate effectively and manage change with an appropriate model, the process should be successful. Thus, Providence Healthcare has the potential to face these risks and….....

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