Business Strategies for Healthcare Institutions Essay - 191

Business Strategies for Healthcare Institutions - Essay Example The employed strategies should subsequently take into account key stakeholders in the institution, organizational efficiency, and financial sustainability in the healthcare environment (Ginter, Duncan, & Swayne, 2013). Aligning healthcare reform with organizational operations is a key strategy. In essence, the idea is to make sure that the resultant reforms promote the relevance of the hospital. To do this, the director and all other key parties could undertake care transitions, where hospital operations are redefined or redesigned to accommodate key benefits realized from healthcare reform. It is important for hospital management to create healthcare value through payor relationships and revenue models. In other words, hospitals could create value and promote patient welfare through bundled payments, offering low-cost incentives, and enhancing the quality of care (Pynes & Lombardi, 2011). While the objective is to improve the performance of finance, human resource, and patient care departments, it is critical to account for all stakeholders influential to the institution. On the same note, it is important to note that the priority focuses on patient care, over and above striving to improve the long-term welfare of the healthcare institution. Efficiency, sustainability, and strong relationships in the healthcare environment translate to affordable care, increased access to services, and community engagement in hospital operations (Olden, 2011). Both internal and external hospital environments play an influential role in healthcare matters. When the community becomes engaged, the hospital builds an environment of loyalty and trust. Subsequently, the community becomes an ambassador of the hospital in selling its operations and performance.