Question

through your own research and critical insight, develop your position on whether or not strategic management needs to evolve in order to keep up with the dynamic healthcare industry. In addition to Mr. Reeves' Ted Talk, you are expected to use other sources in this discussion. Your original post should be between 500 and 1,000 words and demonstrate high-level critical thinking.

Answer 1

Strategic management is the ongoing planning, monitoring, analysis and assessment of all necessities an organization needs to meet its goals and objectives. Changes in business environments will require organizations to constantly assess their strategies for success. The strategic management process helps organizations take stock of their present situation, chalk out strategies, deploy them and analyze the effectiveness of the implemented management strategies. Strategic management strategies consist of five basic strategies and can differ in implementation depending on the surrounding environment. Strategic management is mandatoery in health care industry because,

1. It allows organizations to be nimble. A good strategic management approach ensures that communication and feedback on performance against strategic goals occurs on a regular cadence. when your environment changes (new market entrants, new regulations, etc.), strategic management allows organizations to hit the pause button and review current strategic initiatives for impact and relevancy.

2. It encourages continual dialogue on strategy. Many organizations have a strategic planning process. However, once the strategy is developed, future dialogue on environment changes, competitor actions, and industry trends tends to happen once every three to five years. By focusing on strategic management, executives can move to an annual process that requires continual reflection and scanning of the industry and review of performance.

3. It focuses on performance and results. Performance reviews against strategy becomes either a monthly, quarterly, or yearly process. A key component for many strategic management approaches is action planning for variances between goals and performance. These goals are inextricably tied to achievement of strategic ends. Monthly senior executive meetings become the forum for review of performance tools, such as scorecards, that will highlight performance gaps and trends.

4. It engages the entire organization. Older models for strategic planning consists of a variety of processes carried out by functions or business units that are in isolation. This model does not foster collaboration or communication between functions, and strategy can become disconnected from those responsible for execution. To assist with integration of strategy, organizations have established a project management office (PMO) or strategy management office to coordinate responsibilities of strategic management and make connection points between functional groups.

The healthcare industry is sometimes too complex and confusing for most to understand. It’s always changing due to technological advancements or government mandates. It’s becoming more important to plan the success of your healthcare organization. By preparing for the future, your organization can better prepare for the unknown. A strong strategic plan helps all levels of your business, no matter how large or small.

A typical strategic management process generally includes four components.

1. Analysis and assessment – analyze the current and internal environment assessment
2. Strategy formulation – develop the strategic plan
3. Strategy execution – translate the plan into tactical plans and actions
4. Evaluation – conduct ongoing evaluation of performance to strategy

Strategic planning in healthcare organizations involves creating objectives and setting goals for where the organization sees itself in the long-term. With these goals and objectives in mind, you can create a plan to achieve them. You can’t just set goals and objectives based on your needs. You also have to set them according to economic trends, government policies, and technological advancements.

Strategic planning in healthcare is critical for healthcare organizations to succeed. Understanding how your organization operates is the key to creating an effective strategic plan for the entire healthcare system to succeed. Sometimes you need to look at the hierarchy of your organization. Determining your company’s goals and setting a path to achieve these goals motivates your staff at every level to succeed with you.

Importance of  Strategic Planning in Healthcare

IMPROVED COMMUNICATION AMONG ALL CHAINS

It’s easy for departments at every level to become confused as to what’s going on. Both your employees and stakeholders want to ensure that your organization will have a long-lasting future. They want to know where your organization is headed and the steps it takes to get there. Effective planning in healthcare management can help you create clarity and improve communication. Your strategic plan should address the key issues, your organization’s vision and goals, and the steps to get there. Your employees and stakeholders will have improved confidence and faith in your organization.

DEVELOPING AND SHARING A VISION

With this in mind, you can make an impact on every level of your organization. Employees will be committed and motivated to help achieve your vision. Stakeholders will have the confidence and clarity they need to make sound financial decisions. Strategic planning for healthcare facilities that’s clearly developed, executed, and communicated can help each of your individuals carry out your out vision that can lead to a fulfilling future.

INCREASED EMPLOYEE MOTIVATION AND ENGAGEMENT

Motivation is closely linked to job satisfaction, which retains workers at their jobs over time.

Each of your employees wants to be recognized and heard. Being recognized by their leaders can greatly impact their productivity, engagement, and safety management. Every employee wants to have the responsibility to make decisions they know will benefit your organization. This also motivates them to perform above the minimum acceptable standards as outlined in the job description or performance evaluation. Employees won’t be motivated to improve themselves for an organization that doesn’t state a clear vision or a well-executed game plan.

TRANSFORMATIONAL LEADERSHIP AND AUTHORITY

Transformational leadership is a type of leadership that inspires your employees to work harder and to do better. It incorporates techniques that have been cited in organizational behavior literature. Transformational leaders clearly communicate their organization’s vision, believe in their individual employees, and have the abilities to produce high levels of performance. Helping your employees understand how their roles can contribute your organization’s mission and vision is a crucial part of strategic management.

INCREASED TEAM COOPERATION AND COLLABORATION

Team collaboration and cooperation is an essential component in delivering high-quality healthcare. Employees must work together to make your organization a success. Teamwork is essential for every healthcare industry in order to improve their performance and service. Effective strategic planning models in healthcare can bring your employees together to deliver quality care, great customer service, and increased performance.

Take the time to work on your strategic plan before sharing it with your employees. A well thought-out and executed strategic plan can increase teamwork, improve performance accountability, and increase employee engagement. With all levels working harmoniously together, you can quickly achieve the long-term goals of your organization.