I. Introduction Business-level strategy is an integrated and coordinated collection of commitments and actions that are used by firms to achieve a competitive advantage. The firms utilize core competencies in certain product markets. Under this strategy, firms specify their choices on how they plan to compete in individual product markets. It’s important that every firm develop a business-level strategy to create differences between its position and its competitors’ positions. The relationship between customers and business-level strategies is very important because customers are the source of the strategy’s success. It’s imperative that the firm differentiate who the customer will be (market segmentation), what are the customers’ needs, …show more content…
Tenant and Triad Hospitals are known competitors for HCA. HCA’s business strategy also puts them in competition in metropolitan areas mainly against independent non-profit hospitals. Many do not possess the equal financial performance objectives and helped HCA to be the market leader (McCosh, 2011). B. Strengths and Weaknesses HCA’s strengths included its leading position in the hospital market and expansive and vast service offerings. HCA developed a strategy that focused on a main group of market-leading hospitals utilizing its financial resources, medical background, and management proficiency. At present, HCA still utilizes this operating strategy. HCA possessed innovative business practice. After selling its non-hospital business and other facilities that did not correspond with its strategy, HCA continued to focus on providing high quality healthcare (McCosh, 2011). The company also has weaknesses including its negative past and public image that included accusations of fraud which led to federal government investigations. Over the years, the organization’s strengths have mostly remained the same, except the fact that HCA does not provide expansive amount of services. HCA made a wise choice to focus on only providing hospital services in order to increase quality and not to be dabbling in other industries. HCA still is known for its past corruption, but remains the leading firm in the hospital industry. C.
Healthcare is in a constant state of change with movements that impact rates, access and quality of care. Hospitals have become more competitive due to the rising cost of care delivery and the reduction in reimbursement from payers. This causes difficulty in delivering quality care to all patients, which is being measured by mandated patient perception surveys, Hospital Consumer Assessment of Healthcare Providers and Systems (HCAHPS). HCAHPS scores are part of value
Nonprofit hospitals have become a common characteristic of the hospital sector because they can be found across the country because of their presence in almost every corner, they never decline to provide treatment, and offer several community-based health programs. On the contrary, the for-profit health facilities are regarded as the corporate model of health care services as they seek to make profit first. They enjoy huge capital that enables them to develop state-of-the-art facilities and purchase the latest clinical technologies.
The American Hospital Association (AHA)represents a large number of member hospitals. This group has a significant voice in policy making. The CEO and CMO should actively engage the AHA and participate in efforts to present the issues to CMS. This engagement needs to be proactive and direct. There needs to active participation with AHA committees and task forces that are involved in this process. The System need to provide the resources need to facilitate this participation. In addition the system may need to consider financial support for the political action groups of the
HCA is a healthcare provider that was established in 1968. Their main focus is on offering cliental with a number of different services to include: inpatient, intensive care, outpatient, diagnostic and emergency services. To achieve these objectives they operate a variety of facilities such as: outpatient, psychiatric, surgery centers, freestanding emergency care facilities, diagnostic / imaging centers and comprehensive rehabilitation / physical therapy centers. They are structured to create increasing earnings for its policy and shareholders. This is achieved by contracting with private doctors to deliver services to its preferred providers members. At the same time, they receive fees from these entities and they negotiate lower group rates.
Hospitals implement HCAHPS with the support of the Hospital Quality Alliance (HQA), a public or private partnership that includes key hospital and medical associations, consumer groups, measurement and accrediting bodies and government agencies that have the same interest in improving the quality of hospitals. The Hospital Quality Alliance (HQA) program that is overseen by and public and private entities, that include the Centers for Medicare and Medicaid Services (CMS) as well as the Joint Commission, is dominating this effort in the hospital district, generating reports quarterly on the delivery of effective services for mutual conditions. Even though the Hospital Quality Alliance has made this data more available to the public, there has not been enough information on the quality of hospital care from a patients ' point of view. As the Institute of Medicine shows, the foundation of patient centered care is a key factor to having a premium health care system. The HQA backs HCAHPS.
