busi 691Healthcare Industry Management Discussion Replies assign.pdf

BUSI 691

DISCUSSION BOARD FORUM GRADING RUBRIC

Each reply must be atlaeast 300 words and include a biblical integration and at least 2

scholarly, peer-reviewed source citations in current APA format in addition to the course

textbook.

Criteria

Levels of Achievement

Content 70%

Advanced

Proficient

Developing

Not

present

Points

Earned

Thread –

Content

32 to 35 points

All key components of the Discussion

Board Forum prompt are answered in

the thread.

Major points are supported by all of

the following:

 Reading & Study materials;

 Pertinent, conceptual, or personal

examples;

 Thoughtful analysis (considering

assumptions, analyzing

implications, and

comparing/contrasting concepts);

and

 Two peer-reviewed source

citations in current APA format,

the text and the integration of 1

biblical principle.

29 to 31 points

Some key components of the

Discussion Board Forum prompt are

answered in the thread.

Major points are supported by some

of the following):

 Reading & Study materials;

 Pertinent, conceptual, or

personal examples;

 Thoughtful analysis (considering

assumptions, analyzing

implications, and

comparing/contrasting

concepts); and

 Two peer-reviewed source

citations in current APA format,

the text and the integration of 1

biblical principle.

28 to 1 points

Minimal key components of the

Discussion Board Forum prompt are

answered in the thread.

Major points are supported by

none of the following:

 Reading & Study materials;

 Pertinent, conceptual, or

personal examples;

 Thoughtful analysis

(considering assumptions,

analyzing implications, and

comparing/contrasting

concepts); and

 Two peer-reviewed source

citations in current APA format,

the text and the integration of

1 biblical principle.

0 points

Not

Achieved

Replies -

Content

32 to 35 points

Contribution made to discussion with

each reply expounding on the thread.

Major points are supported by all of

the following:

 Reading & Study materials;

29 to 31 points

Marginal contribution made to

discussion with each reply slightly

expounding on the thread.

Major points are supported by some

of the following):

28 to 1 points

Minimal contribution made to

discussion with each reply slightly

expounding on the thread.

Major points are supported by

none of the following:

0 points

Not

Achieved

BUSI 691

 Pertinent, conceptual, or personal

examples;

 Thoughtful analysis (considering

assumptions, analyzing

implications, and

comparing/contrasting concepts);

and

 Two peer-reviewed source

citations in current APA format,

the text and the integration of 1

biblical principle.

 Reading & Study materials;

 Pertinent, conceptual, or

personal examples;

 Thoughtful analysis (considering

assumptions, analyzing

implications, and

comparing/contrasting

concepts); and

 Two peer-reviewed source

citations in current APA format,

the text and the integration of 1

biblical principle.

 Reading & Study materials;

 Pertinent, conceptual, or

personal examples;

 Thoughtful analysis

(considering assumptions,

analyzing implications, and

comparing/contrasting

concepts); and

 Two peer-reviewed source

citations in current APA format,

the text and the integration of

1 biblical principle.

Structure 30%

Advanced

Proficient

Developing

Not

present

Points

Earned

Thread –

Spelling,

Grammar, and

APA

Formatting

7 to 7 points

Proper spelling, grammar, and APA

format are used.

6 to 6 points

Marginal spelling, grammar, and APA

format are used (1-3 errors are

present).

5 to 1 points

Minimal spelling, grammar, and

APA format are used (4-5 errors are

present).

0 points

Not

Achieved

Thread –

Word Count

8 to 8 points

Required word count (at least 800

words) is met.

7 to 7 points

Required word count (at least 600

words) is not met (400–799 words).

6 to 1 points

Required word count (at least 800

words) is not met (399 words or

less).

0 points

Not

Achieved

Replies –

Spelling,

Grammar, and

APA

Formatting

7 to 7 points

Proper spelling, grammar, and APA

format are used.

6 to 6 points

Marginal spelling, grammar, and APA

format are used (1-3 errors are

present).

5 to 1 points

Minimal spelling, grammar, and

APA format are used (4-5 errors are

present).

0 points

Not

Achieved

Replies –

Word Count

8 to 8 points

Both replies are present and contain a

sufficient word count (minimum 300

words each).

7 to 7 points

Replies submitted, but 1 reply

submitted with insufficient word

count and/or only 1 reply has been

submitted.

