Key Risks and Mitigation Strategies in Enterprise Risk Management for Private Hospitals: A Mixed-Method Study
1Graduate School of Management and Innovation, King Mongkut's University of Technology Thonburi, Bangkok, Thailand.
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Summary
Enterprise risk management (ERM) in Thai private hospitals identifies 5 key risks: patient safety, sentinel events, staff shortages, cybersecurity, and litigation. Strategies focus on improving clinical governance, workforce, and cybersecurity for enhanced resilience.
Area of Science:
- Healthcare Management
- Risk Management
- Hospital Operations
Background:
- Enterprise risk management (ERM) is crucial for the sustainability and operational resilience of private hospitals in Thailand.
- Identifying and mitigating key risks is essential for strengthening the healthcare sector's resilience.
Purpose of the Study:
- To systematically identify and prioritize critical enterprise risks in Thai private hospitals.
- To propose effective mitigation strategies for enhancing healthcare resilience and sustainability.
Main Methods:
- A 4-phase mixed-methods approach including risk inventory development, quantitative surveys, expert interviews, and bibliometric analysis.
- Risk inventory based on global ERM frameworks and hospital reports; survey of 48 risk/quality professionals; interviews with 5 ERM experts; bibliometric analysis of 958 Scopus articles.
- Content validity assessed via Index of Item-Objective Congruence (IOC); bibliometric analysis refined the conceptual framework.
Main Results:
- The 5 highest-ranked enterprise risks identified are: clinical and patient safety, sentinel events, medical personnel shortages, cybersecurity threats, and litigation exposure.
- Key contributing factors include ineffective clinical systems, communication issues, staff turnover, low compensation, and inadequate cybersecurity literacy.
- Recommended strategies encompass proactive risk assessment, workforce planning, safety culture development, ISO/IEC 27001 compliance, and improved patient communication.
Conclusions:
- A structured ERM framework highlights patient safety, sentinel events, staff shortages, cybersecurity, and litigation as paramount risks.
- Recommendations focus on enhancing clinical governance, workforce policies, cybersecurity, legal risk management, and total quality management.
- Implementing these strategies will bolster healthcare resilience and sustainability in Thailand's private hospital sector.