Corporations have an influence as well because they do major business with hospitals and these entities do not want to be tied to a company who is not following protocol when handling patients. The Universal Human Care Hospital has a large amount of patients; which helps drive business for the organization. These three external stakeholders are important to bringing money into the organization, but also that the community and other corporations are just as important because each has something different to bring the success of the hospital.
The Schneck Medical Center has been providing health care services to the members of the Jackson County in Indiana since 1911 (Schneck 100, 2011). In 2011, the center won the Baldrige Award in the health care category. The center is one of the most successful health care providers in the private sector in Indiana. It is a 95-bed hospital and treats around 25,000 emergency cases each year (Schneck 100, 2011). The center emphasizes the importance of high quality service delivery to its patients and excellent customer service. This paper discusses how the Schneck Medical Center has implemented the health and safety administration principles in its operations to achieve a leading position in quality service delivery. It identifies and discusses the skills necessary for a health care firm to practice sound financial management and measurement of financial performance. The paper then discusses some of the important issues facing health care providers. It then proposes an alternative HSA policy for enabling the Schneck Medical Center to better achieve its mission.
This would also indicate that HCA receives a lower rating. This could prove to be good and bad. In some instances, companies with lower ratings experience a rise in their cost of debt or loss access to the debt market. When Du Pont lost their AAA rating they did not experience any dramatic changes. With the growth rate at 15%, HCA has an opportunity to increase in the future. An ROE of 17.6% signifies efficiency and provides evidence that the company is heading in the right direction.
Please update your 17791 HCA Management Services, L.P. : Surgicare of South Austin for the new date. Also can you add Abilene Regional into NetSuite for management to track. Please answer the following for us.
This document and all of the materials contained within are strictly for study assignment purposes to fulfill MBA course BUSN 620 Strategic Management on August 01, 2011-September 25, 2011 requirements.
Paradise Hospital, Inc. is a for-profit hospital. As the facility’s new hospital administrator, you have been tasked with improving the service value of the hospital. The administration has not done this process since the hospital began operating in the year 1995. The investors are not familiar with the value proposition strategies of hospitals in the current day America.
Though they are not entirely comprehensive tools, a great deal can be learned about a hospital or other healthcare organization for-profit or not-for-profit from an examination of their annual financial documents (Finkler & Ward, 2006). The balance sheet and statement of revenue and expense can both yield valuable clues even in the absence of other evidence about changes that might be occurring in the organization, a definition of the type and degree of certain problems that it might be facing, and potential opportunities for improvement in performance that might exist (Finkler & Ward, 2006). Comparing two or more years' worth of financial information yields even more valuable insights, tracking movement in the hospital or other organization's ability to finance its activities and thus continue providing services at the same level, quantity, and scope as current operation.
Fulfilling the client/customer’s requirement Dell perform primary and support activities that produces cost effective and differentiated features. The company provide
When using Microsoft Word, the HCI is very user friendly. The user is easily able to figure out what an icon does simply by looking at it. Not only is it visually appealing, but if the user is unsure, hovering over the icons tells exactly what they are for. Under each main category tab, there is the ability to quickly find what is needed with easy to understand icon pictures and descriptions when hovering. For instance, if the user needs superscript or subscript they are easy to find since the icon shown for them is X2 for subscript and X2 for superscript both of which say their purpose when the curser is hovering.
Business strategy is inextricably linked with the market structure and other factors in the economic environment. The competitive environment determines the degree to which the firm can pursue a profit maximization or sales growth strategy. The factors of competitiveness are also developed in accordance with the nature of the market and the competitive strategy of rival firms. It is also important for firms to note that their business strategies would be different in an environment of perfect competition than in other forms of market structure where they may be able to exert some form of political power over competitors and the buyers.