Stratigic Management Essay Example | Topics and Well Written Essays - 750 words

Stratigic Management - Essay Example Although it has the highest rates of spending, the returns are very low even as 16 percent or 44 million people are uninsured (Mendenhall, 2006). Although the health care industry was slow in adopting strategic management, external factors coupled with dramatic changes in Medicare instigated from various sources including legislative, demographic shifts, new technologies, economic and market changes forced the sector to adopt and implement stratagems in cope with the continuously changing environment. Some of the challenges facing health care are poor information technology, lack of innovation, security and confidentiality issues, accuracy and laboratory testing among others compelling the industry to embrace modern strategic methods. According to the Baldrige National Quality Program (2006), a competent health care should be founded on the following key components: visionary leadership; patient-focused excellence; organizational and personal learning; valuing staff and partner; agility; focus on the future; managing for innovation; management by fact; social responsibility and community health; focus on results and creating value; and systems perspective. This are effected by implementing the following seven components: leadership; strategic planning; focus on patients, other customers, and markets; measurement, analysis, and knowledge; management; human resource focus; process management; and results (Hertz, 2006). The strategic management execution requires focus on the organization core competencies that emphasizes the implementation of its finest aspects that are unique, distinct and are not prone to imitation. Similarly, the organization must identify its core or shared values as well as analyzing its criti cal success factors or a working formula including the leadership aspects that compliment organization competencies (Grant, 2003). A