Growth Strategies for Ophthalmic Consultants of Boston If we at Ophthalmic Consultants of Boston (OCB) intend to be a profitable business with plans of continued growth, then we must make some fundamental changes in the way we operate our business. First we need to get back to the very basics and write a business plan! The Information contained in a business plan will help us to determine who we are, where we want to go, and how we intend to get there. This basic information will bring us focus, and act as a guide for our actions in the future. By defining our intended strategies for management, operations, sales, marketing, finance, competition, etc. we will then have what is necessary to layout a clear path for our future. If you all agree I shall begin this task immediately! In addition to this business plan, we must also address the financial issues plaguing this organization. To illustrate some of these issues lets look at some of the trends here at OCB and within our Industry: For example, OCB’s clinic operations profitability in 1990 was 60%, and now in 1996 our profitability is only 37%, which is down 23 percentage points! We can blame some of this on rising costs of overhead, consumables, etc, however this is happening as the industry as a whole is growing 5% annually, and as our customer base, largely senior citizens, population is growing at almost 1% as year. We should be capitalizing on these industry trends, however, as you all know, not all the trends work in our favor. For example, our lifeblood, the Insurance company’s managed care organizations, and government healthcare reimbursement programs shows a downward trend of allowable payments for our services (DRGs) For example in 1995 the DRG price of ... ... middle of paper ... ...e and focus on variable costs. We could look at everything from Disposable supplies, to gifts to clients. For example: Flowers, plants, photos We could also effect this by improving our efficiency and processing further clients to increase billables. We do have pent up demand, that is as we can see by the trends, growing. We should look carefully at everything we do to process a client. Some examples of where we could trim time include: Clinical work up ask clients about their medical history, problems, medications in a questioner that they can fill out while waiting, this saving us time in the Work-Up. Create a rack for each Dr so that the patients charts are kept in order as to Works Cited Miguel, Maria Fernanda, ProfessorH. Kent Bowen. Ophthalmic Consultants of Boston and Dr. Bradford J. Shingleton. Harvard Business School. Rev. May 20, 1997.
First, let us analyze General Practice Affiliates’ current financial position. The income and expenses report shows a net revenue of $230,250. The net revenue is obtained after expenses, including taxes, of the company have been subtracted from revenue (Paterson, 2014, p. 124). The balance sheet shows a $306,180 in retained earnings. Retained earnings represent stakeholders’ equity (Paterson, 2014, p. 128). Retained earnings are usually invested back in the form of inventory or debt payments (Albrecht, Stice, Stice , & Swain, 2008). General Practice Affiliates’ cash flow analysis shows that the practice invests in new equipment. However, General Practice Affiliates mainly used cash during 2012. The main source of cash from operations came from depreciation expense, which is not a reliable source of funding (Paterson, 2014, p. 130). Accounts receivable increased by $50,000, while accounts payable only increased by $10,000. In addition, cash flow analysis shows a balance sheet data that is affected by future transactions (Paterson, 2014, p. 128). General Practice Affiliates choose to stretch the time to pay suppliers instead of paying its bills. ...
Seltzer, Jo. "Ophthalmologists Express Skepticism About Vision Therapy." Stlbeacon.org. N.p., 30 Nov. 2010. Web. 1 Mar. 2014.
...he operating margin, cash on hand, and days in accounts receivable as these have been major factors. The new system being put in place for the materials management system should be closely monitored, as it will determine the adaptability of the department. The reformation of the Governing Board can be justified through the successes or failures it creates while going through the restructuring process. It will be important to get feedback from employees and the CEO to see if conflicts arise. The new physical therapy center will continue to be monitored to see if revenues are as high as thought with the expansion of this facility. Overall, it will continue to be a process of monitoring, reevaluating, and gathering appropriate data to determine if the strategic plan being implemented is continuously seeking the values, mission, and vision of the Coastal Medical Center.
