HCA 470 Business Plan Part 5 Revision and Final Business Plan PDF

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Business Plan Part 5: Revision and Final Business Plan AnnMarie Persaud Grand Canyon University: HLT 494 October 25, 2020

2 Ru n n i n gh e a d :Bu s i n e s sPl a nPa r t5 :Re v i s i o na n dFi n a lBu s i n e s sPl a n STRATEGIC PLANNING : Strategic planning helps you to assess your establishment by recording its mission, vision as well as its values to build up your long-term goals and use appropriate action plans in order to achieve them. A strategic plan which is well written plays a pivotal role in the growth and success of the business as it gives a clear view on how to respond to various opportunities and challenges faced by the employees as well as the employer. It gives an idea regarding the accomplishments to be achieved along with the paths to be followed by focusing on the goals and objectives. By analysing the strategic plan, one can know about the excels as well as the areas that is yet to be improved. For preparing this plan, the clear mention of their mission, vision and the values are very much important. The starting point is given by the mission whereas the destination is given by the vision. The mission and vision are the bookends of all strategic and operational plans, without which the plans stay aimless.

Mission And Vision Of Northwell Health Mission : Northwell Health Mission aims to improve the health and quality of life for the people and communities they serve by providing world-class service and patient-centered care. Their vision is centered to be recognized as a world class leader in delivery of the highest quality compassionate and innovative medical care. The values concentrate on patient experience, integrity, teamwork, innovation, caring and excellence. It includes giving the first priority to their patients; being professional, honest and also protect their privacy; work together and effectively communicate to execute their teamwork; focus on innovation by initiating change and promoting creativity; giving utmost care to the patients by being respectful, supportive and compassionate; to achieve the excellence by pursuing greatness with passion and quality promotion.

Values Of Northwell Health Mission : The Northwell Health Mission gives values to patient experience, integrity, teamwork, innovation, caring and excellence. It works by giving the first priority to their patients; being professional, honest and also protect their privacy; work together and effectively communicate to execute their teamwork; focus on innovation by initiating change and promoting creativity; giving utmost care to the patients by being respectful, supportive and compassionate; to achieve the excellence by pursuing greatness with passion and quality promotion. These values purely align to the key tenets of the Christian worldview perspective. The worldview is the framework which visualizes reality and also gives sense of the world and life. It also helps in understanding God in an overarching approach and gives the relation of man to God and the environment. A the Northwell Health Mission focuses on improving the patient care service, it is definitely a service to God and the world.

3 Ru n n i n gh e a d :Bu s i n e s sPl a nPa r t5 :Re v i s i o na n dFi n a lBu s i n e s sPl a n If these values are strongly adhered to, then, the mission and the vision of the organization can be achieved, hence it directly accounts to the strategic planning and initiatives. Their priority is given to the patient’s experience in the organization which can be done well through proper teamwork and care. The chances of innovation should be considered each time and the creative ideas to promote these changes should be welcomed. In this way, a proper and better patientcentered service can be assured.

PROPOSED STRATEGIC PLAN : The strategic initiative for Northwell Health will be to open their healthcare facility in San Francisco, California. This will help in expansion of the hospital's business in Western USA. Northwell Health already has their facility established in New York with more than 74000 employees in 2020. In New York there are around 23 hospitals registered under Northwell Health. There is huge demand in the healthcare business worldwide which has reflected a CAGR of 42% from 2014-2019 (Senthilkumar S.A. & Angappa Gunasekaran, 2018) Proposed changes: In San Francisco, California there are around $15.3 billion expended annually and provides around 98994 jobs which is around 18% of the workforce in the city. This will enable Northwell Health to register small hospitals under them in California City and provide them financial benefits and supports for their development. Expected outcomes: This will help Northwell Health to spread their brand name in Western USA, support and refinance the small hospitals in fund constraints and increase their own profitability.

SWOT ANALYSIS : Strengths: Northwell Health is an already established hospital in eastern USA and is a renowned brand in New York. Weaknesses: There are already established hospitals like Chinese Hospital, Saint Francis, California Pacific Medical Center, Kaiser Foundation Hospital and many more which are competitors of Northwell Health. Opportunities: Growth opportunity for Northwell Health will be providing charity facilities to the small hospitals in San Francisco in California. The hospitals in California already provided $155 million in charity care. Smartphone apps, websites and social media can be used to increase the business in California (Senthilkumar S.A. & Angappa Gunasekaran, 2018) Threats:

4 Ru n n i n gh e a d :Bu s i n e s sPl a nPa r t5 :Re v i s i o na n dFi n a lBu s i n e s sPl a n The new hospitals are the threats which are present in multiple locations throughout the United States.

