Today's healthcare field is highly competitive. Gone are the days when having good doctors and nurses were enough to attract patients to healthcare facilities. Today's healthcare field is a billion-dollar sector with competition amongst various players in the sector. To stay ahead of the curve, hospitals, insurance providers, pharmaceutical corporations, teaching hospitals, and other private health facilities utilize simulation in analyzing various aspects to remain competitive, meet client demands and realize investor goals. A healthcare leader who possesses the necessary simulation skills as part of their analytic skills competencies stands a greater chance to navigate the organization towards a successful course.
A major challenge facing healthcare financial administrators is the rising cost of healthcare that has been occasioned by increased healthcare spending. A classic example has been the Coronavirus 2019 that has turned to be a worldwide pandemic. The pandemic has led to multiple lawsuits against various insurance providers in most countries, as some have not provided cover for this. Besides, for those that have provided cover, the large number of people affected, and the fact that payment for services rendered may take long leaves such providers cash strapped. Having simulation models with a mass casualty that rises exponentially can provide a rough idea of the financial muscle that a financial organization or health insurance provider may need to cater to her clients. This sets the baseline on the amount of premium to be charged, the demographic composition of the groups to be targeted, among other factors.
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Another major challenge for healthcare managers has been the threat of cyber-attacks. With cyber-attacks, confidential patient information may be released to the public domain, and in some cases, sensitive information is released, leading to organizations being sued for damages. The role of simulation in so far as the medical management information system is broad. Primarily, the simulation may be used to pretest the installed information system and thus access their impenetrability to cyber-attacks and hacking incidences. Besides, a simulation may be used to test the speed in which a potential threat may be repulsed or if there is a breach in technological security, then how fast and what corrective measures may be undertaken.
Simulation as an analytic component has a lot to offer to any health service organization. Simulation may be used to project how bad a pandemic may be and estimate both the financial and human resource costs that may have to be marshaled to contain it. Simulation can also offer a glimpse of the dangers caused by a cyber-threat to healthcare organizations. Knowledge of this uses, among many others, may be used to improve healthcare performance on a broader scale.
Reference
Albright, C. S., & Winston, W. L. (2017). Business Analytics: Data Analysis & Decision Making (6th ed.). Cengage Learning.
