This assignment of final strategic development will help in finding out the various effective ways that contribute to developing the qualitative strategic planning matrix & strategic fit as well. In order to explain it well, Parkland Health & Hospital Systems will get taken into consideration for example. This study will include the corporate mission, vision, research & competitive analysis of Parkland Health & Hospital Systems in a proper manner. A broad analysis of 5 forces will also take place in this study in an appropriate manner. This study of final strategic development will also include the PEST & SWOT analysis of Parkland Health & Hospital Systems to making this study reliable & appropriate as well.
Parkland Health & Hospital Systems is well known as a community public health hospital. It was founded to contribute the community & society in Dallas. The main aim of this hospital is to provide the entire community best services & care. This hospital was created for furnishing medical to those people who need it badly or the patients of entire society or community.
The main corporate mission of Parkland Health & Hospital Systems is to offer the various helpful services to the people. Parkland Health & Hospital Systems is basically dedicated to the health & well being of the communities. Parkland Health & Hospital Systems is attractively committed to superiority by delivering best & innovative care to the patients. It is also fanatical to providing compassionate care to each & every well being. Providing the best possible care to each & every patient is the mission of this business (Ginter, et.al, 2018).
Parkland Health & Hospital Systems is creating a welcoming atmosphere by providing culturally competent care to the communities or societies. It is helping the patients who are from diverse backgrounds by developing the talents proficiency of the association in person-centred care. The health care professionals in the Parkland Health & Hospital Systems are treating each & every individual patient to make them better & disease free (Shortliffe, et.al, 2013).This association intends for improving the quality, advance the health & eliminating all the health care disparities by holding National CLAS Standards in the community.
Parkland Health & Hospital Systems is popular for providing the superlative care to well being of the entire community. The vision of this association is to amplify the standards of quality for the public academic health system. This hospital works with allegiance & benchmark towards the behavioural structures which guides the interactions & actions of the hospital & community both. The Parkland Health & Hospital Systems include compassion, integrity, and respect towards each & every human being. It also focuses on leadership, collaboration, stewardship & excellence as well (Skurka, 2017). The Parkland Health & Hospital Systems performs for providing best treatment or care so that patient can get rid of all the issues which are impacting their lives in a negative manner. It serves the services with commendable quality.
Parkland Health & Hospital Systems includes a completely fledged centred atmosphere for having a competitive analysis. Clinical trials are the core part of medical research as it finds out the new & different ways for preventing, treating & detecting the diseases. The Parkland Health & Hospital Systems researches for finding out that if a new treatment or tests work appropriately & if it is safe or not. Parkland Health & Hospital Systems is the heart of all the medical advances in Dallas. It focuses on various ways for improving the quality & efficiency of life for people who are dealing with chronic diseases. Parkland Health & Hospital Systems is carried out as per the planning called research protocol. This protocol describes that what kind of volunteers or patients may take part in the study or how the investigational devices & drugs will be experienced.
Parkland Health & Hospital Systems performs with a research team which generally includes nurses, doctors, health care workers, social workers & so on. Parkland Health & Hospital Systems is famous for providing the preeminent care with low prices more than any other hospitals in Dallas (Hillestad, et.al, 2018). It charges very less amount of money from people to help them with the best treatment. This association also gives the cost free treatment to those patients who are so poor and cannot afford the charges to get treated or care. It has been researched that Parkland Health & Hospital Systems stands in the top 14 % of hospitals in the United States for the adoption of EHR. HIMSS Analytics has announced that Parkland Health & Hospital Systems attained Stage 6 on the EMRAM (EMR Adoption Model SM). Parkland includes various dedicated extensive resources for utilizing information technology. It works with the best processes or procedures for assuring the top clinical results & the safest environment of care for the patients. Performing with this enthusiasm & dedication gives a tough competition to other hospitals in Dallas.
