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Essay / Research Paper Abstract
A 4 page paper that responds to specific issues. The first is why healthcare organizations need to adopt strategic planning processes. The paper provides an overview of the evolution of strategic management and defines the terms, strategic thinking, strategic momentum, strategic planning and strategic management. Bibliography lists 4 sources.
Page Count:
4 pages (~225 words per page)
File: MM12_PGhlstr9.rtf
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Unformatted sample text from the term paper:
of change. Technology is at the core and is the most compelling reason because it is constantly in flux with new technologies always on the horizon (Gish, 2002). Anyone familiar
with technology knows that whatever type of technology they purchase is obsolete before they even get it home. The advent of the Internet offers consumers a source of information, thus,
patients are more knowledgeable and are no longer satisfied to simply accept a health care providers words on anything. Another catalyst for change is competition (Gish, 2002). This author
reports that physicians are adding more and more diagnostic and other services to their practice or they are opening laboratories or other services in separate offices to maintain market share
(Gish, 2002). Compounding this is the escalating costs of all supplies and materials, i.e., operating costs, making it difficult for many hospitals and clinics to stay afloat. To remain
competitive, healthcare organizations need to adopt strategic planning processes. They need strategic metrics to diagnose their own performance in a market that increasingly becomes more dynamic by the day (Gish,
2002). These kinds of metrics need to be both short-term and long-term and are either driven internally or externally, depending on the specific metric (Gish, 2002). External metrics provide the
institution with a type of benchmark that evaluates their position in the market, internal metrics provide information about the institutions own performance as compared to their goals and objectives (Gish,
2002). Strategic metrics are incorporated in the institutions strategic plan. Hence, healthcare institutions and providers need a strategic plan if they are to remain competitive and if they have a
strategic plan, they need to practice strategic management. Strategic management has gained a great deal of popularity in the last couple of decades but it is not a new idea.
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