BOSTON CHILDREN'S HOSPITAL: MEASURING PATIENT COSTS Case Solution
The report will assist the management of the company and the other stakeholders in identify in the strengths, weaknesses, opportunities and threats that the existing costing policies and strategies of the management of the company generate in line with the corporate strategy and mission of the organization.
It will also assist the management of the company to improve the approach and strategies of the organization in order to generate more value by attracting more and more traffic of the patients and customers with impressive services and excellent costing approaches that are more in line with the affordability and purchasing power of the society in the target markets of the organization.
This will assist the management of the company in achieving the long term goals and objectives of the entity including the short term targets of greater revenue and market share in the health care industry of the country.
PRIMARY PROBLEM:
“The primary problem of the management of the organization is the present costing principles and approaches that are being pursued by the organization. These policies of the organization are a contributor for the reduced value and performances of the organization than what it could actually achieve”.
The comprehensive analysis of the case study has revealed that the present policies and approaches of the business being practiced by the management of the company fail to identify and trace the direct costs being incurred for providing services to the individuals and patients of the organization.
Due to this critical issue, the management of the company has failed to introduce the cost leadership strategy and culture within the organization and this has resulted in a minimized target segment for the organization.
ANALYSIS:
SWOT ANALYSIS:
STRENGTHS:
There are several benefits and strengths of the business that the management of the organization can take confidence and motivation from while directing and managing the future activities and operations of the organization.
It is critical that the benefits and strengths of the business are utilized efficiently and effectively as a platform for the future activities and approaches for the long term business interests and social responsibility of the management of the company.Some of the most critical benefits and strengths of the business are illustrated below.
- Well-established.
- Brand acknowledgement.
- Positive recognition of the organization among the patients and customers in terms of its health care services.
- Sophisticated and resourceful.
- Financially resourceful and stable.
- Comprehensive healthcare services to the patients.
WEAKNESSES:
The organization also has several weaknesses among the policies, structure and culture of the entity and it is very critical that the management of the company realizes and address these critical weaknesses of the organization. These weaknesses of the organization undermine its value in terms of financial benefits and greater customer recognition by addressing a greater customer segment from the services of the organization. Some of the most critical weaknesses of the existing culture policies and approaches of the organization are illustrated below.
- Failure to attract a great customer segment of the industry.
- Failure to capitalize on the strengths of the business.
- Ineffective costing approaches and policies of the management of the company.
OPPORTUNITIES:
There are several opportunities for the management of the company to promote the existing systems, cultures and approaches of the organization for increasing the efficiency and effectiveness of the organization in terms of its operations....................
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