Introduction
The Jackson Memorial Health System is based in Miami. This not-for-profit, county run organization has multiple sites, the main one being Jackson Memorial Hospital. The hospital has over 1550 licensed beds and is a teaching facility for the medical school at the University of Miami (JHS Miami, 2012). While the JHS has a number of different programs and facilities, it is important from the perspective of central management to understand the position that each has in the marketplace. JHS has a significant market share, as it is the largest hospital in Miami-Dade County. Its size and its mandate to serve the residents of the country regardless of ability to pay ensures a strong customer flow and substantial market share. The hospital's total revenue for the latest fiscal year was $4.8 billion, and on this it lost $34 million, an amount the county covers through a sales tax levy (Becker's, 2012).
BCG Matrix
One tool that can help an organization to understand its competitive positioning is the BCG Matrix. This matrix is based on the product life cycle theory and is typically used to help organizations make decisions about what products or services should be given priority over scarce resources (VBM, 2012). In analyzing Jackson's portfolio it is important to bear in mind that not all services are going to be in any one category. With a hospital this large and diversified, there will be things in which it is especially strong and things in which it is especially
At the time of the IPO in ’69, HCA operated 11 hospitals throughout Tennessee and the neighboring states. With the backing of strong capital investments, HCA experienced rapid growth in just one year’s time and was operating 26 facilities with an aggregate of 3,000 hospital beds in its portfolio. This was achieved with diversity via mergers, acquisitions, and contractual agreements to manage non-HCA
The Institute of Medicine’s (IOM) six aims of quality provide an advantageous framework to progress the quality of care in the U.S.A. health care system. IOM developed six aims for improving to provide safe, effective, patient-centered, timely, efficient, and equitable patient care (Institute of Medicine, 2001). Organizations need to strategically plan to evolve in meeting IOM’s six aims and to remain a financially sound entity. Strategic planning involves defining the future and stipulating the measurement of achievement (Sare & Ogilvie, 2010). The purpose of this paper is to start the initial steps for creating a strategic plan in a healthcare organization, through describing and evaluating an unmet need, considering the mission, vision, and values, providing the background context, vision, strategic goal, and consider the broader issues.
Performance Management at Intermountain Healthcare Key Points Operational focus - strategy rather than management. How will the organization prepare for the future if their primary customer (government) reduces spending? How will they address decreasing revenues caused by their increasing effiencies?
Porter’s five forces analysis provides a methodology to evaluate the external markets. Its consideration of substitutes, threats and power of buyer and supplier assists with the development of an integration strategy. A thorough analysis can isolate attractive opportunities in support of building a profitable business model. These strategies can leverage vertical and/or horizontal integration of new business entities. These entities are designed to help with growing market share, increase efficiencies and/or reduce costs. During the 1990’s many hospitals pursued a combination of both vertical and horizontal integration. The goal was to create an integrated delivery network (IDN) designed to improve their economic performance.
In order to select which services Lakeview Medical Center (LMC) should develop, continue, or divest in, strategists should investigate specific criteria to assist them in their decision-making.
Without strategic planning, several things can go wrong including missing out on great opportunities. Strategic planning is an organization’s outline to help achieve its purpose. Although strategic planning begins at the top of the pyramid, it is more effective when it is carry out as a whole among other in the organization. Having a good internal control system in place protects an organization from high risk, fraud, and more. Jackson Memorial Hospital has several weaknesses which are similar to its competitors and other health care organizations. For instance, Mount Sinai Medical Center one of Jackson Memorial’s competitors, encountered lack of strategic planning that led to many issues such as with readmissions, surgical complications,
Florida Hospital is a non-profit hospital, which means the money goes back into patient care. Florida Hospital includes the human aspects in all levels of their organization. They are committed “to improving the quality of life of their patients, family, friends and neighbors to guide them in everything they do. Not just in “Central Florida, but around the globe as well” (Florida Hospital,2016). President/CEO Florida Hospital Lars Houmann said “through our many programs and services, Florida Hospital takes that seed and helps it blossom. We’ve done this through an investment of more than $1.8 billion in our community. Our branches reach far beyond our eight-campus facility and deep into the roots of Central Florida, where every day we cultivate hope and healing. With our collaboration and support, we’ve helped nurture our community in ways that impact the health and happiness of our friends and neighbors” (Florida Hospital cares community benefit report, 2016). Florida Hospital depicts an example of human resource perspective of management through their employee programs, as well as through their community partnerships and outreach.
The Strategic Position and Action Evaluation (SPACE) Plot for Premier Alliance matches a competitive environment. Premier is the largest group purchasing organization in the US (Lee & Carlson, 2013). The current healthcare environment of high cost care and low reimbursement make management consulting and group purchasing services desirable by many systems. The status of the ACA and reimbursement make the environment uncertain and unstable. Premier Alliance 20-year reputation and economies of scale purchasing power make it a formidable competitor. The interpretation of the SPACE plot generated is for “an organization that is competing fairly well in a service category where there is substantial environmental uncertainty” (Ginter, Dunkan, & Swayne,
This model focuses on the overhang of an organizational profile: the environment, relationship, and strategic solution. Many different sectors of healthcare use the Baldrige model and criteria such as, though not limited to, ambulatory services, health maintenance, and long-term care. Baldrige focuses on a performance system and is composed of six categories. These six categories are designed to correlate between each other and influence the
The health care organization covered is Jackson Health System in Miami, Florida. With over 2500 beds, this is one of the largest health systems in Florida and its flagship Jackson Memorial is one of the largest in the country. There are a number of strengths and weaknesses that will characterize the strategic direction that the organization will follow. Among the strengths are that Jackson has a large geographic footprint with Miami-Dade County, it has the financial backing of the county, that it has a diverse workforce, its relationship with medical school at the University of Miami, its leadership, and the multiple clinics and specialized services that it offers.
Since 1993, the Truven Health 100 Top Hospitals program has used both independent and objective research to guide hospital and health system performance. In this process, they analyze public data sources to compare hospitals to similar organizations. The 100 Top Hospitals program uses a balanced scorecard that incorporates public data, proprietary, peer-reviewed methodology and key performance metrics to arrive at an objective, independent analysis of hospital or health system performance. This research measures performance, organizational alignment, progress
In business there are strategies that need to be fulfilled. Starting a business or health care organization we need to use strategy planning. In the strategy planning of our business or health care organization we need to map out the mission, vision and goals that we want our business or health care organization to meet. My paper is going to be on the Veterans Health Administration strategy planning. This paper will review their internal and external assessments, competitive marketing analysis, identification of stakeholders, an overview and assessments of services provided, competencies and
Discussion question 1: What are the benefits and costs of Cardinal Health’s product-related diversification strategy?
The various tangible and intangible resources of Apollo hospitals that make him gain competitive advantage in the market when compared to its competitors are:
Boston Matrix: “It was developed by the Boston Consulting Group; it is a tool that allows classifying and evaluating the products and services of a business”. By using Boston Matrix a company can decide what planning should be made in order to balance the activities of a company. Purpose of BCG matrix is to