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A 4 page research paper that discusses hospitals diversification. This examination of this topic looks first at diversification and then how this issue applies to Miami Valley Hospital in Dayton, Ohio. Bibliography lists 3 sources.
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4 pages (~225 words per page)
File: D0_khdivmvh.rtf
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regions marketplace. Hospital diversification is a "strategic management issue," that refers to a basic strategy for building market share that involves the "development of more markets for current service, more
services for current markets and a mixed strategy of growth in these three areas" (Eastaugh, 2005, p. 1). The following examination of this topic looks first at diversification and then
how this issue applies to Miami Valley Hospital in Dayton, Ohio. Specialization and a modest degree of diversification can become beneficial strategies for hospitals that do not constitute the
sole providers of healthcare for their communities (Eastaugh, 1998). For example, in the case of a hospital with fewer than 100 beds, there may be no viable opportunity for this
institution to benefit from economies of scale that are associated with high-volume specialty departments (Eastaugh, 1998). Diversification has the power to generate a more "adaptable, flexible health care system," which
can offer a healthcare institution new paths to "equity market," while offering patients increase "continuity of care" (Eastaugh, 1998, p. 31). When carried out in an appropriate manner, diversification can
be a powerful instrument for creating an improved position in a competitive market. Variables that administrators should consider are whether or not a proposed new hospital service offers a
"favorable degree of product differentiation" when considered against those services as they are currently being offered in physicians offices (Eastaugh, 1998). Diversification is a intricate path for a hospital, which
encompasses numerous non-financial elements (Eastaugh, 1998). This being the case, a "rational portfolio framework" should address how administrators should go about the selection process in committing a hospital to new
ventures (Eastaugh, 1998, p. 31). A diversification plan can address numerous alternatives, such as "acquisitions, internal joint-venture spinoffs, partial-ownership joint ventures, contractual minority investments, or joint cooperative agreements" (Eastaugh, 1998,
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