This assignment will answer the questions basing on the healthcare industry. There is major strategic threat impacting firms in the healthcare industry. The following are some of the possible threats being experienced in this industry.
1. Advancement in Technology
There is a dramatic change in medical technology that all firms offering health care services are willing to incorporate (Group, 2015) . However, there has been an increased shortage of physicians and a greater number of patients who are seeking health care services. Majority of the patients are looking for affordable services. There is pressure on the healthcare industry to advance to telemedicine technology. Telemedicine technology needs to hire physicians who are qualified and with the right experience. Finance is a scarce resource in this industry; it needs to be well managed to make sure that the technology is well assimilated in hospitals and to pay telemedicine physicians.
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2. Alarm Fatigue
Beeps and alarms from the medical devices have become common among the nurses and doctors. Even though alarms have been designed for drawing attention, medical professionals have become used to the beeps and sometimes fail to respond to the alarm as they should (Group, 2015) . Alarm fatigue is an increasing problem in hospitals and other healthcare facilities.
3. Safety in Hospitals is at Risk
There have been increasing incidences of violence in hospitals that put both the professionals and the patients at risk. There have been reports of harassment, attacks, and intimidation and other disruptive behavior in health care facilities (Group, 2015) . Both the medical practitioners and the patients need to feel secure while in the hospital.
4. Healthcare Infections
Healthcare infections cost has risen in the U.S. which has led to the loss of lives. At least one out of twenty-five patients die as a result of healthcare infections. According to the research done by the Centers for Disease Control and Prevention, such infections cost $9.8 billion annually (Group, 2015) . This is a lot of money that is going to treat the healthcare infections that could have been channeled into other developments like technology advancement.
Recommendations
Managerial accounting and data analytic approaches can be used to help the healthcare industry with these challenges.
The managerial accounting approach that can be used to solve the healthcare threats is by job costing. Job costing involves tracking all costs involved in the industry about productivity level. Incorporating technology is significant in improving the healthcare industry, but job costing approach need to be considered . Technology like telemedicine could be useful in the industry because it will encourage more patients to seek medical consultations at the comfort of their homes. Therefore, the industry needs to have suitable measures to regulate such consultation. Such measures include how much the patients will be paying for such services and how to do it to make sure that the healthcare facility does not get into huge debts in the process of incorporating new technology.
The alarm fatigue threat can be solved by having a suitable alarm management. Through the analytical approach, it is clear that some patients have lost their lives because of alarm fatigue. The alarms can be strategically located in high-risk areas. Alarms in areas that are not risky should be removed. Alarms that do not require clinical intervention should be eliminated . Reducing the number of alarms in a hospital will help in solving the alarm fatigue problem.
More security officers should be deployed in the hospitals to take care of the violent events that occur in the hospital. The security officers should be hired according to a suitable budget within the healthcare industry. Financial problems can slow down the advancements in this industry because it is a necessary resource. Standard costs is a managerial accounting approach that includes the direct labor and direct materials that an organization needs to improve in various areas.
Specific Value Obtained from these Techniques
The value obtained from these techniques is the need to have a suitable budget to allocate the scarce resources like finances. Financial management is a challenge for many industries as well as the healthcare industry. If the finances can be properly managed , the industry will have new developments like hiring more physicians, employing more security officers, and using the technology that is most important in promoting the productivity of the industry.
Cautions Suggestion
Alarm fatigue should be addressed with caution. Alarm fatigue is affecting the quality of services in many healthcare facilities because of the familiarity of the alarm. Alarms that are in areas that do not require emergency should be removed . Ignoring problems is a hindrance to development in many organizations.
More employees should be encouraged to attend training sessions to learn new skills. New technology should not be incorporated in the industry before training the employees on how to use it. Telemedicine technology is good , but if the physicians are not well trained, it may be a wasted resource. It is not beneficial for an organization to invest in unfruitful projects.
Poor Performance in Healthcare Industry
Health care infection management is one of the poor performances in the healthcare industry. It has been consuming a lot of money in the industry. There is a need for a quick resolution to this problem to deal with the problem. It is a growing threat in the industry that needs quick solutions. More scientists should be involved in finding the best and long-lasting solutions to such infections. Consequently, sanitation within hospital should be kept up to standard to keep the patients safe.
References
Group, A. (2015, June 1). 11 Critical Risks Facing the Healthcare Industry . Retrieved from RISK & INSURANCE: http://riskandinsurance.com/11-critical-risks-facing-the-healthcare-industry/
