Marketing and Promotion Strategy

MEMORANDUM

Date: July 30, 2021

To: Chief Executive Officer

From: Koua Vue, Strategic Planning Manager

Re: Improving the business

Business and strategic planning are essential to the growth and success of Healthy Dynamics. Although business and strategic planning can overlap somewhat, they still have a few differences. It is important to understand these differences.

The business planning process sets the stage for where you want to take your organization. It focuses on the actions and investments necessary to generate income from a product or service. In healthcare, business planning is used by healthcare providers in determining the target market and develop strategies to market the services available in the healthcare facility or organization which are customized to the needs and characteristics of the specific market. A business plan includes what the organization’s strategic plan, marketing plan, financial plan, operational plan, and outlines how all these are related to each other (Rasmussen University, 2021). A business plan usually focuses on short-term goals with a timeline of one year.

Strategic planning, on the other hand, is a detailed strategy of achieving the goals and objectives defined in the business plan. The strategic plan focuses on the midterm and long-term goals. It typically centers around a new product or service, or a quality improvement strategy for a current service or product. It generally covers a period of 3 to 5 years. A strategic plan communicates the direction of the organization to the staff and stakeholders. The strategic plan's purpose answers the following five questions:

· Where are we now?

· Where do we want to be?

· How are we going to get there?

· How will we monitor our progress?

· Who is going to do what? (Rasmussen University, 2021).

The strategic plan is usually carried out in a team environment and led by the president or CEO, who receives input from key staff members. As a team, they work together to identify the organization's core strength and values, and focus on the key objectives of the strategic analysis formulating the strategic direction and action plans. The strategic plan is basically a roadmap to achieve the organization’s vision and a strategy for how to get there (Rasmussen University, 2021).

One of the focus areas that can be used in boosting revenue for Healthy Dynamics is by adding new services lines. We need to conduct research and look at the demographics of our locale to determine which service lines are needed, what competitors in the area are offering, and what services stand to gain the most referrals (Becker's Hospital Review, n.d.). We need to evaluate every program quarterly and make adjustments accordingly. We also need to be aware of the clients’ needs and cater to those needs.

Another area is healthcare modernization. This refers to the transformation of the traditional systems in healthcare by changing the system infrastructure and business processes to enhance efficiency. This is attained through assessing the current challenges in healthcare and developing viable interventions that can be used in addressing these challenges. It becomes easier for the healthcare organization to attain a set objective when the business processes and system framework is updated to match the current needs of the market (HHS.gov, 2021).

Healthcare modernization can increase revenue in a variety of ways. One way is through cost leadership through the introduction of modern technology in health care service delivery. In most cases, healthcare organizations charge very high charges due to the high cost incurred in the preparation and delivery of the services. If an alternative to production is developed, the average cost of production would reduce thus the healthcare organizations would reduce the service prices. The adoption of lower prices increases the affordability of health care services which in turn increases the accessibility of healthcare services. The greater the accessibility, the higher the number of patients visiting and making payments for the services, therefore, Healthy Dynamics will generate more revenue (Esfahani et al, 2018).

Healthcare modernization also involves the implementation of modern communication strategies such as EHR and telehealth. Communication enhances customer experience which contributes to customer loyalty and expansion in customer base due to referrals. Also, the process of health care service delivery becomes faster allowing the healthcare providers to cut on the service line and time and serve more patients per given time (Li & Feng, 2017). This would allow more clients to be attended thus an increase in revenue generated.

Key questions to be used in addressing the development of the strategic plan for focus areas:

· What do our clients need/want?

· What our competitors in the area are offering?

· What current program is working/not working?

· What other services line can we offer?

· What resources are required in efficient healthcare modernization?

· What stakeholders are involved in developing a healthcare modernization strategy?

· What are the impacts of healthcare modernization?