Introduction
Diversicare Medical Care (formerly Advocat) offers a variety of health and living services to the elderly through care facilities and assisted-living facilities, most of which are situated in the southern and southwestern United States. This company is a health center that specializes in post-acute care. It was established in 1994 on a culture of passionate service. Recollection care, short-term restoration care, protracted care, and medical treatment are among the services provided. It is located in Brentwood, Tennessee, and its mission is to better the lives of all of its caregivers by surpassing their expectations and delivering exceptional health care services. Integrity, sympathy, greatness, teamwork, and stewardship are its core values. It employs over 6,800 people in more than 60 separate areas across nine states (Diversicare, n.d.).
Workers’ pensions include life insurance, a 401k plan with a match, continuing professional education, short break, holiday, sick time prepayments, career path intending short and long-term disability insurance, and healthcare, dental, and aspiration plans (Diversicare, n.d.). This essay will analyze the swot analysis, financial analysis and budget, strategy, implementation, and strategic evaluation respectively of Diversicare healthcare. The strategic initiative is to expand this company’s resources by increasing funding and leveraging opportunities to diversify the services provided with high professionalism and ethics.
Swot Analysis
Strengths
Diversicare Primary care has a solid reputation for providing its clients with high-quality services. Furthermore, medical care ensures the long-term loyalty of both Staff and clients. There is a professional and competent bi-cultural team bi-lingual and, as well as receptive Staff eager to improve their skills. Nonetheless, the Ethnic Society Council Queensland’s (ECCQ) Public Compassionate Institute (PBI) Co-payment Gift Recipient (DGR) strives to enhance corporate practices and essential facilities.
Weaknesses
One of Diversicare’s weaknesses is a lack of technical skills and abilities among its Staff. The company’s aging workforce is also a drawback to growth. What is more, a proportion of skilled colleagues are nearing the end of their careers. Two government-funded programs account for 85 percent of the corporation’s total revenue (Diversicare, 2021). As a result, Diversicare healthcare faces another challenge due to the lack of a long-term plan for panel members and senior leaders. As an ECCQ division, this company lacks legal status, which presents a threat to the institution. Subsequently, Diversicare’s structure has too many implementers for the present level of activity/business, which is a problem for healthcare.
Opportunities
The clamor for Aged Care CALD Sector has increased, particularly for high-level care services like EACH, EACH-D, and Transition Care. In addition, existing User Pay Services are being expanded, as is the use of advanced technologies to ensure the quality-of-service delivery, especially with their in-home facilities. There are also plans to expand geographic reach to the Gold Coast and principal cities and CALD regions in Queensland (Stapleton et al., 2018). Demographic trends show that an increasing number of CALD working-age people are relocating to Queensland. Existing HACC and CACPS operations can be expanded, and proposals for capital and economic expansion funding can be developed for submission to the government.
Threats
One of the risks to Diversicare healthcare is the conflict problems federal political environment. Significant competition from domestically and internationally for-profit and non-profit institutions is also a potential danger now and in the future. The other hazard is sector consolidation through mergers, amalgamations, and takeovers. Constant public influence on the ECCQ – the industry’s peak body – investigating the causes for delivering aged care and public support facilities is also a potential danger to healthcare. Eventually, the technical skills, training, and knowledge necessary to provide future aged care services pose a serious risk.
Financial Analysis and Budget
Diversicare has indeed been capable of providing post-acute and donor care worldwide. However, their client traffic has increased, even more, forcing them to place patients on a standby list until space becomes available. After financial analysis, more beds are proposed to be opened to accept more clients. This healthcare aims to provide nursing, home healthcare, and interpersonal services to patients and residents.
Furthermore, the firm’s nursing centers provide a variety of services, including nutritional support services and comprehensive rehabilitation services.
The corporation of Diversicare owns more than 75 healthcare and assisted-living facilities, totaling approximately 8,500 beds (Ginthotavidana & Waidyasekara, 2021). The medical Centre is planning to increase the number of beds to accommodate more clients. Diversicare, which concentrates on rural areas, provides a variety of health care services, such as residential care, leisure activity therapy, welfare care, and clinical, cardiovascular, rehabilitative, and other customized ancillary services. Table 1 shows the simple budget for the strategic initiative.
Table 1. Budget for Strategic Initiative.
The projected profit and loss account of Diversicare has been prepared. The total net income of the planned hospital has been $356210. Based on the projected balance sheet, the hospital will acquire $1500000 debt and $500000 equity to fund the current assets and purchase the land and equipment for the hospital to be constructed. Table 2 shows the ratio of assets and liabilities, considering the adopted strategy. It should be noted that the current revenue current ratio will be close to one, which demonstrates the potential for growth in the company’s liquidity and relevancy.
