The healthcare industry continues to face many challenges such as rising costs, consumer prices, prescription costs, lost revenue, mergers, and acqu
Scenario
The healthcare industry continues to face many challenges such as rising costs, consumer prices, prescription costs, lost revenue, mergers, and acquisitions. Most organizations are trying to address these barriers by implementing quality improvement strategies. You are about to graduate from Rasmussen College and are looking to land a job in the healthcare industry. After several weeks of research, networking, and submitting job applications, you receive a call from a talent acquisition specialist with Testing Health, Inc. After the initial phone interview, she tells you how impressed she is with your resume, skills, and knowledge, and so she would like to move forward with the next steps in the hiring process.
She informs you that the next step will be to provide the hiring manager an opportunity to view your knowledge and understanding of strategic planning and marketing. You have been given a week to prepare a PowerPoint presentation with voiceover narration. You will provide the talent acquisition specialist with the presentation via email, and she will forward it to the hiring manager for review.
To prepare your strategic plan and marketing presentation you will need to review the website of a company of your choosing within the healthcare industry. You will review the about page, mission, vision, services they provide, their target audience, any news or current mergers and acquisitions, and their last quarterly report. Based on your review, identify a mock, quality-improvement focus area. You will create a PowerPoint presentation outlining a 3-year strategic plan and marketing strategy based on your identified focus area, which may include adding or eliminating services, products, or staff for the company you researched.
Instructions
Develop a 3-year strategic plan and marketing strategy using PowerPoint with speaker notes that includes the following:
- A Strategic Plan that includes the following components:
- The company’s current mission and vision statements
- Create a flowchart to describe the remaining components
- Focus area (at least 2 key goals)
- Objectives (3-4 which defines each goal)
- Strategies with timelines (How you will achieve each objective?)
- A Marketing Strategy that includes a flowchart slide and the following components:
- Marketing objective (statement of what the company wants to achieve)
- The target audience
- Marketing communication strategy (e.g., radio, tv, or Internet)
- Timelines of how the marketing strategy will be executed
Your assignment should include a title slide and reference slide with a minimum of two Internet sources and one scholarly source, from attached documents.
Rubric:
-Provided clear and well-crafted vision and mission statements.
-Clearly a clear and well-crafted focus area with two key goals.
-Created clear and well-crafted strategic objective statements, three to four that define each goal.
-Created comprehensive timelines for achieving each objective.
-Created a clear and well-crafted marketing objective statement.
-Clearly and succinctly identified the target audience.
-Created a comprehensive marketing communication strategy.
-Created comprehensive timelines for achieving the marketing strategy.
-Used and identified three or more credible and relevant sources.
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Deliverable 4: Marketing and Promotion Strategy
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The organization is focusing on increasing the revenue they are getting. This will be achieved by: |
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Focus area |
Competitors |
Target Market |
Modes of Communication |
Projected Marketing |
Marketing budget |
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· Improving on sales through advertisement of organization brand. · Emphasizing on customer-driven approach through encouraging patient to take an active role in their own health risks and treatment options. · Improving the quality of services through levering technology. This is achieved through extensive research to determine the trending technology and innovation in the organization. · Maximizing customer experience and satisfaction. This is attained through conducting research to determine customer preference (Alvarez et al., 2019). |
· The key competitors are the surrounding health care organizations. · The basics for competitions are healthcare cost, and technological advancement. · The organization's goal in the competition is to build its reputation on quality, collaboration, compassion, and innovation, not just on price (Alvarez et al., 2019). |
· The target market is the patients within the general population that need healthy dynamics services. · The population will be males and females between the age of 30-60. · Patients to be selected as participants in the project will also be considered understanding cultures and conditions. · Rural areas where advertising and services may be lacking. · Physicians · Specialist particular cardiologist and orthopaedic (Bunnell et al., 2021). |
· The organization will reach the target market through promoting text messages. · Target messages using social media platforms. Such as, Facebook, LinkedIn, and Instagram. · The organization will create flyers and mail to the targeted market. · Also, communication will be enhanced through advertisements in the journals and all electronic media (Bunnell et al., 2021). |
· The project market from the analysis is subject to the effort that is made in the promotion of the product. · The future trend is expected to be positive, and the growth curve is expected to raise (Cuschieri et al., 2021). |
· The marketing budget must be allocated every financial year. · The marketing budget will cover all costs of marketing research, advertisement, and human resource in marketing department. · The annual marketing budget will be 3% of the revenue. · The budget is $5,000 annually (Cuschieri et al., 2021). |
Promotional Message
Healthy Dynamics is a healthcare organization that focuses on providing all medical services to its patients. Individuals can connect with the company via Facebook link or QR code. They may also access directly on our website. Healthy Dynamics’ vision is to become a market leader in offering the best wellness program products and services across the states. Its mission is to develop unique wellness program products and services that creates conveniences for customers (Alvarez et al., 2019).
