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The Taft University System, William Howard Taft University *

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Health Science

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Feb 20, 2024

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docx

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Uploaded by SargentTitaniumBadger23

Class Notes Discuss why resource allocation should always be based on strategic priorities. Resource allocation should always be based on strategic priorities because it is good for execution, particularly when allocating ample resources to execution-critical value chain activities. Allocation is directly related to the ideas of demand and scarcity. The economy or marketplace must therefore find a way to “decide” which resources should be allocated to meet particular consumer demand. Discuss how the use of a Six Sigma program can help medical providers survive and thrive in the current industry climate. To help reduce waste and improve quality care, many hospitals and healthcare practices have adopted Six Sigma management tools to help achieve goals. Employing Six Sigma principles in healthcare settings can help eliminate defects and variations in processes, and it can help make procedures more streamlined, less costly and help improve patient care . Six Sigma’s data- driven approach can result in measurable improvement. Six Sigma has been shown to improve patient care by:  Reducing the number of errors made by physicians, nurses and technicians  Improving lab turnaround times  Reducing appointment wait times  Decreasing steps in the supply chain  Accelerating reimbursement for insurance claims  Improving patient outcomes Six Sigma has been shown to significantly impact healthcare management, operations, and direct patient care, resulting in both cost savings and quality improvement. Six Sigma can help healthcare organizations find ways to maximize resources, eliminate waste and get the results they need to reduce costs and increase patient satisfaction. Discuss how and why a company’s culture can aid the drive for proficient strategy execution. Every company has a unique culture. A firm’s culture is important because it influences its actions and approaches to conducting its business. Corporate culture is the meshing of shared values, beliefs, business principles, and traditions that imbues a firm’s operating style, behavioral norms, ingrained attitudes, and work atmosphere. It is important because it influences the firm’s actions and approaches to conducting business. Closely aligning corporate culture with the requirements for proficient strategy execution can occur with the help of senior executives. A culture that is consistent with the requirements for good strategy execution can energize employees, deepen their commitment to execute the strategy flawlessly, and enhance worker productivity. It is a product of:

 The core values and business principles articulated by executives  Its standards of what is ethically acceptable and what is not  The work practices and behaviors that define “how we do things around here”  Its approach to people management and its style of operating  The “chemistry” and the “personality” that permeates its work environment  Stories told repeatedly to reinforce its values, business practices, and traditions  The specific cultural traits that emerge from a company’s meshing of these culture- determining factors define its corporate culture  A company’s culture is its psyche or organizational DNA

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