Honor Health is a hospital and physician provider system located in phoenix Arizona. Honor health is relatively new hospital chain, more specifically it is the result of a merger of Scottsdale hospital and the John C. Lincoln Health Network (Alltucker, 2013). Honor Health’s mission statement is relatively short, comprising only a single sentence. Their mission and vision statements are, “To improve the health and well-being of those we serve” and, “To be the partner of choice as we transform healthcare for our communities” (Honor Health, 2015). While their vision and mission statements impart a direction and goal for their organization, the vagueness of both statements may cause problems in guiding targeted strategic initiatives. This essay
Health plans face a set of strategic choices in maximizing plan objectives. First, plans must decide whether to diversify product lines (e.g., HMO, PPO,etc.)(Anton, 1996). Medicinal services cost ascended at double the inflation rate from the mid 1980 's to mid-1990 's making a 1 trillion dollars’ industry that represented 14% of the US GDP (Gross Domestic Product). Before the end of century, the medicinal services industry had developed to more than 1.5 trillion dollar or 18% of GDP. In 1995 about 3 quarters of American specialists were guaranteed by HMO (Health Maintenance Organizations), PPO (Preferred Provider Organization) and POS (Point-of-Service) arranges up from just 27% in 1987.
Over the last 5 years the healthcare system has begun to transform. This transformation includes a focus change to preventative care to the new health conscious consumers and the reduction of healthcare costs (PR Newswire, 2013). This change comes from the consumers of healthcare as well as new laws such as the Patient Protection and Affordable Care Act (PPACA). This has created a need for hospitals to enter in partnerships to create hospital systems such as Centura Health. These hospital systems are expanding the continuum of care to include everything from preventative care, emergency care, and finally end-of-life care. This creates a need to monitor competition and create ideation plans to increase likelihood the consumer will use Centura Health over the competitors.
HCA, after following a conservative financial policy since its establishment, has entered the new decade preparing to make some changes in order to realign their financial strategy and capital structure. Since establishment, HCA has often been used as a measure for the entire proprietary hospital industry. Is it now time for the market to realign their expectations for the industry as a whole? HCA has target goals which need to be met in order to accomplish milestones in the future. The problem arises as to which area holds priority to the company. HCA must decide how the key components of their financial strategy and policy should my approached in order to meet their future goals.
Overall, the increase within health care costs is effecting our nation significantly. Not only does it affect consumers but also organization. As it continues to increase everyone is finding themselves unable to pay for such changes. Reducing such growth within the health care costs requires a collaborative, inclusive, and dual-party approach. Strategies for reducing the costs include but not limited to: promoting prevention and healthy living, improving patient safety, and promoting transparency on medical costs and quality. If the nation works on such improvements, hopefully we will be able to turn the health care system into something we can all afford once again.
This project is an expansion of the medical billing business that has been more than five years successfully operating in the state of California. This is the first expansion in the state of Florida. This
In today's health care environment many factors contribute to quality care. As a medical practice manager it is important to provide the best medical service for patients in addition to excellent levels of service. Appointment scheduling is a very important aspect of a smooth running medical practice. Appointment cancellation, no shows, and long waiting time by patients have a negative impact on the efficient running of the practice not only in lost revenue but the practices professional reputation as well (Kruse 2010).
However, arranging a successful transition from fee-for-service to new revenue models may be the most noteworthy impending challenge for finance executives of health care systems (Harris & Hemnani, 2013). To successfully direct a health care system toward financial health, an investigation of new income models should take into consideration five factors: (1) effects of direct contract on the healthcare system, (2) effects of volume changes in net income, (3) effects of operational improvements, (4) effects of revenue in danger from competitor actions, and (5) other key benefits (Harris & Hemnani,
Cassel, Gary, et al. The Eye Book: A Complete Guide to Eye Disorders and Health. The John Hopkins University Press: Baltimore & London. 1998. (pp. 3-15)
Healthcare is a dynamic enterprise by nature which devotes immense resources for the creation of new therapies, drugs and aiding medical devices. Beyond this technological advancement, there is also a financial insight which involves the short and long term planning in this sector. This insight continues to change over time due to the constant barrage of mergers and acquisitions in healthcare organizations. The entry of profit components in this industry is making it compulsive for such organizations to shift the marketing function from the periphery of healthcare to the centers.
Businesses have a very strained relationship with that individual consumers, lenders, investors, and employees. This relationship became strained because of the global economic crisis and the general public in the United cynical business. The challenges faced by businesses in the twenty-first century will affect the community due to the strained relations. Therefore, countries need to rethink the health care community, to repair the social contract, and long-term financial position of the society. The countries need to give impetus to businesses to do business in the twenty-first century to solve the problem (Rosenfeld et al.,
The business plan will also be useful in facilitating the adoption of a strategy that will help the business prosper in the modern market. The plan will be a critical tool that will help in the production of a reliable strategy for attaining the goals and objectives. The proposed business plan will be implemented in three years time. Within the first three years, the business i...