It is very well known that the Parkland Health & Hospital Systems plays a very significant role in medical care. For conducting a broad analysis of this association, Porter’s five forces framework can help in the best possible manner. It is described as follows-
Threats to new entrants
It has been observed that there are various health care associations are getting presented in hospital & medical industry with some attractive, creative & innovative equipments. The new hospitals or cares are coming up with advancement in the industry of medical care & performing with updated technologies. Providing care with updated technologies or new equipment is proving as beneficial for treating patients with less time & cost. This process or procedures is highly affecting the profitability of the Parkland Health & Hospital Systems in such a negative manner.
Threats of Substitutes
Each & every patient of Dallas has only one option to get well treated such as hospital or clinic. It is well known that hospitals only have other clinics or hospitals as their substitutes. Just because of it Parkland Health & Hospital Systems have competition with only nearby hospitals or clinics. It does not really affect the profitability & goodwill of the Parkland Health & Hospital Systems as this medical care is following an outstanding image in the industry of medical care in Dallas. Surrounding by less good private medical care’s gives various chances to this association for increasing its efficiency & reliability in the competitive market (Hickman, et.al, 2018).
Barraging power of customers
The customers in the medical care hardly bargain until unless the clinical services are small & simple. Rest of the prices are fixed which gets paid through the insurance systems or schemes which rarely affects the financial condition of customers. It helps the customers in showing less interest towards bargaining.
Bargaining power of suppliers
The Parkland Health & Hospital Systems includes small or medium traders who charge so less to provide the products or services. Just because of it, providing the care or treatment in Parkland Health & Hospital Systems is so less in the comparison of other medical cares. It increases the interests of the patients towards this association.
Industry Competition
Parkland Health & Hospital Systems stands with strong business competitors. It provides the best delivery of services with attractive pricing strategies which ensure this association to remain competitive to other associations.
Political Environment
The United States is well known for its stable political environment that ensures an excellent atmosphere for running the business in an appropriate manner. By this Parkland Health & Hospital Systems gets help in expanding the association very well. Parkland Health & Hospital Systems does not have to face any political issues or problems that might affect the success or profitability of the business in negative terms. It contributes in running the business with longevity.
Economic Environment
A good economic atmosphere is conducive for sustaining the hospital for long. Many of the people staying within the hospital are rich & middle-income earners that help the association to run with the good economy or to attain all its competitive advantages.
Social Environment
As observed, people surrounding the hospitals or social environment mostly stay in support of the medical services & hospital industry. It protects the association to get less harmed with any social issues, thus Parkland Health & Hospital Systems gets less affected from any social matters.
Technological
An updated technology with advancements contributes to greater success to the Parkland Health & Hospital Systems. It includes fast, innovative & less cost-effective services that help in expanding the association to the international level (Kavanagh, et.al, 2017).
As per the benchmark made, Parkland Health & Hospital Systems is standing on top of most hospitals & medical care of Dallas. It is providing the most excellent care or treatment with less cost to the entire community & society of the Dallas. People from the middle class, lower class or higher class all are getting the superlative treatments regarding chronic diseases or any other diseases they are facing. Parkland Health & Hospital Systems is standing with good standards & benevolence with meeting all its objectives & goals in a perfect manner.
Strengths
The association of Parkland Health & Hospital Systems is popular for its qualified personnel. It helps customers or patients with appropriate & tremendous services. It tries hard to meet the customers or patients expectation in terms of services & quality both by performing with an increased level of technology. The increased interest of the patients towards this association may get considered as the strength of it.
Weaknesses
This association includes less medical personnel’s. As same, it focuses on less social media presentation & media both that gets considered as the weakness of it.
Opportunities
There are less good private hospitals can spot around Parkland Health & Hospital Systems. It also includes a growing population which absolutely requires good medical attention. Having less medicates around for providing the proper care to the patients may get considered as an opportunity for Parkland Health & Hospital Systems (Rowledge, et.al, 2017). It may focus on increasing the efficiency of the business by using more updated equipment & technologies. It will surely help the association to expand more at an international level.