6 to 1 points

Both replies submitted with

insufficient word counts and/or

only 1 reply has been submitted.

0 points

Not

Achieved

Total Points

Instructor’s Comments:

BUSI 691

REPLY TO GROUP 1

The competitiveness and complexity of the healthcare industry is no

secret. Healthcare organizations are always looking for new ways to improve

performance and attain their goals. Therefore, organizations must adopt strategic

management practices to stay ahead of moving competition. “Strategic management

comprises drafting, implementing, and evaluating cross-functional decisions that enable

an organization to achieve its long-term strategic objectives” (Terzic-Supic et al., 2015,

p. 2). Achieving organizational objectives can be accomplished through the use of

strategic planning.

Strategic planning serves as a foundational pillar for nearly all successful

organizations; however, there is not a one-size-fits-all model to the strategies that can

be followed. For some organizations, the priority may be to strategize a formal business

plan for growth and development, others may focus on their competitive edge, and

others may find a need to strategize a re-design of their organizational structure and

direction. No matter which strategy is the right one at the time, all should include

processes and outcomes that allow for adaptation and flexibility that lend itself to

unforeseen circumstances in a market the consistently demonstrates chance and

uncertainty. This is especially true today, as every corner of our health care industry

has been recently challenged with the effects of a pandemic. While the pressures to

increase productivity, quality, and quantity of service have remained, sustainability has

quickly moved to the forefront of health care organizations’ agendas. New strategies

were forced to emerge and will once again need to be reevaluated as the health care

system returns to 'normal' operations. The experience of adjusting strategies in the face

of new challenges may lend itself to support the argument of Porter (1996) of how

companies should reconnect with strategies that have become blurred over time. Three

such strategies might include broad low-cost strategies, prospective strategies, and

focused differentiation strategies.

Broad Low-Cost Strategy

One business strategy that focuses on devising a competitive edge is a broad

low-cost strategy. Walston (2018) emphasizes that this strategy is most effective in

markets where cost is more important than reputation or where sizeable economies of

scale exist. A broad low-cost strategy targets a wide variety of consumers and achieves

competitive advantage by underpricing competitors (Walston, 2018). It is important to

note that low cost refers to the cost of production; however, in order for this strategy to

be successful, consumers must perceive they are getting the lowest price for the value

received. Organizations achieve broad low-cost strategies through many approaches,

including experience curves, efficient value chain management, effective bargaining,

elimination of unnecessary features, low-cost product costs by using outsourcing,

vertical integration, and information systems (Walston, 2018). Manufacturers who sell

generic prescription drugs may opt for this type of business strategy. When a patent on

a brand-name drug expires, generic pharmaceutical manufacturers purchase low-cost

ingredients to produce a much less expensive product and win much of the

competition. One drawback of this approach is that the sustainability of product

production can become threatened. When there is fierce competition between generics,

companies offer prices that become too low to be sustained by the offering company

(Gronde et al., 2017). The rising prices of materials and production expenses lead to

supply shortages. According to Gronde et al. (2017), this can force competitors out of

the market entirely or possibly create a monopolistic market.

Prospective Strategy

Another strategy used by organizations to improve decision-making and elevate

organizational success is by adopting the prospective strategy. The prospective

strategy is concerned about the future progress of the organization; therefore, this

strategy relies on forecasting future organizational conditions and design. Walston

supports the use of the prospective strategy, because it, “Can help to align an

organization’s actions with its mission and vision that will produce more relevant,

appropriate outcomes (provided all goes according to plan)” (2018, p. 12). Furthermore,

leaders who apply the prospective strategy for planning purposes will be able to predict

future resource needs, personnel recruitment, and spending (Walston,

2018). Moreover, the prospective strategy can be used for both short and long-term

objectives. Short term objectives are easier to address and accomplish than long-term

objectives, because, in the long-term, leaders must assess all factors, to include short-

term objectives, leading to long-term goals. The prospective strategy can also be used

to adopt future strategies. Improving and adapting new strategies is vital to the survival

and competitiveness of a business. Therefore, as the business evolves and advances,

so must their strategies. However, this can only be done if leaders are planning for the

future and utilize their prospective plans to provide direction and guidance for future

development. Lastly, through prospective planning, managers will intentionally avoid

harmful situations and search for alternatives in order to increase success (Fischer,

2018). A third strategy used in strategic management is focused differentiation strategy.

