Discuss About The Strategic Performance Measurement Healthcare.
The focus of this report will be on formulating the generic business strategies for the chosen organization. The chosen organization for this organization is Estia Health (Estiahealth.com.au 2018). The business strategies will be discussed for this organization. The value chain activities will be discussed as well for this organization. The generic business strategies are very important for the organization to be implemented. It is the role of the management of the chosen organization to implement the strategic objectives for the betterment of the organization. The implementation of the strategic objectives will be discussed in the background of the organization. The business environment and the capabilities of the organization will be discussed from the different contexts as well. The business strategies of the organization and the proposed changes will be discussed. The different fields of strategies like the marketing principles, use of technology and the other issues will be discussed. The implementation of the strategies will be discussed as well.
As per their current business strategy, they have been focusing on the various issues like the driving the best practices for patient improvement and making the families feel like a very safe environment for the patients. They have not taken the most influence from the GDP growth rate of the country. Australia’s GDP has been growing from the previous years. They rely on the natural resources that drive the organization for the further growth. However, the business strategies will focus on the improvement of the organization (Ray 2013). The aged care service, in which they have the specialization service, does not require much use of technology (Campbell, Coff and Kryscynski 2012) This is why the organization Estia has been lagging behind. It is a matter of fact that the aged people hardly have any idea about how to use the mobile technology. This is why they will require implementing the use of technology for the betterment of the organization from all the aspects. These things have affected their business to a large level indeed. This is why the organization will need to focus on the use of the technologies to a large level (Camisón and Villar-López 2014)
The organization operates in the health sector so they will need to implement the proper strategies so they can improve their operations. The functions of this organization focus on the healthcare systems based on the quality. The company has been one of the major institutions to operate in the healthcare industry (Büschgens, Bausch and Balkin 2013) They want to build an excellent infrastructure that will mainly focus on providing the best healthcare support for the patients. They want to build up a team that will help them to treat the patients with much care and affection. The set up they want to build up will be very helpful for them to focus on the creating the happiness for the people and and push the limits for the betterment in all the ways.
One of their main aims is to build up an infrastructure that will eye on the organizational growth (Büschgens, Bausch and Balkin 2013). The financial aspects of the organization should be looked up with proper focus. They must look to use their value chain activities in the best ways. The value chain of Estia has not been up to the mark. They will look to gain the competitive advantage over their rivals in the healthcare industry (Morgan, Katsikeas and Vorhies 2012). They have to concentrate on improving their value chain activities properly. Estia Health can opt for taking up the cost leadership strategy by which they can have a great influence on the market. This strategy will be very important for gaining the competitive advantage (Grant 2016).
The organization Estia Health can go for becoming the leader in the market in terms of the cost of their services and products (Estiahealth.com.au 2018) If they can provide the health services to the poorerto this, they might have to invest in the capital technology. This investment in the technology will be helpful for the bringing the costs of the products down. They must focus on the logistics support as well (Grigoroudis, Orfanoudaki and Zopounidis 2012). Apart from these things, they should have to lower down the costs of their labor, materials and facilities. Thus the organization should be able to follow the cost leadership strategy in an effective way. They might face one risk in this context and i.e. the copying of these low cost strategies by their competitors. If the other competitors can copy the strategies, this will be problematic for them (Wagner and Hollenbeck 2014).
As a part of the generic strategy, they can apply the Differentiation strategy. According to these things, the organization will look to provide the patients and their families with very high quality services. They might look to provide the customers with all sorts of best services within the domain of the health industry (Fuchs 2013). They should focus on the innovation techniques. The new innovations by the help of technology would be very beneficial for them to implement. Another strategic objective they must take is the implementation of better marketing promotions for the Estia Health through the use of the technology (Estiahealth.com.au 2018) The social media can be chosen as the platform by which they can get more followers. As they do not indulge in the social media practices in their organizations they are not aware of the facts that are happening worldwide. They must advertise their organization through the social media indeed. They can also install the free Wi-Fi in their organization. This will help them to attract the customers in a better way (Grant 2016).