One of its strategic goals is to improve the quality through leveraging technology. The organization is equipped with latest technology and equipment’s that will enable them to attain their desired goal of quality and assured services. The cost of services in Healthy Dynamics is friendly an assurance that they keep patient’s life and safety first not finances (Alvarez et al., 2019).
References
Alvarez, L., Soler, A., Guiñón, L., & Mira, A. (2019). A balanced scorecard for assessing a strategic plan in a clinical laboratory. Biochemia Medica, 29(2), 284-291. https://doi.org/10/11613/BM.2019.020601
Bunnell, R., Ryan, J., Kent, C., & CDC Office of Science and CDC Excellence in Science Committee. (2021). Toward a New Strategic Public Health Science for Policy, Practice, Impact, and Health Equity. American Journal of Public Health, 111(8), 1489-1496. https://doi.org/10.2105/AJPH.2021.306355
Cuschieri, S., Pallari, E., Terzic, N., Alkerwi, A., & Sigurðardóttir, Á. K. (2021). Mapping the burden of diabetes in five small countries in Europe and setting the agenda for health policy and strategic action. Health Research Policy and Systems, 19(1), 1-10. https://doi.org/10.1186/s12961-020-00665-y
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6
Deliverable 1: Strategic Planning
Rasmussen University
Healthcare Strategic Planning and Marketing
Internal Memorandum for Business Planning and strategic planning
TO: All employees of Healthy Dynamics
FROM: Project Assessment Leader
RE: Development of Better Revenue from the Healthcare Industry
The healthcare sector can be confusing and complex for many people to understand. This is due to the changes in government mandate and technological advancements. Notably, it is becoming highly crucial to plan the success of healthcare organizations. The organization can better prepare for the unknowns by preparing for our future. Thus, a strong business and strategic plan help all levels of the company despite it being small or large. To understand the future of the industry, it is crucial to also understand the differences between business planning and strategic planning in health care (Ginter et al., 2018).
Most importantly, business planning is commonly confused with strategic plans but is not that similar. Every organization needs to have both plans, and thus it is crucial to identify the differences between the two plans. Foremost, business planning includes the description of the foundation of a healthcare organization, its capabilities, owners, market, and industry in which it operates. Business planning also involves detailing how the healthcare organization generates revenues and its financial projections. A health care business plan can assist the stakeholders in defining and identifying the targets audience and crucial prospects. It also aids in evaluating and comparing the business practices information against the industry (Alvarez et al., 2019).
On the other hand, strategic planning in healthcare includes increasing objectives and setting goals for where the organization sees itself in the future. Strategic planning aims to align an institution's action with the organization's values and mission. Strategic planning helps the organization have goals and objectives and create a plan to achieve them (Alvarez et al., 2019).
Focus area that can increase revenue
Indeed, there is no proven method on how the healthcare organization can increase revenue, but the organization can boost its revenue by increasing sales. Increasing marketing sales can help differentiate the company brand and implement innovations to stay ahead of other organizations. Due to massive competition, the organization can have striven to have modern sales and marketing strategies to increase revenue and ensure that the business brand does not suffer. To increase revenues, health care should begin by focusing on patients, whereas the business should be customer driven. This should involve having new and more effective tools to help patients become better (Bunnell et al., 2021).
The customer-driven approach also involves maintaining consistent outreach. Mainly, during these pandemic times, many health care organizations have delays. Thus, it's the perfect time to reengage and encourage patients to begin actively managing their wellness and healthcare (Ginter et al., 2018). These should involve promoting text messages and target messages through social media, whereby the business will conduct direct outreach. The company should also ensure it stays connected with the patient by creating messages around news services, providing updated check-in procedures, and reminding patients about telehealth services (Bunnell et al., 2021). Another approach to increase revenue with health care is extending practice hours, maximizing marketing, adding patient visits to the physical; days, providing timely appropriate and observing new services.