Focused Differentiation Strategy

This strategy targets a specific portion of consumers by offering products that

are marketed as distinct from competitors' products and appeal to a smaller

demographic. In the health care industry, such products or facilities are typically

privately owned and only offer a narrow line of services or market services that are

concentrated on only one type of disease. Examples include dialysis clinics, weight loss

clinics, and orthopedic services. Focused differentiation has also seen an increase in

the primary care component. By devising a means of narrowing the focus of their

practices, primary care had been able to increase incomes by offering differential care

(Walston, 2018). This arrangement involves an annual fee paid by the consumer as an

exchange to increased access to their primary care physician and more targeted

personalized care. Other care settings are enhancing the patient experience by offering

differentiated care in the form of valet service, room service, and recovery spas. Critics

of this strategy state that a focused differentiation model is targeted to affluent

consumers and will generate a system of care where affluent members receive better

care than others in their community solely based on the ability to afford differentiated

services.

Biblical Integration

The Lord has good intentions about work, business, and the strategies used to

promote success. Strategic planning is necessary to achieve success; however, each

organization must find a strategy that works for them. The Bible has many scriptures

about being successful at work, but also how it takes individuals with different talents to

be successful in business strategy. Exodus 35:10 states, “All who are skilled among

you are to come and make everything the LORD has commanded” (New International

Version). Talents and gifts, such as a successful strategy in business, are awarded by

the Lord and should be praised.

References

Fischer, A. G. (2018). Planning your way: How humans strategically evaluate prospective

decisions. Neuron, 99(5), 874-876. doi:10.1016/j.neuron.2018.08.028

Gronde, T., Uyle-de Groot, C., & Pieters, T. (2017). Addressing the challenge of high-

priced prescription drugs in the era of precision medicine: A systematic review of

drug life cycles, therapeutic drug markets and regulatory frameworks. PLoS One,

12(8), 1-34. doi: 10.1371/journal.pone.0182613

Porter, M. E. (1996). What is strategy? Harvard Business Review, 71(6), 61-78.

Retrieved July 2, 2020, from

https://www.instituteofbusinessstrategy.com/strategy.pdf

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),

25. doi:10.1186/s12909-015-0310-9

Walston, S. L. (2018). Strategic healthcare management: Planning and execution (2nd

ed.). Health Administration Press.

REPLY TO THIS GROUP ALSO

The term strategy is derived from a Greek word meaning the art of the general.

Strategy in healthcare today is a variety of techniques and principles that are relevant to

healthcare organizations making it a more competitive sector overall. Things in

healthcare that are strategically improved are long term goals and objectives, the

income of cost, environmental factors, quality care, and other things that ensure the

organization is performing at its highest potential. Strategy can be divided into three

categories which are corporate, business, and function levels of a business. Large

healthcare organizations structure their strategic plans like this to ensure, three levels of

decision making are happening (Walston, 2018). A strategy is the overall goal of

enterprise and performance in a healthcare organization. The goal or plan of action that

is designed to achieve an overall aim. Strategic outcomes are different sets of methods,

just taught in many different ways. There is no defined answer to what strategy works

best, but it can determine the direction and scope of an organization over a long period

of time (1996). “Strategic positions can be based on customer’s needs, accessibility, or

the variety of a company’s produced or services” (Porter, 1966, p.66). There are many

different methods of strategy that include.

Types of Strategies

Companies use three essential strategies in their strategic planning. These

strategies are corporate, business, and functional strategies. The corporate strategy

focuses on the company's overall strategic plan. The strategic planning process entails

the transfer of objectives from the top leadership at the corporate level to the other two

levels (Brønn & Brønn, 2018). The business and functional level transfer budgets and

programs to the corporate level for approval.

Corporate Strategy

Corporate strategic decisions are made by the firm's top leadership. Before any

decision on any corporate strategy is made, the firm assesses the business

environment to identify strengths and weaknesses in the industry (Brønn & Brønn,

2018). The company then scrutinizes its mission, the way its business is segmented,

and how these businesses are incorporated. Corporate strategy answers questions on

the objectives of organizational performance and how best to allocate the company's

resources to meet the requirements of the other two strategies, which are business and

functional strategy. The corporate strategy oversees the recruitment, promotion, and

rewarding of employees in critical positions in the organization.

