Deliverable 04 - Marketing and Promotion Strategy

To: Professor Dawn Ide, Chief Executive Officer

From: LaToya T. Benson, Strategic Planning Manager

Date: 10/23/2022

Re: Business Planning and Strategic Planning

Confidential

Business and Strategic planning are necessary to increase revenue and address potential risks that can negatively affect client relationships. Both can also help healthcare organizations prepare for future disruptions or crises. 

A business plan is a framework of strategies and initiatives to start a new business. It outlines the services planned to be provided and how you intend to run your company ("Business plan vs. strategic plan," 2022). It details the financial aspects of the healthcare organization, such as its revenue streams, operational procedures, and resource allocation ("Business plan vs. strategic plan," 2022). It specifies when and how the organization plan to see a benefit from the investment. A business plan has short- or mid-term goals that define the steps necessary to achieve them. It usually lasts up to 12 months.

A strategic plan, in contrast to a business plan, details the objectives of an organization and the steps it will take to achieve those objectives. ("Business plan vs. strategic plan," 2022). A strategic plan is a business framework that existing companies implement when they want to improve their business processes and streamline their operations ("Business plan vs. strategic plan," 2022). It defines your organization's future, setting goals that will move you toward that future and determining the major projects you'll take on to meet those goals. It also includes sustaining that strategy focus over three to five years.

Adopting telehealth and telemedicine services is a focus area in the healthcare industry that could help our company increase revenue and client satisfaction. More outstanding communication with our clients' patients through telehealth and telemedicine services can lead to improved revenue cycle management, increasing revenue (Adepoju et al., 2022). One way to do this is through virtual check-ins, a messaging function within a telehealth platform, or video visits with patients that can save time and avoid unnecessary office visits. The benefits of telemedicine go beyond offering convenience to patients and reducing revenue loss for the clinic. Telemedicine is a promising investment that may prove to be worthwhile in reducing overall healthcare costs (Adepoju et al., 2022)

To ensure a strategic telemedicine plan is adopted in the organization, the following questions below must be considered and addressed appropriately:

· Is our telehealth strategy embedded in our organizational strategy? ("Strengthening your telehealth," n.d.)

· Do we understand patient needs and preferences around virtual care, including differences by population segment? ("Strengthening your telehealth," n.d.)

· What is our plan to educate and engage patients and monitor their experience and satisfaction?

· How will we research vendor products and technology relevant to desired telehealth applications? ("Strengthening your telehealth," n.d.)

· What is our plan to monitor and track performance? 

· How are we aligning measurement with other quality improvement initiatives?

· Which of our current systems support integration with telehealth? 

· What is our plan to address interoperability issues?

· What do we know about telehealth's payment and incentive structure now and in the future?

· In which specialties or sub-specialties do we need to build capacity for telehealth services?

· How will we conduct operational training for physicians, other relevant providers, clinical staff, or patients? ("Strengthening your telehealth," n.d.)

A strategic plan that addresses the listed questions can deliver the destined vision for the organization.

Workflow Analysis Flow Chart

This work analysis flow chart shows the communication hierarchy through the organization concerning the project. The CEO will be responsible for figuring out how all the pieces fit together, implementing a plan, executing it, and overseeing the organization's operation following its overarching strategy (Hayes, 2022). The CEO will also be responsible for managing a company's overall operations (Hayes, 2022). These operations will include delegating and directing agendas, driving profitability, managing company organizational structure, and process, and communicating with the board (Hayes, 2022).

The Account Manager's role is to identify those key customers that generate maximum revenue and profitability compared to regular accounts. They will act as a bridge between the company and stakeholders on the customer side. Build and maintain strong relationships with key business clients. They regularly communicate with clients, resolve queries, and increase revenue by promoting product innovation.

The Strategic Manager will develop and direct the organization's strategic and long-range goals, including proposals to enter new markets and expand existing market presence. The Strategic manager will also oversee this process within the organization (“What does a strategic marketing manager do”, 2020).

The Project Manager is responsible for developing efficient project management methods to achieve the highest customer satisfaction and gain more revenue resources for the business. They will analyze the current market trends, perform data and statistical analysis, and generate opportunities to close more business partnerships.

The Financial Analyst will be responsible for analyzing financial statements and predicting the company's future performance (“Financial analyst job description”, 2022). Including forecasting future revenues and expenditures, modeling capital structure, and budgeting. They will be responsible for keeping track of a company's financial plan (“Financial analyst job description”, 2022).

The Marketing Manager will be responsible for developing, implementing, and executing strategic marketing plans for an entire organization to attract customers and retain existing ones. Their responsibilities revolve around performing research and market analysis to identify new marketing opportunities, producing sales forecasts and risk analysis, overseeing the budgets and schedules, determining customer needs, and setting goals in adherence to the company's vision and mission (“Marketing manager job description”, 2022 ).

References

(n.d.). Blackboard learn. Retrieved October 21, 2022, from https://learning.rasmussen.edu/ultra/courses/_120375_1/outline/edit/document/_12360870_1?courseId=_120375_1.

Adepoju, O. E., Angelocci, T., & Matuk-Villazon, O. (2022). Increased Revenue From