Kaufman, K. (2008). Managing risk in a challenging financial environment: Journal of the Healthcare Financial Management Association 62(8):45-50 – Day, G. (2007). Is it Real? Can We Win? Is it Worth Page 8 of 11 Pages Doing?: Managing Risk & Reward in an Innovation Portfolio. Harvard Business Review. https://hbr.org/2007/12/is-it-real-can-we-win-is-it-worth-doing-managing-risk-and-reward-in-an-innovation-portfolio
for guidance. Make sure to provide an answer to the following (in the conclusion)
-Is this article relevant to the current healthcare strategic approaches to risk assessment and management? In what way? What has/has not changed and why?
Expert Solution Preview
The article “Managing Risk & Reward in an Innovation Portfolio” by Day (2007) and “Managing risk in a challenging financial environment” by Kaufman (2008) both discuss risk assessment and management in different contexts. As a medical professor, it is important to analyze these articles to determine their relevance to the current healthcare strategic approaches to risk assessment and management.
Both articles are highly relevant to the current healthcare strategic approaches to risk assessment and management. In the healthcare industry, there are various innovations and initiatives being introduced regularly. However, implementing these initiatives may require significant financial investments, which can result in risks.
Kaufman (2008) explains that risk assessment and management are crucial steps towards ensuring the financial stability of healthcare systems. The author suggests that identifying potential risks, avoiding risks where possible, and minimizing the impact of risks are critical strategies to manage financial risks. This approach is still highly relevant today, as healthcare systems continue to face financial challenges, particularly during the COVID-19 pandemic.
Day (2007), on the other hand, focuses on balancing risk and reward in innovation portfolios. The author suggests that organizations need to evaluate the potential benefits and risks of implementing different initiatives. This approach remains crucial in the healthcare industry, as it is essential to balance the potential benefits of new innovations while identifying and minimizing the risks associated with their implementation.
Overall, both articles highlight the importance of risk assessment and management in healthcare, including strategic approaches that can help in managing risks. While specific risks may vary, the principles highlighted by the authors have remained relevant and applicable over time. Hence, the healthcare industry can learn significant lessons from these articles and implement approaches that would manage risks better.