Essay on Strategic Management and Knowledge Management Theory

The health industry is dynamic, and experts cannot settle on previous studies. New infections are rising and need the cure, the previous diseases are mutating and are becoming drug resistance hence more researchers are required hence management of knowledge is significant. Health care delivery is a knowledge delivery process, and hence knowledge management provides an opportunity for improvement in the process. The delivery of health care heavily relies on knowledge and evidence-based medicine; moreover, delivery of care depends on the cooperation of various partners that requires exchanging their knowledge to provide better quality care. This is precisely right in a clinical setup. In addition, the decision making in public health mostly depends on data and evidence generated by knowledge. The collection of data infuses the operating environment of health care industry, and when joined with the new trends in an electronic medical record system and evidence-based medicine. It is, therefore, necessary for the healthcare industry to embrace tools, technologies, knowledge management and strategies to have a successful analysis of these data assets (Leal-Rodriguezet al.2013).

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The most valuable resources available in any given company is human skills, expertise, and relationship. Knowledge management is about taking advantage of these precious assets. As such, Health First vision statement revolves around knowledge management. The vision statement is Skilled and dedicated people delivering high quality, patient-centered care that improves lives and communities (Leal-Rodriguezet al.2013). To capitalize on this asset, Health First has established an education and training center where its staffs can attend some lessons to perfect their skills. Health First Education and Training Center also ensures that the local community is educated. As a result, members of the community are invited to enroll in various programs offered at the centers. Additionally, Health First frequently sponsor its staffs to attend some international workshops that aim at improving the quality of health care (Health First, 2017).

The health environment is also competitive, and Health First strives to remain competitive in the provision of outpatient and wellness services, which comprises of fitness centers, aging services home care among others. To remain distinctive and unique from other health care providers, Health First has implemented a patient visitor information. At the facility, they recognize how beneficial the family and friend are to the recovery of the patient, and hence the company makes sure that whether you are a patient of a visitor, everyone is well informed on everything pertaining various activities within the hospital (Health First, 2017).

Strategic planning tools and research to determine alternative strategies

For the organization to determine alternative strategies in service delivery, it should carry out a SWOT analysis that will enable it to find out its strength weaknesses, opportunities, and threats. SWOT analysis brings Health First into balance with the external environment and maintains that balance over time. The current First Health strength which includes outstanding medical staffs, excellent medical facilities, the firm commitment to the community, healthcare quality and high level of organization efficiency have prompted the current outstanding organizational performance. Health First should capitalize on using the current strengths as these are key drivers of the entire strategic plan (Gretzky, 2010).

Health First has some weaknesses such as lack of adequate resources and aging health care facilities, the organization structure that limits collaboration with healthcare cooperation and equipment that interferes with health care quality. Through identification of such weaknesses, the organization should focus on the route causes and how to turn these weaknesses into strength. The organization should focus on minimizing the cost of operation and make more money available to run the organization. The use of information technology is one way that the organization has focused on reducing the cost of operation. For example, First Health has come up with an online tool where you can manage your medical reports, and you can access free online consultation services regarding Labs, X-rays, and EKGs. Also, there are various medical facilities in Florida, and for Health First to reach more people, the organization should liaise with some of these health care centers found at the grass root levels to make sure that service delivery trickle down to everyone in the society (Health First, 2017).

Traditional SWOT analysis views opportunities as essential business initiative available to Health First. Some of the opportunities that the organization enjoys are collaboration from the community to develop new healthcare programs, the advancement in technology, collaboration among health care organization and growing community health care programs. The organization should focus on such opportunities while coming up with future success programs. For example, to take advantage of technological advancement, the organization should ensure that updated equipment are installed in the facility to ensure that the Health First is ready to deal with ever-changing needs of health services (World Health Organization, 2007). The organization should allow the participation of the local community in some of the initiatives such provision extension of health care services and since some of them are well trained (Andersson, 2013)

Threats are factors that affect Health First negatively, and they include increasing demand for physicians and patients for expensive medical technology, competition from other health care providers, increasing pressure to reduce health care cost, increasing the federal budget deficit and political and social factors. To deal with these threats, Health First should assess the living condition, age, income among other demographic factors for it to plan properly (Rosenbaum, S. Hospitals as Community Hubs n.d). For example, services such as the provision of healthcare services to the elderly will revolve around critically analyzing the social environment of the surrounding to get the statistics elderly in the society.

To remain competitive, the organization should focus on quality service delivery and should come up with a range of services. For example, good health insurance plans and comprehensive network of specialist for primary care needs. The organization should also focus on reducing the cost of operation to deal with threats such as increasing pressure to reduce operational cost (Gretzky, 2010).

Synthesize operational and financial components in the strategic planning process.

The organization should consider the inputs that will be involved to make its goals achievable, which include the employees, capital managerial and technical expertise and knowledge. Management of finance is essential since balance scorecard supports the role that finance plays in establishing and monitoring precise and measurable financial, strategic goals on the integrated basis. Therefore, Health First will operate efficiently. Health First should use free cash flow to measure on how it utilizes its financial resources effectively to generate additional cash for future investment. Free cash flow will enable the organization to envision substantial expenditures shortly. Health First should focus on efficient management of current assets and liabilities which is vital if the organization behind industry benchmarks. The top management of Health First plays an essential role in strategic planning processes since it is the overall decision maker. To ensure that good decision are made, the top management should involve all employees at all levels. This are individuals who are on the ground, and their contribution is vital, for instance, any decisions regarding any community extension services, the management should involve the officers on the ground.

Evaluate the effect of your strategy formulation

Strategic formulation enables Health First to choose the appropriate course of action to attain the defined goals. The formulation of strategy allows the organization to carefully focus on the changes in the environment and be ready to deal with some of these changes. Currently, Health First has limited service lines and marketing deficiencies. The strategy formulation will enable the organization to evaluate the overall healthcare industry regarding the size of the market, new market entries and an industrial threat to improve its marketing efficiency (Perera & 2012).

Strategy formulation will enable the company to focus on low-cost operation in the health industry and to achieve this; the organization will concentrate on streamlining all operations through adoption of information technology. Also, strategy formulation will enable Health First to come up with various initiatives, aimed reaching every member of the community who is in need of healthcare services. For instance, the organization has come up with public workshops and extension health care services that aim at providing care to the elderly who cannot walk seeking medical attention.

References

Andersson, A. C. (2013). Quality Improvement in Healthcare: Experiences from a Swedish County Council Initiative (Doctoral dissertation, Linkoping University Electronic Press).

Gretzky, W. (2010). Strategic planning and SWOT analysis.

Health First (2017). Health First Profile. Retrieved from https://www.health-first.org/about_us/index.cfm

Leal-Rodriguez, A., Leal-Millan, A., Roldan-Salgueiro, J. L., & Ortega-Gutierrez, J. (2013). Knowledge management and the effectiveness of innovation outcomes: The role of cultural barriers. Electronic Journal of Knowledge Management, 11(1), 62-71.

Rosenbaum, S. Hospitals as Community Hubs: Integrating Community Benefit Spending, Community Health Needs Assessment, and Community Health Improvement.