Strategic Management Plan

7

Project Budget Explanation for 3-Year Strategic Plan

Jason Parkhill

University of Phoenix

HCS/589 Healthcare Strategic Management

11/29/2021

A critical component of every business's efficient functioning is formulating functional strategies that specify how the organization distributes and uses its financial, material, and human resources to accomplish corporate objectives (Lovelace et al., 2015). Each firm or initiative needs a well-researched and defined strategy, including all pertinent tactics for the corporation's development and execution of possibilities (Ginter, Duncan, & Swayne, 2018). All potential approaches and tactics demand alignment of the suggested concept with the business venture's aims and objectives. The process of developing a systematic strategic plan entails a detailed examination of the numerous routes a corporation might take and the related results for each selected business model. Additionally, strategic planning needs a designated contingency budget to ensure that other procedures are available in the case of an unanticipated occurrence (Lovelace et al., 2015). The following document covers a three-year recommended strategic strategy for The Cordial Care Center to increase income and decrease treatment expenses.

Organization’s Current Model

The Cordial Care Center organization is focused on one primary objective: providing patients with superior health treatment services and medical care. The Cordial Care Center fulfills this purpose by providing innovative information technology (IT) and marketing tactics to the firm. New information technology and marketing methods are attracting new patients. Attracting new patients and providing special treatment enables the Cordial Care Center to fulfill its vision and mission. Internationally, several nations appreciate the Cordial Care Center for its dedication to providing exceptional treatment to both old and young populations.

The framework of a Strategic Plan

A strategic plan is an organization's way of establishing its course in deciding how to spend its available resources for strategy implementation. Thus, the organization establishes objectives and assigns a timetable to each objective, defines the measures necessary to accomplish the objectives within the specified time frame, and mobilizes all necessary resources. In essence, no one model suits every company. Typically, an organization selects a usage model and then adjusts it to meet its specific requirements. The Cordial Care Center's strategic planning is based on an issue-based paradigm. As such, the center works to align its purpose with enhancing education, research, patient care, and community health care (Lovelace et al., 2015). The strategic plan's objective is to establish an academic health center of national distinction. The center develops strategic plans by soliciting participation from the whole community and sharing the resulting data and comments.

Impact of internal resources and financial capabilities on the business model implementation

The hospital is one of the most networked, and it seeks to boost connectivity to better contact clinicians and access patients' information. It also has cutting-edge technology. These two parts assist the financial strategy by realizing the desired outcome—high-quality care. On the other hand, Cordial Care Center has a long-term financial responsibility that will expire in 2023, as well as other incurred expenditures (Terzic-Supic et al., 2015). In light of these considerations, Cordial Care Center will need an investment strategy to generate extra revenue and further expense reductions to meet its financial objectives. Internal systems and management, on the other hand, are capable of sustaining the expected expansion.

Financial Plan

a) Elements of the Projected Budget

The bulk of the money will go into improving Cordial Treatment Center's ability and resilience in providing exceptional treatment, as well as its partnership with all medications. To begin, Cordial Care Center plans to accept all medications' electronic health records (EHR) to establish a single patient record platform to aid patient care. The center hopes that by doing so, it will be able to implement a high-performing health record that will help the hospital achieve its goals faster. Cordial Care Center will also utilize All Scripts Patient Flow to automate the facility's labor-intensive and complex processes (Terzic-Supic et al., 2015). Consequently, the patient flow will be enhanced at the facility. The center also wishes to employ all scripts Hosting Solution as the IT infrastructure to help with the rising number of patients, payment arrangements, and regulatory changes. Allscripts was brought in to assist and improve treatment outcomes and provide patients with evidence-based therapy. The center aspires to be at the forefront of medical innovation and research in its academic centers, which is critical. As a result, the hospital has put aside funding to help researchers upgrade existing technologies (Ginter, Duncan, & Swayne, 2018).

Implementation

The distinctness of each organization, as indicated by its processes and organizational structures, necessitates the need for management in each company to specify the direction and route to be taken to bring about the desired changes. A solid strategic plan is crucial, but if it is not correctly implemented, a business will not achieve its goals and will not be able to achieve its goals and objectives in the future. The leadership team must, as a result, identify common hurdles to the effective execution of the strategic plan and devise solutions to mitigate the negative consequences of these obstacles (Ginter, Duncan, & Swayne, 2018).

a) Potential barriers

The biggest obstacle to adopting the strategic plan is a resistance to change among the organization's employees. Setting goals and objectives for the company indicates that changes will be made in how the organization conducts business. As a result, even when everyone is confident in the organization's future success, everyone must work together from the same script and with the same goals in mind. There is a consensus in the workplace that the status quo should be maintained. When individuals are unsure where the company is going and what the intended outcomes are, this may be an issue. As a result, all stakeholders must be educated and convinced of the value of the project (Krawczyk-Sołtys, 2017). Congruence between the company's aims and those of its employees is a sign of a well-functioning organization. Success is inevitable as long as everyone works together to see the plan in action and achieve the intended outcomes.

b) Market Entry Strategy

While the implementation process is still in its infancy, all stakeholders, particularly workers, must adjust to the market and industry realities. In effect, workers must comprehend the business's position concerning rivals by examining the firm's competitive advantage and the influence of competitors on the organization (Krawczyk-Sołtys, 2017). As such, identify the rivals and discuss their influence on the organization's overall performance. Cordial Care Center expects effective collaboration with its related affiliates and facilities. This is the result of collaboration across internal departments and with stakeholders. Cordial Care Center will do so by capitalizing on possibilities and expanding its market reach via the platforms provided by the cooperating affiliates.

Methods to support the implementation

Management at Cordial Care Center must maintain track of progress and hold employees responsible throughout the strategic plan implementation process. Management must communicate effectively with all stakeholders to ensure that they are on board with the strategy and are working toward the same goal, thereby ensuring that everyone is on the same page (Ferreira et al., 2021). To monitor success and make necessary modifications, the leadership should establish regular progress reporting at all levels. In this way, the management will hold people/groups responsible for each activity and hence credit each success to them.

Overall, the management of Cordial Care Center has to keep track of progress and hold individuals responsible for each step of the journey. As a result, the management must provide space for any unforeseen developments, such as new government regulations, that may alter their company's direction.

References

Ferreira, J. J., Veiga, P. M., Fernandes, C. I., & Kraus, S. (2021). B2B marketing strategies in healthcare management: intellectual structure and research trends. Journal of Business & Industrial Marketing.

Ginter, P. M., Duncan, W. J., & Swayne, L. E. (2018). The strategic management of health care organizations. John Wiley & Sons.

Krawczyk-Sołtys, A. (2017). From healthcare manager's competencies to healthcare organization's competencies. Vadyba, 31(2), 9-15.

Lovelace, K. A., Aronson, R. E., Rulison, K. L., Labban, J. D., Shah, G. H., & Smith, M. (2015). Laying the groundwork for evidence-based public health: why some local health departments use more evidence-based decision-making practices than others. American journal of public health, 105(S2), S189-S197.

Terzic-Supic, Z., Bjegovic-Mikanovic, V., Vukovic, D., Santric-Milicevic, M., Marinkovic, J., Vasic, V., & Laaser, U. (2015). Training hospital managers for strategic planning and management: a prospective study. BMC medical education, 15(1), 1-9.