The importance of the development and innovation will be an important strategy as well. The well being of the aged people should be the primary focus for Estia healthcare. There are generally two parts of providing the proper healthcare to the aged people. These are the surgical and non-surgical issues. The traditional issues in the proper healthcare should be identified and they might be curbed by the new innovative techniques. It is also important to innovate new machines that would help the organization to promote the new things in the aged healthcare services (Campbell, Coff and Kryscynski 2012). More amount of money should be invested in the innovation process. New kinds of services should be innovated by the organization so they can promote the comforts to the families of the patients as well. The supportive healthcare environment should be invented for the benefits of the people there. In order to cope up with the various challenges in the aged healthcare service, the organization should try to take the assistance of technology in the most ways. The social media campaigns should be raised for circulating of promoting new types of marketing for the aged healthcare services. The non-surgical facilities for the aged people should be developed and their health conditions should be developed properly (Grigoroudis, Orfanoudaki and Zopounidis 2012)
The aged healthcare services should be improved from all the aspects. The security of the aged healthcare services should be improved from all the aspects. The organization should try to increase the security of the organization in particular. The aged care people should be provided with the ultimate security and this must be the most important thing for the reputation of Estia. Many people come to the aged care services for the betterment of their health conditions suffering from diabetes and other issues (Campbell, Coff and Kryscynski 2012) Estia can bring the problems to an end by innovating the new mechanisms for providing the 24*7 support by the doctors and the nurses. Another thing that they could focus on is the M&A. This means the mergers and acquisitions. Estia can opt for merging with international companies specialized in technological advancement. This will improve their operations to a large level. They can seek the approval from their internal and external stakeholders. The company stakeholders can suggest them some ways of improving their business in the best matters. They should hold the acquisition position for this merging (Grigoroudis, Orfanoudaki and Zopounidis 2012). This would help them to acquire the most number of shares within the structure. The organization should look for providing the medical benefits at the best ways. They should set their target audience properly and assess their needs properly. This should be helpful for them to provide the services as well. Thus they can provide better services to their target market and improve brand reputation.
Conclusion
The business strategies have been discussed in this paper on the background of Estia. The strategies that they are using currently have been evaluated and the recommendations for the better strategies have been made as well. The ways the company will be able to implement these strategies have been discussed as well. The management of the company should apply some ways to cope up with the challenges. These things will be helpful for them to grow faster in the challenging business environment. Thus the organization might benefit by applying the two most important generic strategies into their business operations.
References
Alvesson, M., 2012. Understanding organizational culture. Sage.
Baden-Fuller, C. and Haefliger, S., 2013. Business models and technological innovation. Long range planning, 46(6), pp.419-426.
Büschgens, T., Bausch, A. and Balkin, D.B., 2013. Organizational culture and innovation: A meta?analytic review. Journal of product innovation management, 30(4), pp.763-781.
Camisón, C. and Villar-López, A., 2014. Organizational innovation as an enabler of technological innovation capabilities and firm performance. Journal of business research, 67(1), pp.2891-2902.
Campbell, B.A., Coff, R. and Kryscynski, D., 2012. Rethinking sustained competitive advantage from human capital. Academy of Management Review, 37(3), pp.376-395.
Estiahealth.com.au (2018). Estia Health Aged Care: Australian Aged Care | Aged Care Facilities | Residential Aged Care Facilities | Nursing Homes. [online] Estia Health. Available at: https://www.estiahealth.com.au/ [Accessed 17 May 2018].
Fuchs, V.R., 2013. The gross domestic product and health care spending. New England Journal of Medicine, 369(2), pp.107-109.
Grant, R.M., 2016. Contemporary strategy analysis: Text and cases edition. John Wiley & Sons.
Grigoroudis, E., Orfanoudaki, E. and Zopounidis, C., 2012. Strategic performance measurement in a healthcare organisation: A multiple criteria approach based on balanced scorecard. Omega, 40(1), pp.104-119.
Morgan, N.A., Katsikeas, C.S. and Vorhies, D.W., 2012. Export marketing strategy implementation, export marketing capabilities, and export venture performance. Journal of the Academy of Marketing Science, 40(2), pp.271-289.
Ray Gehani, R., 2013. Innovative strategic leader transforming from a low-cost strategy to product differentiation strategy. Journal of technology management & innovation, 8(2), pp.144-155.
Wagner III, J.A. and Hollenbeck, J.R., 2014. Organizational behavior: Securing competitive advantage. Routledge
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