Question to address the development of a strategic plan
When developing a strategic plan, there are several questions every leader and team should ask. These includes
I. Where do we want to be in 4 to 6 years?
II. Where is the business today in relation to these goals?
III. What obstacles lie in the business path, and how can the business remove the barriers?
IV. How will we measure the business progress and know where it has reached its goals?
Healthcare leadership team members
Chief Executive officer
Chief administrative officer
Chief Financial Officer
Chief Nursing Officer
Chief Medical officer
Chief Information officer
Roles and responsibilities of the team members
During the creation the healthcare strategic plan, several healthcare leadership team members should be involved. The team leader is crucial as they offer the chance to contribute to various operational areas. Foremost, there is the hospital's chief executive officer, who is charged with the duties and responsibilities of the entire hospital. Since the individual is the final decision maker on all aspects of the strategic plans, finances, policies, and operations, they play a crucial role in ensuring the strategic plan's success (Cuschieri et al., 2021).
The second team leader is the chef's administrative officer, second to the chief executive officer. Thus, during strategic planning, the individual is responsible for facilitating and ensuring the strategic planning aligns with the hospital operations and the CEO's decisions (Parsapour et al., 2021). The chief financial officer also leads the accounting and finance departments and establishes financial policies. Thus, there are crucial in strategic planning as they provide the necessary financial advice needed to ensure the organization's strategic planning becomes a success and viable (Alvarez et al., 2021).
Another individual is the chief information officer responsible for all technological infrastructure patent data and healthcare data security. The person ensures that all the necessary data for strategic planning and success is available and that all the essential technology is also available. The chief medical officer is another crucial team leader who oversees hospital care acts and acts in corroboration with hospital physicians and executives to ensure that medical care is proper and necessary. The individual is crucial in strategic planning as they assist in ensuring the goals and objectives align with the business services. The last team lead is the chief nursing officer, who deals with nursing protocols and operations and the quality and delivery of patient care—the team leader assists in ensuring that the laid down objectives and goals are met and followed (Parsapour et al., 2021).
References
Alvarez, L., Soler, A., Guiñón, L., & Mira, A. (2019). A balanced scorecard for assessing a strategic plan in a clinical laboratory. Biochemia Medica, 29(2), 284-291. https://doi.org/10/11613/BM.2019.020601
Bunnell, R., Ryan, J., Kent, C., & CDC Office of Science and CDC Excellence in Science Committee. (2021). Toward a New Strategic Public Health Science for Policy, Practice, Impact, and Health Equity. American Journal of Public Health, 111(8), 1489-1496. https://doi.org/10.2105/AJPH.2021.306355
Cuschieri, S., Pallari, E., Terzic, N., Alkerwi, A., & Sigurðardóttir, Á. K. (2021). Mapping the burden of diabetes in five small countries in Europe and setting the agenda for health policy and strategic action. Health Research Policy and Systems, 19(1), 1-10. https://doi.org/10.1186/s12961-020-00665-y
Ginter, P. M., Duncan, W. J., & Swayne, L. E. (2018). The strategic management of health care
organizations. John Wiley & Sons.
Parsapour, A., Gooshki, E. S., Malekafzali, H., Zahedi, F., & Larijani, B. (2021). The second strategic plan of medical ethics: a national report. Journal of Medical Ethics and History of Medicine, 14. file:///C:/Users/bfeli/Downloads/1067-Article(with%20all%20authors%20names%20&%20affiliations)-7914-1-10-20211227.pdf
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Deliverable 5: Healthy Dynamics (HD) SWOT Analysis
Healthy Dynamics (HD) SWOT Analysis
As Healthy Dynamics (HD) develops its comprehensive strategy, it's critical to know where the firm is strong, where it's weak, what strong possibilities the corporation may pursue, and what challenges it might face. An authentic assessment of the strengths and prospects that are sturdy and inventive is the first step in overcoming the faults and hazards of Healthy Dynamics. Therefore, this paper identifies the strengths, weaknesses, opportunities, and threats of Healthy Dynamics, which is critical in developing a strategic plan for the organization and is accomplished through SWOT analysis, which considers both internal and external elements that may impact discovering capabilities (Esfahani, Mosadeghrad & Akbarisari, 2018).
