Strategic Management in Healthcare

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Executive summary Strategic management is the process in which the top management in a company or organization formulates and implements major goals on behalf of the company owners. This is mainly done by consideration of the resources available at the organization’s disposal and the internal and external environmental factors under which the company exists and competes with other companies (Cole, 1997). For the healthcare providers that are facing financial challenges in the sector, consolidation and cooperation seems to the new way out. Various healthcare providers throughout New Yolk city are merging with other healthcare providers so as to ensure that they survive the harsh economic times. However consolidation was not only for the…show more content…
Louis practice. While the large healthcare systems enjoy a positive financial performance, the smaller healthcare systems faces a financial constrain. The smaller community hospitals with fewer resources faced financial turmoil as others were forced to merge with other so as to develop financial stability. Others who could not merge with others were forced to close down. In Brooklyn many hospitals face d a serious financial crisis. Others healthcare facilities were closed down due to lack of funds as others were closed down due to bankruptcy, for example Interfaith Health Care that was closed down as a result of bankruptcy. Mergers and acquisitions continued to dominate the market. The acquisition of Sound Shore Health System by Montefiore Medical Center that took place in November 2013 made a very remarkable change as far as acquisitions were concerned. Montefiore also acquired New Yolk State Westchester Squire in Medical Center in Bronx. Montefiore then changed the name of the acquired health facility to Montefiore Westchester Square. Its services were then converted to provide emergency services, surgery and outpatient services. Mount Sinai Health system was formed through a merger between Continuum Health Partners and Mount Sinai Medical Center in September 2013.the system mainly had 3200 inpatient beds and a 9percent of the Market’s inpatient discharges('market overview', 2013).The objective of a merger in a healthcare system is to create a an integrated
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