Threats
Parkland Health & Hospital Systems include increased utilization of media sophisticated equipment, increased competition & staff frequent strikes can be threats of this association. The other medical services & hospitals in Dallas who are performing hard to compete with Parkland Health & Hospital Systems may view as threats for it.
External factors evaluation is well known as a strategic management tool in the Parkland Health & Hospital Systems. It allows various strategies for examining & measuring the social, demographic, political, cultural or legal environment. As same, it also contributes to measuring the competitive information’s related to Parkland Health & Hospital Systems (Ward, 2016). This technique of evaluation helps in saving this association from various issues or problems that may arise in the present or future running of it.
|
Financial Ratios Analysis of Parkland Health and Hospital Systems |
||||||
|
Name of Ratio |
Ratio formula |
2013 |
2014 |
2015 |
2016 |
2017 |
|
Liquidity measures |
||||||
|
Current ratio |
1.51 |
1.32 |
1.78. |
1.58 |
1.89 |
|
|
Current assets |
334967 |
371661 |
414333 |
442522 |
545112 |
|
|
Current liabilities |
221522 |
281131 |
231794 |
278894 |
287251 |
|
|
Quick ratio |
(Current assets – current inventory – Inventories)/ current liabilities |
1.43 |
1.27 |
1.70 |
1.51 |
1.83 |
|
Inventories |
16158 |
13299 |
18352 |
21339 |
17245 |
|
|
Prepaid expenses |
0 |
0 |
0 |
0 |
Findings of Liquidity
On the basis of above analysis it can be observed that the current ratio shows an overall increasing trend from 2013 to 2017. In 2013 the current ratio was 1.52 which only decreased in 2014 to 1.32 after that it was increased in 2015 to 1.78 then decreased to 1.58 and again increased to 1.89 in 2018. This suggests that the position of liquidity of Parkland Health and Hospital system is increasing has decreased in 2014 and 2016 and increased in 2015 and 2017. Even though there are slight decrements in the current ratio but overall the company is capable of paying its short-term liabilities and can meet its daily obligations to its business. However, the current ratio below the standard level i.e. 2 therefore it is required to increase its current assets in order to stand above the standard level and protect itself from solvency in the later stage.
The quick ratio of the company also shows the same kind of trend as current ratio. The ratios for five years depicts that the company can easily pay off its current liabilities from quick
assets and some of the quick assets will still be left over.
|
Name of Ratio |
Ratio formula |
2013 |
2014 |
2015 |
2016 |
2017 |
|
Profitability measures |
||||||
|
Operating profit margin |
Operating profit/ revenue |
0.58 |
0.58 |
0.51 |
0.51 |
0.49 |
|
Operating profit |
(451515) |
(478676) |
(500723) |
(577845) |
(587373) |
|
|
Revenue |
767070 |
823683 |
977010 |
1120769 |
1179040 |
|
|
Net assets turnover ratio |
Sales/ net assets |
1.07 |
1.14 |
1.69 |
1.93 |
2.02 |
|
Sales |
1218163 |
1299973 |
1455344 |
1654353 |
1760918 |
|
|
Net assets |
1134251 |
1135670 |
856169 |
856143 |
867547 |
Findings of Profitability
From the above analysis it can be observed that the operating profit of Parkland Health and Hospital system from 2013 to 2017 is negative. This shows that the operating expenses of the company are greater than its operating income. Therefore the operating ratios for the year 2013 and 2014 is same which reduced to 0.51 in 2015 and 2016 and aging reduced to 0.49 in 2017. It depicts that operating income is less than operating loss which is not a good indication for the investors and creditors of the company.
The net asset turnover ratio of the company shows an increasing trend from 2013 to 2017. For every dollar invested in assets the company has generates a sale of 1.07 dollars in 2013. Similarly, the sales generates on every dollar in 2014, 2015, 2016, and 2017 is 1.14, 1.69, 1.93, and 2.02 respectively. This shows that the assets of the company are efficiently generating sales.