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STRENGTHS |
WEAKNESSES |
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The Healthy Dynamics (HD) has numerous positions that it may leverage to grow its customers and revenue. Uniqueness: The organization stands out among the competition as a facility that provides high-quality health services and a café and breakroom on site, making it very appealing to most guests who may relax before or after medical treatment. These services include health assessments, biometric screenings, and telephonic health coaching. Adequate employees: The company has many employees (over 500). Thus, at all levels of management, the firm has a group of highly qualified professionals who ensure that clients receive the best possible professional services. Employees are taught in various areas to ensure that the company's requirements are met in all areas and generate accurate healthcare improvement techniques under careful assessment by the CEO. (Gordon & Pollack, 2018) |
The following are the flaws that the firm is suffering from due to its success. Cafeteria staff costs: The cafeteria staff is not employees of Healthy Dynamics, yet it costs the company $500,000 annually. Inadequate capital: Healthy Dynamics has many workers with significant salary bills that are not fiscally sustainable to retain in the current economic climate. The corporation must assess its salary bill and capital expenditures to stay solvent. No actual sales: Healthy Dynamics is now facing a reduction in customer attendance and no significant sales. This indicates the possibility of bankruptcy in the coming years. (Gordon & Pollack, 2018)
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OPPORTUNITIES |
THREATS |
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The following are some of the opportunities available to the Healthy Dynamics company. High demand for biometric screenings: The requests for onsite biometric screenings have increased by 15 percent. This rise is accompanied by an increase in the population, which is more likely to require medical treatment and well-being. The growing demand for specialized medical care due to lifestyle illnesses: More people are becoming victims of lifestyle-related ailments due to inadequate living and eating habits, necessitating specialized medical treatment. This presents the organization with a fantastic chance to expand its client base by advertising its services. (Benzaghta et al., 2021) |
The following are the potential hazards to the Healthy Dynamics company's growth and profitability. Dry up of market demand: According to the data, demand for telephonic coaching calls has decreased by 25%, indicating a significant drop in public demand. The decline of revenue: Over the previous five years, Healthy Dynamics' income has decreased by 15-25 percent. The firm will go bankrupt if this tendency proceeds for the next two years. The economy: The country's collective economic growth has significantly impacted the economy, threatening the people's financial capacity and thus threatening the company. As a result, numerous significant players or clients in various areas of the economy have gone bankrupt and thus tend to focus on other things rather than the company’s services. (Benzaghta et al., 2021) |
References
Benzaghta, M. A., Elwalda, A., Mousa, M. M., Erkan, I., & Rahman, M. (2021). SWOT analysis applications: An integrative literature review. Journal of Global Business Insights, 6(1), 55-73. https://digitalcommons.usf.edu/globe/vol6/iss1/5/
Esfahani, P., Mosadeghrad, A.M. and Akbarisari, A. (2018). The success of strategic planning in health care organizations of Iran. International Journal of Health Care Quality Assurance, 31(6), 563-574. https://doi.org/10.1108/IJHCQA-08-2017-0145
Gordon, A., & Pollack, J. (2018). Managing Healthcare Integration. Project Management Journal, 49(5), 5-21. https://doi.org/10.1177/8756972818785321
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Deliverable 3: Engaging Stakeholders
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Table 1 Strategy Map
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Stakeholder |
Specialists |
Patients |
Employees |
Dynamic Insurance Firm |
Colfax brand |
Community wellness |
|
Representation |
Physicians |
Users |
Users |
Insurance companies |
Pharmaceutical companies |
Wellness |
|
Roles/Responsibilities |
Provide users with quality care. Assess quality during interactions. Provide feedback on quality assurance. |
Provide feedback on quality during care. Articulate quality improvement required. |
Ensure services are quality oriented. Provide feedback on workplace quality. |
Financing cover plans on timely basis. Review quality with insurance plans. |
Provide supplies on timely basis for quality. Articulate quality through brand products. |
Review quality measures. Evaluate quality perspectives from community participants. |
|
Stakeholder Power |
Legitimate Power |
Expert Power |
Expert Power |
Coercive Power |
Coercive Power |
Reward Power |
|
Meeting times |
Weekly |
Daily |
Daily |
Monthly |
Monthly |
Weekly |
|
Timeline |
Entire project time |
Entire project time |
Entire project time |
Six months |
Six months |
Entire project time |
The project will consider the inclusion of cultural diversity among the key stakeholders. For instance, specialists and employees as per the organizational policy are recruited considering age, gender, ethnicity, and race (Johnson & Orr, 2020). This already shows the internal stakeholders reflect diversity. Social interactions between shareholders and interest groups provide dimensions in expectations and mobilizing interests to meet organizational needs (Johnson & Orr, 2020). Patients to be selected as participants in the project will also be considered under cultures and conditions (Neto & Borges, 2019). The pharmaceuticals and community wellness organizations will be required to provide the diversity and inclusivity policy to depict diversity considerations (Neto & Borges, 2019). Adaptive factors displayed by institutions in the macro context foster acceptance of current market dynamics (Neto & Borges, 2019). Thus, considering inclusivity policy would explore organizational adaptations of diversity (Neto & Borges, 2019).
