Question

passage below require analysis amd breakdown

Analyzing competition within an industry is important because an organization should not only be aware of what the talent pool may be comprised of but what the demand for candidates are for that industry within certain regional markets.

In healthcare and specifically the health insurance industry, competition is fierce. Companies are not only competing for employees but are also competing for membership and enrollees. Hart (2019) states that healthcare companies can distinguish themselves in highly competitive markets by developing their brand. Developing the brand includes knowing who your stakeholders are, who your patients/members are, positioning your brand as the best amongst the available choices. For example, the company I work for, SilverSummit Health Plan(SSHP) immediately distinguished themselves from its competitors in the Nevada marketplace by being the only health insurance payor to cover the rural, bare counties in Nevada-a population that had been essentially been deemed not profitable by United Health Plan and Blue Cross Blue Shield when they withdrew their bids to cover those areas of Nevada.

SSHP involved itself in the community and engaged in community partnerships throughout the state and distinguished itself as a caring health insurance company that behaves as a preferred plan organization (PPO) instead of a Medicaid HMO trying to deny members care.

This distinction was able to attract talent to the organization at go-live, but as the membership quickly increased SSHP struggled to keep up with the hiring of clinicians needed. Part of the struggle was related to a regional lack of quality, qualified healthcare professionals to fill the roles. Unlike markets such as New York City where the impact of nursing shortages is less likely to impact nurse availability, Nevada has a smaller pool of talented nurses. Of the nurses in Nevada that live in Clark County, there is competition from California, where salaries are higher.

Some factors impacting the nursing shortage is lack of nursing enrollment due to insufficient nurse educators and nurses nearing retirement age. Over fifty percent of the nursing healthcare force is aged fifty and older (Nursing Shortage, 2019).

Companies such as SSHP incentivize candidates by offering highly competitive pay for the market. Nevada also doesn’t have a state income tax, which helps incentive out of state nurses that may be willing to relocate. Relocation pay, work from home policies for clinicians, and profit-sharing are a few ways SSHP has distinguished itself from its competitors.

A final note on SSHP incentives to attracting talented candidates is the development of succession plans for all employees interesting in growing within or without the organization. Leaders meet with team members for monthly one to ones to ensure that team members are achieving the goals set for themselves as it relates to their career development. For example, I am currently being mentored for a director-level position as part of the succession plan within my department.

Answer 1

Competition within an industry plays a crucial role. It may be for products or output and inputs manly labour as labour is the most flexible and volatile input. Competing for efficient labour leads to a healthy environment most of the time. The degree of competition for efficient labour is very high mainly in healthcare and specifically the health insurance industry. The firms and medicals under it always search for needed efficient labours in order to rub and grow their business. While doing that each of the firms is ready to offer very high payment.

In United States, one major problem found in the healthcare industry is that it is falling short of the nurse employees. Recently nurses in bulk were retired. Besides, among the existed nurse employees most of them have crossed their 50 age. These aged nurses are failing to provide very good service and their productivity has also been decreasing. These kinds of stuff are actually having an impact on the industry.

In United States, the health insurance industry is one of the biggest and profitable industries. In this country, insurance provision is made to every aspect of human living culture which is missing in any other country. So, firms are desperately seeking to enter and make huge profits in this industry. Each one of them needs skilled and efficient labours or agents in order to grab the market. So, they are offering unbelievable and attracting payment package along with additional facilities in this process.

Breakdowns:

1. As the healthcare industry and the health insurance industry are falling short of efficient working people so their productivity and service are falling down slowly but steadily.

2. In order to search and employ efficient working people, these industries are incurring more cost than before. This is steadily leading to profit cut.

3. In United States, healthcare industry is profitable one because of which capitalists and entrepreneurs are busy to compete with the final services. The few have emphasized on lack of nursing enrollment issue due to insufficient nurse educators. It means the few have advanced to work on nursing education program.