The overall conclusion of analysis of financial statement is that the company has adequate amount of liquidity since its assets are efficient in sales generation. On the contrary, the company is not able to generate profit due to its increasing expenses.
This model includes seven factors which are internal to the organization and required to be reinforced and realigned so that the organization can remain successful. The details of the factors are explained below:
Strategy
It is an ideal approach to align the resources within the hospital with the objective of the organization. The strategic plan of Parkland includes delivering value from the perspective of patient, provide an environment to foster engagement of employees for better experience to patients, leadership in research, learning, and teaching, delivering value through community, and clinical excellence by using multidisciplinary care (Parklandhospital, 2018).
Structure
The structure includes corporate hierarchy, divisional makeup, chain of command for outlining the operations and interconnection between them. The corporate hierarchy of Parkland is composed of three levels. The top authority is the chief officer after that management is included which includes directors and vice president. The third level includes managers, supervisors and employees (Parklandhospital, 2018).
System
System includes the workflows and daily operations of the organizations. The workflow and daily operations of Parkland are associated with the treatment of injury or illness and also include recovery for patients, therapy, education and support.
Shared values
It is the actual behavior which is accepted within the workforce. The shared values of Parkland include integrity, compassion, accountability, respect, and excellence (Parkalndhospital, 2018).
Skills
It includes the capabilities and talent of the management and staff of the organization to accomplishing the work. The public health care is provided by the hospital by using the medical knowledge and experience of the employees.
Style
It includes the management approach to productivity and influence performance. In order to improve the productivity and performance of the work the employees are engaged in the training and development programs. Moreover, the organization also uses effective leadership and supervision to influence the performance of the employees in a better way (Katz, Lazarsfeld, and Roper, 2017)
Staff
It refers to the workforce within the organization and how they are motivated to accomplish the tasks. The workforce includes medical leaders, senior executives, and subordinate staff. The organization uses effective rewarding system to motivate the staff members for better performance (Parklandhospitals, 2018).
In order to discuss generic strategies of Parkland Health & Hospital Systems, Ansoff Matrix & TOWS has resulted as follows-
The association of Parkland Health & Hospital Systems includes various generic strategies. It includes market penetration that focuses on increasing the number of staff to provide the best services with the existed equipment or ways of treatments. It includes various options or styles that already exist in the association to provide the best treatments to others (Leroux, 2018). Parkland Health & Hospital Systems tries to use the updated or innovative ways for treating the patients to get rid of various chronic diseases they are facing. Using the new ways may results as less helpful & impacts negatively on the association sometimes.
By adding some new ways to treat patients with already existed equipment, Parkland Health & Hospital Systems tries to perform in an efficient manner. It tries to research for some new or best utilization of services & care that may benefit the patients or association both in an attractive manner (Dawes, 2018). Presenting some new techniques or ways might also get proved as harmful, as they are not tested well. The Parkland Health & Hospital Systems is required to avoid these types of challenges to minimize the risks.
By helping the patients with good services & increased level of technology association will get chance in increasing its goodwill in the competitive market. It may contribute to increasing its opportunities to expand at the international level in the medical industry. As same it will help the association to increase its effectiveness & efficiency in the competitive edge. Providing good services to the needy people may also contribute to minimizing the various threats such as competitors, or other medical association who are performing satisfactorily.
Parkland Health & Hospital Systems includes various opportunities such as less medical associations & good private hospitals around. By taking the advantages of it, the association may improve its social media & poor media presentations in such a great manner. By performing hard to eliminate the weakness of the association such as less medical personnel, poor media and so on, it may get help in minimizing its threats (Tom, et.al, 2017). It would help in reducing its competition in the market which will help the association with increased profitability & goodwill.
By the above strategies, it gets clear that overreaching strategies of the Parkland Health & Hospital Systems help this association to meet all its competitive edge in a successful manner. Being surrounded by competition not necessarily impacts the profitability of this association. The main reason behind this is that the association is helping its patients or customers with reliability, trust, calmness & best care as well. They are ensuring to treat patients with less cost-effective ways. The strategies of Parkland Health & Hospital Systems are meeting all the needs & demands of the association & its patients both. It is helping the association to increase its standard attractively in the same industry (Smith, et.al, 2017). Strategies of the hospital include the best quality service which helps in achieving the strategies of increased market share & population of health management too.
