Competing Hospitals Financial Analysis
Competing Hospitals Financial Analysis
Description
Instructions
Financial Analysis of Two Competing California Hospitals
This Signature Assignment is worth 50 points and is due the last day of class, Saturday May 28, midnight PST (no exceptions or late work accepted). If you have not completed Steps 1-3 during the previous week’s assignments, do them now in preparation for writing your paper. Your well-written paper should include the following elements:
Briefly provide a general overview of each hospital (ownership, community served, brief history, general goals/objectives, etc) (2 paragraphs max)(6 pts)
Compare and contrast key operating and financial indicators for each hospital and compare with industry benchmarks. This can be done in table format. (8 pts) Competing Hospitals Financial Analysis
Analysis Part 1: Explain and summarize what these indicators mean in terms of overall performance for each hospital. Imagine you’re preparing a written financial report to the board of directors. Help them understand what you’re presenting. (10 pts)
Analysis Part 2: Summarize your overall findings from your analysis. Which hospital is performing better on which indicators and why? Are these two hospitals direct or indirect competitors? How do they each best serve their community? How well are they achieving their respective mission? (10 pts)
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Human Resource Assessment of DMi
Human Resource Assessment of DMI
Talent and Acquisition
Talent acquisition is a critical component for any organization. It aids in finding and hiring the right people for a position that ties to the overall plan of an organization. It ultimately affects the future success of an organization. Effective talent acquisition is critical for DMI. Through it, the entity has achieved its targets for the last ten years. Getting the right people for jobs is essential for any entity that seeks to prosper in its activities. Through this process, candidates are assessed on every aspect necessary for the job and how they fit in the organization culturally and its prospects. DMI is able, through this particular process, to obtain candidates that tie into its future processes. It allows them to stay competitive and save a lot of time and money. Through its CEO Dr. Lockford Jones, the entity is preparing for the future. It should ensure that all candidates seeking a position within the organization are tied to its future needs of delving into the diagnostics market.
Learning and Development
Training and development assist organizations in gaining and retaining top talent, increasing job satisfaction and morale, boosting productivity, and earning additional revenue. Retaining employees is a significant challenge, more so in health care. However, DMI, through its high level of retention, has been able to consistently meet its set targets over extended periods. Therefore, it is critical that as it seeks to change its trajectory, an increased focus on the retention of employees is necessary, and this can be achieved through enhanced learning and development engagements for employees (Hamza et al., 2021). Often, employees want to gain additional knowledge and aim for companies that seek to do so, leading to higher levels of employee retention. The new president or CEO should focus on providing additional learning and development for the employees in high technology and enhanced diagnostics. It is a path the organization seeks to put additional focus on. Learning and development equally empower the personnel and enhance workplace engagement. Employees can prod or ask questions that lead to higher levels of output. Competing Hospitals Financial Analysis
Collaboration, Teamwork, and Futuristic Discovery in Health Care
Teamwork in health is more than two individuals interacting within an interdependent context, all with a common purpose (Scully-Russ & Torraco, 2020). They are all working towards measurable goals and benefit from management that maintains stability by encouraging honest and transparent discussions and problem-solving mechanisms. Collaboration and teamwork are essential because clinical care is becoming increasingly complex and highly specialized, requiring medical personnel to undertake complicated health practices and learn new methods (Scully-Russ & Torraco, 2020). Aging populations and a rise in chronic ailments lead to medical practitioners having to undertake all activities through a multidisciplinary approach. Working together in health care reduces the possibility of having medical errors, thereby enhancing patient safety. Teamwork also reduces issues that often result in burnout. Innovation or futuristic discovery is more likely to occur within a collaborative setup instead of not having one.
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Organizational Effectiveness, Innovation, and Rewards
Organizational effectiveness measures the success of organizations in meeting their respective goals. An effective organization can run smoothly and also functions well. DMI is highly effective as it has been able to meet its targets over the years. As it embarks on focusing on new areas, it needs to ensure that previous methods utilized that led to high levels of effectiveness should still be explored as they were working for the entity. Innovation is vital for any entity. In the case of DMI, the organization needs to increasingly incorporate technology in its undertakings coupled with selling devices geared toward modern-day technology. However, caution should be exercised when selling such commodities as with technology, innovation occurs rapidly, and as such, the entity must ensure it has up-to-date machinery or devices to sell. DMI considering the high level of effectiveness of its employees should seek to utilize technology to continuously elevate the organization to greater heights. It should recognize the employees through various reward schemes. The sales team, for instance, should get rewards when they sell equipment or devices worth a specified amount (Waheed et al., 2019). The beauty of doing so is that it keeps the employees competitive and seeking to do more which ultimately benefits the entity well into the long run.