Business Strategy

A business strategy deals with the firm’s ability to competitively position itself to

create a competitive edge over its rivals. This approach directs the company on where

and how to compete. However, the business strategy must be aligned with the

corporate strategy of the firm. According to González-Rodríguez, Jiménez-Caballero,

Martín-Samper, Köseoglu, & Okumus, (2018), the structure for developing a business

strategy entails creating the mission of the business, assessing the business

environment, and evaluating the main business activities within the value chain. The

resulting program of action determines the business strategy, business plans, and

budgetary allocations.

Functional Strategy

Functional strategies are developed at the ground level by critical departments

within the firms, such as finance, human resources, information technology, and

marketing (González-Rodríguez et al., 2018). These departments implement the firm’s

goals and targets developed at the corporate and business strategy levels. Functional

strategies involve the creation of plans of action and the required funding.

Biblical Integration

From a healthcare organizational perspective, strategy defines overall direction,

goals, and guidance towards which collaborative systems, resources and processes

progress. As Christians, our own personal strategies very often intertwined with the

values observed within the Bible. From practicing our faith to progressing the word of

God to simple kindness and virtue in our everyday actions, the strategies of our lives

are guided by faith. “By wisdom, a house is built, and by understanding it is established;

by knowledge the rooms are filled with all precious and pleasant riches” (English

Standard Version Bible, 1952/2009, Exodus 31:1-5). Without understanding and

defining strategy and then aligning operations and resources with that strategy,

progress may be fractured, poorly coordinated, or misguided. Instead, as scripture tells

us, first comes understanding and then comes progress. From the perspective of

healthcare organizational strategy, this principle is the same. In this way, Christian

leaders in healthcare are uniquely positions to apply the values of our faith with the

expertise of our knowledge and experience to progress organizational strategy forward.

Conclusion

After learning more about strategy, we can conclude that strategy is about doing

things differently, not simply doing them better than everyone else. Healthcare

administrators or executives must have a comprehensive understanding of health care

strategies to effectively manage an entire facility, clinic, or department. Strategic

planning in health care organizations involves outlining the actionable steps needed to

reach specific goals (American College of Healthcare Executives, 2020). While there

are different strategy types and levels, the purpose of all strategies is to align an

organization’s actions with its stated mission or values (American College of Healthcare

Executives, 2020). Today, no matter the type of strategy healthcare organizations use

they should focus their efforts towards more patient-centric, value-based approaches,

whereas many of their current systems follow older, more traditional strategy models.

References

American College of Healthcare Executives. (2020). Strategy. Retrieved July 01, 2020, from

https://www.ache.org/about-ache/strategy

Brønn, C., & Brønn, P. S. (2018). Corporate strategy. The International Encyclopedia of Strategic

Communication, 1-18. Retrieved from: https://doi.org/10.1002/9781119010722.iesc0052

González-Rodríguez, M. R., Jiménez-Caballero, J. L., Martín-Samper, R. C., Köseoglu, M. A., & Okumus, F. (2018).

Revisiting the link between business strategy and performance: Evidence from hotels. International

Journal of Hospitality Management, 72, 21-31. Retrieved

from: http://isiarticles.com/bundles/Article/pre/pdf/98604.pdf

Porter, M. E. (1996). What Is Strategy? Harvard Business Review, 74(6), 61–78.

Walston, S. L. (2018). Strategic healthcare management: Planning and execution.

Chicago, IL: Health Administration Press. ISBN: 9781567939606.

Discussion Board Replies outline

Reply to Group 1

The Healthcare industry has emerged to be a lucrative business in the current 21st-

century. According to Walston (2018), many pharmaceutical companies are coming up with

generic products, selling them at a reduced price. These pharmaceutical companies aim to

capture a large market hence making higher profits than the innovator company of these

pharmaceutical products.

Additionally, these healthcare companies are using a broad low-cost strategy to remain

competitive among the generic companies.

Reply to Group 2

According to Abd Rani et al. (2015), the strategy is Greek terminology that the healthcare

sector has improved to mean the art of setting long term and short term goals. The health care

sector needs these long term and short-term goals to remain relevant in the competitive market.

On the other hand, Powell et al. (2019) argue that companies that implement the three

levels, make concrete and concise goals, leading to higher profits and improving the performance

in the healthcare sector.