Conclusion
This assignment of final strategic development has helped to analyze the various appropriate ways that contribute to developing the strategic fit & qualitative strategic planning mix as well. This study has incorporated the discussion about culture & community of Parkland Health & Hospital Systems with its mission & vision in an appropriate manner. Competitive analysis & research of Parkland Health & Hospital Systems has also taken place herein. It has also focused on the broad analysis of the same association in a perfect manner. PEST analysis has conducted which contributes to understand the various factors that affect the profitability & success of Parkland Health & Hospital Systems.
References
Dawes, R. (2018). Everyday irrationality: How pseudo-scientists, lunatics, and the rest of us systematically fail to think rationally. New York: Routledge.
Ginter, P. M., Duncan, W. J., & Swayne, L. E. (2018). The strategic management of health care organizations. USA: John Wiley & Sons.
Hillestad, S. G., & Berkowitz, E. N. (2018). Health care market strategy: from planning to action. USA: Jones & Bartlett Publishers.
Katz, E., Lazarsfeld, P.F. and Roper, E. (2017). Personal influence: The part played by people in the flow of mass communications. UK: Routledge.
Kavanagh, M. J., & Johnson, R. D. (2017). Human resource information systems: Basics, applications, and future directions. USA: Sage Publications.
Leroux, P. (2018). Clinical Effectiveness in Psychotherapy and Mental Health: Strategies and Resources for the Effective Clinical Governance. New York: Routledge.
Parklandhospital (2018) About Us. Retrieved from: https://www.parklandhospital.com/about-us
Parklandhospital (2018). Medical Services. Retrieved from: https://www.parklandhospital.com/medical-services
Rowledge, L. R., Barton, R., Brady, K., Fava, J., Figge, C., Saur, K., & Young, S. (2017). Mapping the Journey: case studies in strategy and action toward sustainable development. New York: Routledge.
Shortliffe, E. H., & Cimino, J. J. (2013). Biomedical informatics: computer applications in health care and biomedicine. Germany: Springer Science & Business Media.
Skurka, M. A. (2017). Health information management: principles and organization for health information services. USA: John Wiley & Sons.
Smith, J., & Goodwin, N. (2017). Towards managed primary care: the role and experience of primary care organizations. New York: Routledge.
Tom, G., Ewan, K., & Mitchell, D. (2017). Reflecting on Clinical Practice Spiritual Care for Healthcare Professionals: Reflecting on Clinical Practice. USA: CRC Press.
Ward, J. (2016). Keeping the family business healthy: How to plan for continuing growth, profitability, and family leadership. Germany: Springer.
Essay Writing Service Features
Our Experience
No matter how complex your assignment is, we can find the right professional for your specific task. Contact Essay is an essay writing company that hires only the smartest minds to help you with your projects. Our expertise allows us to provide students with high-quality academic writing, editing & proofreading services.
Free Features
Free revision policy
$10Free bibliography & reference
$8Free title page
$8Free formatting
$8How Our Essay Writing Service Works
First, you will need to complete an order form. It's not difficult but, in case there is anything you find not to be clear, you may always call us so that we can guide you through it. On the order form, you will need to include some basic information concerning your order: subject, topic, number of pages, etc. We also encourage our clients to upload any relevant information or sources that will help.
Complete the order form
Once we have all the information and instructions that we need, we select the most suitable writer for your assignment. While everything seems to be clear, the writer, who has complete knowledge of the subject, may need clarification from you. It is at that point that you would receive a call or email from us.
Writer’s assignment
As soon as the writer has finished, it will be delivered both to the website and to your email address so that you will not miss it. If your deadline is close at hand, we will place a call to you to make sure that you receive the paper on time.
Completing the order and download