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Stakeholder Analysis and Mission Statement Development

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Choose a company or an industry in which you have worked or would like to work. It could be a hospital or a physician practice.

Write a 700 to 1000 word paper and include the following:

A.
Identify all the important stakeholders for the entity.

B.
Determine the primary aims/objectives of each stakeholder.

C.
Assess the power of each stakeholder to affect the company's strategic plans, and how it may apply that power.

D.
Explain how the company might respond to the possible actions of each stakeholder.

E.
Recommend tradeoffs that company managers could make to accommodate the stakeholders in a way that optimizes the company's own performance.

Include a minimum of three peer-reviewed references, not including the textbook.

Format your paper consistent with APA 6th guidelines.

Part 2:

The following is a generic mission statement for a primary care physician group practice. You have been hired as a consultant by the group to review the statement and make suggestions for revising it. Before you begin any revisions, what information do you want to know about the group and its environment? From where will you get that information?

"Serving all patients in need of care, Riverside Family Care Associates, Inc., a private physician group practice, provides the highest quality health care services to our patients and their families in a compassionate and caring environment. Riverside Family Care constantly strives to provide care in a cost-effective manner and to continuously improve customer satisfaction and patient care."

Write a 400- to 600-word paper and include some assumptions about the group and its environment, and prepare a draft of a new mission statement, including explanations for all your proposed changes. Be sure to take into account the growing trend toward consumer-driven health care.

Include a minimum of two peer-reviewed references, not including the textbook.

Format your paper consistent with APA 6th guidelines.

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Solution Preview

I have provided points for your consideration under both parts, with associated references. I hope this information is useful to you. Please let me know if any further assistance is needed! Thank you! (I have also attached this in a Word file, if it is easier to read that way)

Part 1:

Identify all the important stakeholders for the entity.
• competitors (other hospitals and healthcare organizations)
• government regulatory and licensing agencies - federal, state, and local
• accreditation associations (e.g. The Joint Commission)
• patients (cash-pay, insured, indigent patients) and families
• third-party payers (government, insurance companies)
• hospital suppliers
• local community
• employees
• medical staff

Determine the primary aims/objectives of each stakeholder.
• competitors (other hospitals and healthcare organizations)
o objective is to gain more market share
• government regulatory and licensing agencies - federal, state, and local
o objective is to ensure that hospital maintains regulatory compliance, to protect public safety
• accreditation associations (e.g. The Joint Commission)
o objective is to assess the hospital to ensure it maintains performance standards that enable it to provide safe, high quality patient care
• patients (cash-pay, insured, indigent patients) and families
o objective is the ability to access safe, high-quality, affordable health care
• third-party payers (government, insurance companies)
o objective is to ensure that they are reimbursing the hospital appropriately, i.e., the services they are billed for were medically required and properly coded.
• hospital suppliers
o objective is to maximize profit for their services
• local community
o objective is for hospital to provide adequate access to high-quality health care for the community population
• employees
o objective is for a safe, pleasant working environment, where they may achieve their career goals and obtain fair compensation for their work
• medical staff
o objective is to practice in a facility that is well-equipped with current technology, well-staffed with highly skilled hospital personnel, and operated by supportive and well-informed administrative leadership.

Assess the power of each stakeholder to affect the company's strategic plans, and how it may apply that power.

Explain how the company might respond to the possible actions of each stakeholder.

Each stakeholder must be assessed for its potential to either cooperate with or threaten the organization. The power a stakeholder possesses can be characterized as a function of how dependent your organization is upon that stakeholder - the more dependent you are, the more powerful is the stakeholder, in general. Alternatively, stakeholders who are highly dependent upon your organization are more likely to be more cooperative. In general, however, stakeholders and the organization are quite interdependent in one way or another.

• competitors (other hospitals and healthcare organizations)
o competitors represent a potential threat in that actions they take to increase their own market share have the potential to take a portion of business away from your own ...

Solution Summary

Stakeholder analysis for hospital including identification of objectives and how to manage each group is provided. The steps to development of a mission statement are given by the expert in the solution.

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