Running head: DISCUSSION BOARD REPLIES 1

Discussion Board Replies

Student’s Name

Learning Institution

Course Name

Instructor’s Name

Date

DISCUSSION BOARD REPLIES 2

Discussion Board Replies

Reply to Group 1

The Healthcare industry has emerged to be a lucrative business in the current 21st-

century. According to Walston (2018), many pharmaceutical companies are coming up with

generic products, selling them at a reduced price. These pharmaceutical companies aim to

capture a large market hence making higher profits than the innovator company of these

pharmaceutical products. The strategic plan of these companies are similar to the innovator

companies, but with slight improvements to the strategies of achieving long-term objectives. The

directors of pharmaceutical companies are aware that a strategic plan is a fundamental element

for business organizations' success. These plans are changing with the current epidemic of

COVID-19, whereby the companies are emphasizing the production of quality products. Quality

products ensure the company remains sustainable in its business operations despite changes in

the external influences of the market.

Additionally, these healthcare companies are using a broad low-cost strategy to remain

competitive among the generic companies. The cost of the products is the target point in the low-

cost board strategy. Walston (2018) adds that companies will keep their products at a low price

despite receiving pressures from other companies regarding the quality of these low products. A

successful company uses the value chain management approach to identify the gap in the market

and fill it with low-cost products.

The biblical aspect of healthcare industries involves the need for work in this world. The

Bible insists that people should work and reap the fruits of their hard labor. Additionally, proper

planning ensures an increase in the quantity and quality of fruits. Harrison et al. (2016) support

that proper planning relates to pharmaceutical companies whereby these companies ought to plan

DISCUSSION BOARD REPLIES 3

for the success of their businesses. The company that has the best strategy of planning will

capture a larger market hence making higher profits. The Bible also insists on exploiting

individual talents, which is applicable in the healthcare sector through the division of labor.

Reply to Group 2

According to Abd Rani et al. (2015), the strategy is Greek terminology that the healthcare

sector has improved to mean the art of setting long term and short term goals. The health care

sector needs these long term and short-term goals to remain relevant in the competitive market.

The companies set these goals focusing on comparing the level of output and input in the

business sector. Generally, the level of output should be ten times that of the input. This is not

the case most of the time, due to internal and external factors in business. The internal factors

involve the bureaucracy in the manner of communication and disseminating information. For

instance, most healthcare companies have three divisions of strategy: delay in the decision-

making process, unlike enterprises with one category of strategy.

On the other hand, Powell et al. (2019) argue that companies that implement the three

levels, make concrete and concise goals, leading to higher profits and improving the performance

in the healthcare sector. The three strategies ensure that the company budget caters for all the

expenses and miscellaneous costs that may occur during the fiscal year. The company objectives

are easy to transfer to all the levels of functional business levels for approving and executing

them. The business strategy ensures the pharmaceutical company remains competitive despite

changes in the business management level or business plan.

The biblical principle in the concept of strategy in business comes from its definition.

The Bible defines business strategy as the goals that guide the business toward its success.

Similarly, Christians have values that guide them towards adhering to the tenets of Christianity.

DISCUSSION BOARD REPLIES 4

The Bible urges each Christian to develop a personal strategy to guide them in practicing their

faith and expressing Christian virtues of kindness. Powell et al. (2019) argue that healthcare

businesses also have values and ethical code of conduct to avoid selling defective products or

engaging in illegal business.

DISCUSSION BOARD REPLIES 5

References

Abd Rani, N. A., Baharum, M. R., Akbar, A. R. N., & Nawawi, A. H. (2015). Perception of

maintenance management strategy on healthcare facilities. Procedia-Social and

Behavioral Sciences, 170, 272-281.

Harrison, J. P., & Association of University Programs in Health Administration.

(2016). Essentials of strategic planning in healthcare (Vol. 1). Chicago, IL: Health

Administration Press.

Powell, B. J., Fernandez, M. E., Williams, N. J., Aarons, G. A., Beidas, R. S., Lewis, C. C., ... &

Weiner, B. J. (2019). Enhancing the impact of implementation strategies in healthcare: a

research agenda. Frontiers in public health, 7, 3.

Walston, S. L. (2018). Strategic healthcare management: Planning and execution. Health

Administration Press.

Running head: DISCUSSION BOARD REPLIES 1

Discussion Board Replies

Student’s Name

Learning Institution

Course Name

Instructor’s Name

Date