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Leg500 Corporate Governance Essay

1926 words - 8 pages

Corporate Governance and Ethical Responsibility
Strayer University
LEG 500
November 13, 2012

Corporate Governance and Ethical Responsibility
Dr. DoRight has recently been hired as the President of the “Universal Human Care Hospital”, where he oversees all departments with over 5,000 employees and over 20,000 patients at the medical facility. He has been provided with a broad set of duties and oversight of numerous departments, including business development, customer services, human resources, legal, patient advocacy, to name a few. He has managers in each department that he supervises and who work with him to address the needs of the various internal and external stakeholders of ...view middle of the document...

The challenge Dr. DoRight faces is managing the needs of these stakeholders in the overall relationships of one another depending on the short term and long term interests of the hospital. Internal stakeholders such as medical (doctors and nurses) and professional staff (radiologists, lab personnel), management and board members typically support the hospital and can help achieve the hospital’s goals. While the nurses, physicians, radiologists and lab personnel are the ones who execute on the hospital’s goals and are directly or indirectly impacted by policy or decisions, it is management and board members who can influence the policies the hospital chooses to follow and the decisions that must be made as a result. All three of these groups as internal stakeholder would be expected to take responsibility for the outcome of the hospital’s performance and therefore it is important for Dr. DoRight to regularly engage with them.
Dr. DoRight must also work with external stakeholders such patients, suppliers, vendors, government agencies, the media, unions and insurance companies and even other hospitals from time to time. These stakeholders influence the hospital in a variety of ways which may or may not be supportive of the hospital’s objectives. As president of the hospital, Dr. DoRight has to try to blend the benefits and risks that each of these stakeholders offers and do so as resourcefully as possible. Knowing that he was designated as “Medical Business Executive of the Year” in 2011 would lead me to believe that Dr. DoRight has been successful in finding the right combination to work well with the internal and external stakeholders on a daily basis.
Compare and contrast potential conflicts of interest that may exist between the internal and external stakeholders.
I would anticipate that a hospital the size of the one Dr. DoRight was managing would require some sort of conflict of interest policy to be enforced, if at all possible. Nelson (2009, p 42) attempts to define the notion of what “conflict of interest” means as “occurring when self-interest affects an individual's professional obligations to one's patients, organization and/or profession. A similar definition states: conflicts of interest occur when a personal or private interest influences (or appears to influence) a professional's objective judgment and the exercise of that individual's recognized duty.” Board of trustee members are able to influence decisions in the hospital by providing guidance in areas that may be important to them as patients or suppliers or business members in the local community. Although the intent of these decisions may appear to be benevolent to the hospital, they can still be a potential conflict of interest for the board member. Medical or professional staff who participate in assisting a local medical clinic through volunteer efforts or financial contributions may be a potential conflict of interest to the hospital since the clinic...

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