FINANCIAL ANALYSIS AND BUDGET : Simple budget for the strategic initiative :

Budget Items

Amount in $ million

Salaries – Physicians

$142290

Salaries – Surgeons

$24000

Training Cost per person

$2500

Equipment

$500000

Space on a 8000 square feet land

$900000

Education

$50000

Other expenses

$25000

Total Expenses

$1643790

Financial Statement Analysis : The projected profit and loss account of Northwell Health of California has been prepared. Total net income of the planned hospital has been $356210. Based on the projected balance sheet the hospital will try to acquire $1500000 debt and $500000 equity to fund the current assets and purchase the land and equipment of the hospital to be constructed in California. Financial Statement :

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Projected Profit & Loss Statement of Northwell Health, California Expenses

Amount (in $)

Expenses

$1643790

Net Profit

$356210

Total Expenses

$2000000

Income

Amount (in $)

Revenue

$2000000

Total Income

$2000000

Projected Balance Sheet of Northwell Health, California Liabilities

Amount (in $)

Assets

Amount (in $)

Current Liabilities

$1000000

Current Assets

$1000000

Total Debt

$1500000

Fixed Assets

$2000000

Equity

$500000

Total Liabilities

$3000000

Total Assets

$3000000

IMPLEMENTATION SCHEDULE :

Critical action steps necessary for implementation of

A systemic approach should be followed for implementing a plan. 1) The primary targets should be the minimized used of nondigital marketing for the organization and providing an easy of approach for the patients.

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the plan

2) The strategies followed by other competitors should be identified and a new innovative marketing approach should be created. Improve the connections nationally and internationally as well. 3) Plan for newer methods of approach the patient, which will keep the services of Northwell Health Mission unique from other competitors in the market. 4) As similar hospitals are already there in the new area of target, the specialized service area should be different from other hospitals. A multi-specialty hospital can be the choice.

Resources and competencies

The collaborative work of the team members would give a good result to this approach. From the patient data entry to the discharge and follow-up, the patient should be assisted with their complete satisfaction. Only a cooperative team can make a service effective for the patient as well as the organization. The lack of clinical review to know the activity progress would limit Northwell Health Mission, as the other healthcare providers are strict to follow-up the progress and make amendments as per requirement.

How the resources and competencies match to the strategic initiative?

Alignment of the action plan to the organization’s strategic initiatives

Recognition of an organization cannot be achieved in a single day, the collaborative and cooperative work of all the employees can only make it successful. In the beginning stages, the patients may need assistance and they may also come up with somethings that were missed out. So, in these cases, a supportive teamwork can only help by suggestions and additional requirements in their service. Northwell Health Mission has always targeted to provide quality healthcare services to their patients. Introduction of such a strategic initiative within the patient care services will only help in improving the success rate of Northwell Health Mission. Being an established hospital in eastern USA, it has more competitors in the field. Hence, the initiative of digitalization by introducing smartphone apps, web pages and social media accounts can help in increasing the business in a good profitable manner.

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STRATEGIC EVALUATION : The efficacy of a strategic plan can only be understood, if it is analyzed periodically. A timely, as well as regular audit must be conducted, and the reports should be checked so as to understand the areas of improvement and the areas which are giving profit to the organization. As the proposed strategic plan is a new hospital at San Francisco, California, the competitors in this field are also more. So, the patient inflow, staff compliances and financial profits of the new hospital analyzed in a systematic way can only help in evaluating the strategy. The staff support is crucial for this strategic plan as their innovative ideas, pleasing service to the patients and the administration can only pull in the patients. The ways of approach in which the patients are comfortable should be understood and worked accordingly. Hence, to successfully implement the initiative, the willingness of the team members to adjust and execute their capability in making it a successful strategy is required. The timely action and support of all the responsible ones can help in evaluating the strategy and decide the amendments required in the field.

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8 Ru n n i n gh e a d :Bu s i n e s sPl a nPa r t5 :Re v i s i o na n dFi n a lBu s i n e s sPl a n 7. Senthilkumar S.A. & Angappa Gunasekaran, (2018). Big Data in Healthcare Management: A Review of Literature; https://www.researchgate.net/publication/326957164_Big_Data_in_Healthcare_Management _A_Review_of_Literature 8. Sha, X., Chen, J. E., & Teoh, S. Y. (2020). The dynamics of IT-business strategic alignment: evidence from healthcare information systems implementation. Information Technology & People. 2020 9. Becker’s Hospital Review; 10 Best Practices in Strategic Planning for Hospital Practices; https://www.beckershospitalreview.com/hospital-key-specialties/10-best-practices-instrategic-planning-for-hospital-practices.html 10. Strata Decision Technology; Strategic Planning in https://www.stratadecision.com/healthcare-and-hospital-strategic-planning/

Hospitals;

11. Northwell Health; Northwell Health honored for commitment to quality; https://www.northwell.edu/about-northwell/commitment-to-excellence/quality-and-safety 12. Community Health Assessment Toolkit; Step 7: Plan Implementation Strategies. Association For Community Health Improvement. https://www.healthycommunities.org/resources/toolkit/files/step7-plan-implementation...