Strategic Planning for South County Hospital in making it a ACO Term Paper

Strategic Planning for South County Hospital in making it a ACO - Term Paper Example Low profitability of the hospital has placed it at the bottom of the reimbursement. South Rhode hospital intends to solve this situation by joining a heath service provider system such as Care New England. This would make it an Accountable Care Organization benefiting from the merger with other hospital. This would assist the hospital toward continuity of their mission and achieving their vision (Cleverley et.al 288). The merger with other hospitals would help South Rhodes hospital to acquire better bargaining power in procuring services and other requirements. It would also enable SCH to refer some of the severe case to other hospitals within the system. Section One Strategic focus Aim of the plan This plans to improve the financial position of the sc hospital, increase net income and overall profitability. This will lead to sustainable improvement in financial performance and continued growth in cash flow by improving debt ratios; continued growth in inpatient and surgical volumes; continued gains in liquidity Mission statement; Enriching the quality of life for the southern Rhode Island community and visitors through delivery of quality affordable health care services Developing cooperative relationship with other care providers and promotion of wellness through health education and community involvement Vision statement: To achieve a healthy southern Rhode Island community through provision of quality and affordable health services to all our clients To have a community that is informed on health care services, their rights and responsibilities by creation of health care awareness. Long term objectives The south Rhodes hospital through this strategic plan aims at achieving the following objectives: Improve the reimbursement position for the hospital Increase affordability of services to clients Increase treatment opportunities to clients through merger with other hospital Diversify means for paying for the services give hence increase profitability Key orga nizational competences In order to achieve the above set objectives the hospital management needs to have a competent financial management team that will look into the financial crisis in the hospital. Vigorous marketing campaign shall be necessary to market the new hospital policies and improvement on service delivery, the marketing department should be set out to perform this role. The marketing campaign will also be essential in marketing the services of the hospital as this created consumer awareness. Consumer awareness attracts customers into the organization which then will lead to increase customer turnover and sales or revenues. Organizational values The south county hospital holds the following values in their operations toward achieving the strategic plan goals: humility, honesty, diligence and accountability. Performance objectives The performance objectives below will form the basis of determining the hospital’s performance score. This will be a tool to measure pr ogress towards the achievement of the objectives set in the strategic plan. Performance area Performance Measures Target Time Frame Financial management Biannual income figures and profit calculations Increase in income position and profitability Achieve a 5% increase in the profits 1 year Client and market progress Client turn up record and analysis of trends: repeated subsequent visits by clients