Ensuring fairness and equity will entail the selection stakeholders through random sampling. This is after an evaluation of their reputation in the community (for the organizations). Final approval depends on adequacy of settlement in respect to participation, opportunities, and allocation schemes (McGovern & Rubenstein, 2020). Further, the process will entail fair background evaluations to avoid discriminatory instances. Alternatively, employees and specialists will be selected by their colleagues in different departments for representation. The selected individuals are required to build commitment and prioritize the mission. Internal stakeholders play an imperative role in influencing changes required in the strategy plan. Allowing the team mates to select their preferred candidates would effectively lead to fairness and equity (Jasti et al., 2019).
Stakeholder Survey
Key Questions
1. What do you think is critical in ensuring quality healthcare standards are met?
2. What are your organizational standards in meeting quality assurance?
3. What measurements could be deployed to measure, review, and evaluate? (Jasti et al., 2019).
4. Are KPI’s effective in measuring healthcare quality?
5. How will incorporating quality KPI’s in the organization impact operations, processes, and outcomes?
6. How do your internal stakeholders perceive of the current quality measures?
7. Will the workplace culture allow quality measure changes and how will they be integrated in a span of three months?
8. Do the current quality measures and quality integration levels up to the expected standard?
9. In your organization what necessitates quality assurance and how is it effectively embedded in your workplace policy? (McGovern & Rubenstein, 2020).
Effectiveness Questions
1. What are your thoughts on what should be included in our agenda for the next meeting?
2. How would you influence changes you feel are required to improve quality standards and measures?
3. What reviews would you provide in our current quality focus strategy?
4. Which measures would you incorporate in our organization to influence quality assurance?
5. What would you term as a satisfactory meeting regarding this project? (Neto & Borges, 2019).
References
Jasti, B., Livesye, J., Oppenheimer, P., Boyce, E. & Long, T. (2019). Development, implementation, and assessment of a comprehensive strategy plan in a school pharmacy. American Journal of Pharmaceutical education, 83(6) 6899. https://doi.org/10.5688/ajpe6899
Johnson, S. & Orr, K. (2020). What is business school research for? Academic and stakeholder perspectives, politics, and relationability. Studies in higher education, 45(3) 557-578. https://doi.org/10.1080/03075079.2018.1564901
McGovern, F. & Rubenstein, W. (2020). The negotiation class: a cooperative approach to class actions involving large stakeholders. Texas law review, 99(73). https://web.p.ebscohost.com/ehost/pdfviewer/pdfviewer?vid=12&sid=14d30bf6-a12f-4064-ba50-d36f17499a73%40redis
Neto, J. & Borges, J. (2019). Narratives of stakeholders under the perspective of the strategy as social practice. Revista de Administracao Mackenzie, 20(1). https://doi.org/10.1590/1678-6971/eRAMR190118
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Deliverable 6: Smart Goals
HEALTH DYNAMICS
Mission: Develop unique wellness program products and services that creates convenience for customers.
Description: The company aims at enhancing efficiency in the way it meets the demands of the market through ensuring the services offered and the products meets the needs of the target market. The company also wishes to stand out in the market through offering unique products and services (Manaughton, 2022).
The success will be measured through increase in sales volume per year.
Accomplishment will be measured by determining whether there is an increase in number of customers.
To improve quality through leveraging technology. Helps in enhancing business efficiency.
This goal will be attained through introducing new technology to improve the quality of service delivery (Grodnitzky, 2018).
To enhance talents, skills, and competence in the organization. Helps in increasing employee productivity and improve organization performance.
This goal will be attained through regular training of members of staff and employees (Smith, 2021).
To maximize customer experience and satisfaction. Helps in creating customer loyalty thus expanding customer base.
This will be measured through conducting market survey and using the data to design and develop products and services (Rivers, 2018).
To create a technology implementation plan and implement technology. Helps in ensuring there is successful use of technology to enhance efficiency (Smith, 2021).
To create a training program and start training the employees on performance, innovation and creativity (Smith, 2021).
To conduct market survey and review the service and product design. Helps in identifying loops in the current level of customer satisfaction (Rivers, 2018).
SMART Goal Setting Worksheet
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Specific · What do you want to accomplish? · Why is this goal important? · Who is involved? · What resources are involved? |
The main goal of the company is to enhance efficiency through ensuring the needs of the customers are met and the products and services offered meets the preferences of the customers. This goal is important in earning customer loyalty necessary in building the brand’s reputation and in expanding customer base thus boosting sales volume. The employees, management are required in realization of the set goal. |
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Measurable · Are you able to track your progress? · How will you know when it's accomplished? |
The progress of the company’s efforts towards attainment of the goals can be measured based on the difference in the sales volume. The main measure is determining whether there has been increase in sales volume or increase in customers based on the web traffic. When the company attains at least 10,000 additional customers within the year, the goal will be considered to have been attained after realization of the goal. |
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