Table 2. Financial Statement.
Strategy
Strategic planning assists in assessing an institution by capturing its mission, aspiration, and virtues to achieve long goals and use relevant plans to reach them. A perfect corporate strategy is critical to a firm’s progress and profitability because it offers a new picture of how to reply to various advantages and threats faced by employees and the management. It provides an idea of the endeavors to be made and the routes to be taken by concentrating on the aims and priorities. Analyzing the strategic plan reveals the strengths as well as the regions that need to be enhanced.
Countless specific goals must be established to obtain more beds. One target is to schedule the expansion or construction of a new facility with an additional 78 beds to allow more patients to be cared for. Cash flow has to be analyzed the resources required to meet the hospital goals in a reasonable amount of time. Once the budgetary funds are endorsed, a location has to be looked near the agency or the university to build the expanded facility. Another goal will be to find more healthcare workers to care for the extended facility. Diversicare will be one lot closer to providing care to more service users once all the goals are met. With all these supplementary beds, Diversicare will reduce their wait time and cure more clients.
This significant development will provide the most job positions for healthcare professionals in the city and resources for the company. A valid contract is required to ensure interactions with all sides involved in procuring a new location for the new beds. Having everybody in the same section can help this operation run smoothly and efficiently, allowing the beds to be built in a reasonable amount of time. The hospital employs geographic segmentation to ensure that its patients receive accessible services, for example, treating and researching a wide range of diseases to provide better care to all patients. The funding of Diversicare is accounted for by American Lebanese Syrian Charities, which ensures that there are available funds to help the organization perform its duties (Reinsberg et al., 2017). The organization makes this possible through donations organized by St. Jude throughout the year.
Implementation Schedule
Table 3. Phase Schedule.
Table 3 gives a brief overview of the implementation phases of the strategy. First, the issue should be addressed at the level of senior management on providing more beds. The second step is to create a tactical plan and goals for modern growth. Third, talk to the accounting department about the financial plan for the new beds that will be installed. The fourth step is to consult with Human Resources or hire new medical personnel. Then, the next step is to plan for recent changes in clinical outcomes and the addition of new beds. Finally, the sixth implementation is to inform stakeholders about current organizational changes and developments. The seventh is the start of the expansion day, which is used to estimate how long the process will take. The eighth meeting is a stakeholder briefing on the expansion process. The final step is managing human resources and worker recruitment, followed by a site inspection.
Strategic Evaluation
The effectiveness of a business strategy can only be comprehended if it is evaluated regularly. A timely and regular assessment must be performed, and the reports must be reviewed in work to explain the areas for improvement as well as the areas that are profitable to the organization. Because the proposed strategic plan includes the construction of a new hospital in San Francisco, California, the contenders in this field are also more numerous. As a result, analyzing the client inflow, staff compliances, and budgetary profits of the new hospital systematically can only assist in determining the strategy.
Staff support is critical for this planning process because their innovations, exemplary service to patients, and administration can only attract patients. The approaches that make the patients feel at ease should be identified and implemented. As a result, to implement an effective initiative, team members must be willing to modify and accomplish their capability to make it a successful strategy. The prompt action and endorsement of all those responsible can aid in assessing the tactic and deciding on the necessary changes in the field.
Conclusion
This business strategy serves as a sound learning management system for other facilities to begin charging for services. Every organization’s success is determined by how well the business model is aligned with the facility’s strategic long- and short-term goals. It demonstrates that there were many unfulfilled potential corporate areas in the medical sector that, if properly explored, would aid in improving care quality. The hospital’s long-term and short-term strategies will guarantee a commitment to self to identify new strengths and opportunities to reduce its weaknesses and address threats.
References
Diversicare. (2021). Financials. Web.
Diversicare. (n.d.) Who we are. Web.
Ginthotavidana, S., & Waidyasekara, K. (2021). A performance measurement model for the housekeeping services in healthcare facilities. Facilities, 40(1/2), 56-75. Web.
Reinsberg, B., Michaelowa, K., & Knack, S. (2017). Which Donors, which funds? Bilateral donors’ choice of multilateral funds at the world bank. International Organization, 71(4), 767-802. Web.
Stapleton, P., Buchan, C., Mitchell, I., McGrath, Y., Gorton, P., & Carter, B. (2018). An initial investigation of neural changes in overweight adults with food cravings after emotional freedom techniques. OBM Integrative and Complementary Medicine, 4(1), 1-1. Web.