Diversity and Inclusion
Diversity and inclusion are more than just having programs and policies in place. It is respecting all personnel’s unique needs, perspectives, and potential. Diverse and inclusive workplaces enhance trust and increased commitment from employees. In DMI, diversity and including needs to make everyone, irrespective of hierarchy, race, or gender, feel equally involved and supported in all areas within the workplace (Waheed et al., 2019). Driving diversity and inclusion within the workplace fosters higher revenue growth and increased readiness for innovation. As DMI embarks on new territories, it should ensure that all team members are seen and included in that journey. Through their engagement and appreciation, the entity will be more likely to achieve its desired goals and or objectives.
Business and Human Resource Strategy
A human resource strategy is crucial in the overall plan for managing its human capital to align it with its business operations. The HR strategy gives the direction for all key areas encompassing human resources, such as hiring, performance audits or appraisals, training and development, and compensation (Waheed et al., 2019). The HR strategy for the organization should focus more on the long-term plan and should have specific characteristics. They include an analysis of the entire organization and its external environment; it should take over one year to implement and primarily assists in the organization’s deployment or direction of HRM.
The strategy should be revised annually and incorporate expert judgment of senior human resource management. The casual model will be deployed to create the HR strategy. The beauty of utilizing this particular model is that it shows the origins of HR and how it influences HR execution and output or business performance (Amberg & McGaughey, 2019). Through the strategy, the organization can incorporate the broader business strategy. It showcases HR activities that create value, and the organization’s strategy will be leaning towards incorporating digital technology in health care. The overall strategy is extensively tied to both past and present occurrences. Staff management has been top tier considering that the company has met its target for over ten years, and the factors leading to it will remain within the strategy. Competing Hospitals Financial Analysis
Aligning HR and the New Strategic Direction
HR and DMI’s Focus on Growth
The focus on growth will be largely skewed towards prioritizing having the team members centered on scaling new heights. The organization’s current market segment is primarily saturated and will hit a plateau in the short run. For this reason, DMI seeks to venture out into new territories for its business (Amberg & McGaughey, 2019). For starters, extended efforts will be placed on training and development in digital health care provision through the devices sold by the organization. Within this approach, the organization aims to create a niche of employees that are well vast within the increasingly digital approach to health care. Once this facet of the organization is extensively explored, the entity can then seek to become a pioneer and dominant force within a new market niche for health care.
Legal and Ethical Considerations
The legal and ethical considerations mainly ensure that everyone within the organization is treated fairly and with no bias at all times. DMI is and should always remain an institution that prides itself in creating avenues through which all employees can grow and enhance their skills. The company should ensure that all roles and compensation made for its employees are well within their rights as entrenched in the respective labor laws. Ethical considerations include ensuring that third parties involved in the entity’s activity equally conduct themselves fairly. The human strategy of the organization should factor in all these components, and training plus sensitization of employees is critical for the validity of their values.
FAQs
What does DMI stand for, and what are its core activities?
Diagnostic Medical Inc is an organization that places extended focus on diagnostics health care across the board. It offers products and services tailored to this market in diagnostic equipment and hospital products.
What does the human resource section of the organization look like?
The entity employs over 600 individuals delving into different components of its core business. They include sales and marketing, operational and finance. Over the years, the organization has been able to have high staff retention, leading to an extensive portion of the organization remaining as part of the team and meeting the set targets consistently.
What is the future of the diagnostics market?
Technology cannot possibly be ignored within health care. The future of diagnostics is primarily driven by technology and seeks to encompass more in-depth techniques of indulging in the diagnosis of patients. Competing Hospitals Financial Analysis
References
Amberg, J. J., & McGaughey, S. L. (2019). Strategic human resource management and inertia in the corporate entrepreneurship of a multinational enterprise. The International Journal of Human Resource Management, 30(5), 759-793.
Hamza, P. A., Othman, B. J., Gardi, B., Sorguli, S., Aziz, H. M., Ahmed, S. A., … & Anwar, G. (2021). Recruitment and Selection: The Relationship between Recruitment and Selection with Organizational Performance. International Journal of Engineering, Business, and Management, 5(3), 1-13.
Scully-Russ, E., & Torraco, R. (2020). The changing nature and organization of work: An integrative review of the literature. Human Resource Development Review, 19(1), 66-93.
Waheed, A., Miao, X., Waheed, S., Ahmad, N., & Majeed, A. (2019). How new HRM practices, organizational innovation, and innovative climate affect the innovation performance in the IT industry: A moderated mediation analysis. Sustainability, 11(3), 621. https://doi.org/10.3390/su11030621. Competing Hospitals Financial Analysis
