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Strategic Management and Focus

How will strategic management help you in making choices on what payor(s) or contracts to focus on? Why?

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Strategic management is defined as " the process of systematically and efficiently managing contract creation, execution and analysis for maximizing operational and financial performance and minimizing risk." (1) The strategies that will help me make choices on what payors or contracts to focus on is the growing need for automation and improve contractual processing. The adoption of more formal and structured contract management procedures and increased in software applications for contract management can help in focusing on a contract or payors. The strategies for managing a contract and focusing on what contracts to manage are managing the organization's own responsibilities; ensuring suppliers meets the minimum performance criteria like compliance; and allowing the achievement of both short and ...

Solution Summary

This in-depth solution of 500 words defines strategic management and describes its importance, as well as provides reasons to how it helps make choices on what payor(s) or contracts to focus on.