Management Summary
Baptist health Orthopedic works towards diagnosing and treating various disorders, musculoskeletal injuries using its advanced techniques and a team of medical professionals across the hospital networks of Orthopedics. The hospital management is dedicated to helping people to keep fit so as to be active and free of any injuries whatsoever during their lifetime. To manage a comprehensive health care to their esteemed clients, the hospital has a team of specialists that can address various sorts of health conditions like injuries, disturbance, tumors and infections among others (Considering a provider, 2015). The hospital has proved to be a leading institution in orthopedic care due to its specialization in human care, use of sophisticated techniques to regain mobility and enhance on the eminence of life. Baptist health care is a trusted health care that offers various services like sports medicine, spine care, and joint replacement among other issues that are unique to the facility making it gain global recognition (Baptist Health, 2015). The facility is thus involved in the provision of acute and primary care to its esteemed clients, and rehabilitation services among other important amenities.
Economic Projections
Baptist health Orthopedic has experienced high profitability rates in the recent past, and this can be evidenced by its high rating, high growth rate and expansion in its investments. Currently, the health care system is considered to be the leading in the industry an aspect that is contributed by its position in the market about primary and acute health care delivery. Although the hospital exists in a competitive environment that is characterized by two other providers of similar services which are funded by the national system, it is still maintaining a good reputation in the market (Winston, 2012). It is, therefore, paramount to appreciate that the high rating of the health facility can be sustained over a long time, and this can be justified by the high expectation as reflected by the financial statements and budget of the facility.
The Market Qualitative and Quantitative
Baptist Health has been excellent in the market for its efficient service provision and is therefore preferred by most people in Kentucky. The facility has existed for over 90 years in the market, hence has regained a good reputation that keeps in good competing edge as compared to other health centers. To meet the changing medical needs, the organization has been involved in a lot of research studies and embraces unique and advanced technology to keep abreast with technology. Moreover, the firm has experienced financial stability with an annual profit of over $2 billion, which makes it a big health provider in the country (Ginter et al., 2013).
Trend Analysis
According to the current rating of Baptist, it is important to appreciate the fact that it has experienced a high ranking and is guaranteed to experience enhanced profitability which should be sustainable over an extended term. Therefore, despite the enormous debt burden that the facility has experienced in the past, it is committed to surpassing the expected budget. Moreover, it is expected that if the hospital will still maintain its high financial performance and enhanced strengths it is likely to acquire a high rating. However, the case will be different if the hospital will decrease it liquidity level and experience a reduced cash flow or commit itself in further borrowings that will result in an increase in debt burdens (Considering a provider, 2015).
Competition
Baptist health Orthopedic has experienced experts and pioneers in the field of health, especially in sports medicine where they perform intricate surgical procedures that are rare to find for example hip arthroscopy. Furthermore, the institution is engaged in a further research project to devise new and efficient ways on how body tissues can be repaired and recover at a fast rate. Hence, the health facility does not have a lot of competitors in the market as compared to the other health facilities across the globe.
Opportunities
Baptist health Orthopedic is historically renowned for its proactive management that is determined on the provision of high-quality services to its customers and established a culture of innovation to remain on the competitive edge. According to the 2013 commercial recording, it was observed that the institution was able to experience a 4% operational margin, which was significantly higher, and a cash flow of about 9.5% among other tremendous results that were realized in that year. Over the past few years, the facility has experienced a vast demand for its competitive services that has made it be a market leader in the industry, enhanced surgical amenity, and escalating numbers of the outpatient for the past half of the decade. Some of the significant changes that have led to improved services in the health facility include the maturation of some of its hospitals like the Andrews Institute and enhancing of the cardiology services. Furthermore, there are various schemes that the health care system has invested in that are expected to result in improved performance of the hospital as far as revenue is concerned.
Problems
Some of the significant challenges that are experienced by Baptist health Orthopedic include massive debt balances that include huge operating leases, uncompensated pensions an aspect that has contributed to escalating debt burden to the health facility. Moreover, the facility experiences a lot of competition about operating services from three other operators that are well established in the field. The hospital seeks to experience reduced cost expenditure, management efficiency, eradicates jeopardize and maximize utilization of the available space.
Objectives and Goals
Baptist health Orthopedic is dedicated to express their love to Christ offering the best medical care to surrounding communities and enhancing the quality of life of the people. To achieve this, the organization expects to transform significantly the health of different communities across the globe and earn the trust and respect of the people across the world.
Goal
Action Program
References
Baptist Health System rethinks budget, staffing to prepare for ICD-10 implementation. (2015). Medical Records Briefing, 30(2), 1.
Considering a provider-backed health plan? Strategic considerations for executives & boards: how Valley Baptist Health leverages its health plan to drive care delivery improvements, collaborate with other insurers. (2015). H&HN Hospitals & Health Networks, (11). 16. Retrieved 23 Jan 2016 from http://www.hhnmag.com/articles/6664-considering-a-provider-backed-health-plan-strategic-considerations-for-executives-and-boards
Ginter, P. M., Swayne, L. E., & Duncan, W. J. (2013). Strategic Management of Health Care Organizations. San Francisco, CA: Jossey-Bass.
Winston, W. J. (2012). Professional Practice in Health Care Marketing : Proceedings of the American College of Healthcare Marketing. New York: Routledge.
