Quantitative risk analysis (QRA)

Quantitative risk analysis (QRA) would be appropriate for assessing microbiological food safety issues. Regulatory organizations are under pressure to develop techniques for identifying and mitigating the health hazards posed by dangerous microbes in food. A QRA is appropriate for this assignment since it allows for the completion of the four designated steps: hazard identification, exposure assessment, dose response assessment, and risk characterization. The cost estimates for health hazards are easily available, allowing QRA implementation.

QRA is not appropriate when there are no cost estimates or schedules (Skrtic & Horvatincic, 2014). An example of a project is the assessment of a compromise of patients’ electronic health data records. Such a project requires the identification and assessment of the individual risks of confidentiality, privacy, and integrity. Risk analysis, in this case, will emphasize more on analyzing the cause and importance of each individual risk.

The categories reported on the income statement are net patient service revenue, other operating revenues, and premium revenue (Zelman, McCue, Millikan, & Glick, 2009). Gross patient service revenue refers to the total amount of charges and fees received from providing patients with health care services (Heffernan, 2013). On the other hand, net patient service revenue refers to the patient revenue left over after deducting: charges to contractual rates, allowances, and denials, charges to services provided to charity, the provision for bad debts (Heffernan, 2013). Patient service revenue refers to the amount of revenue recognized during a period after service delivery to patients either on an inpatient, outpatient, or office visits. On the other hand, other operating revenue is generated from the daily operations not related to patient care e.g. cafeteria sales (Heffernan, 2013).

References

Heffernan, J. (2014). HealthcareFinance101 Healthcare Finance 101. Massachusets general Physicians Organization.

Mileusnić Škrtić, M., & Horvatinčić, K. (2014). Project Risk Management: Comparative Analysis of Methods for Project Risks Assessment. Collegium Antropologicum, 38(1), 125-134

Zelman, W. N., McCue, M. J., Millikan, A. R., & Glick, N. D. (2009). Financial management of health care organizations: an introduction to fundamental tools, concepts, and applications. John Wiley & Sons.