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Topics: Strategic management, Strategic planning, Management Pages: 7 (2780 words) Published: September 16, 2014
Introduction

Healthcare management is one of the fastest growing occupations, due to the expansion and diversification of the healthcare industry (Bureau of Labor Statistics, 2010). The BLS projects that employment of medical and health services managers is expected to grow 16% from 2008 to 2018, faster than the average for all occupations. Healthcare management is a growing profession with increasing opportunities in both direct care and non–direct care settings. As defined by Buchbinder and Thompson (2010), direct care settings are “those organizations that provide care directly to a patient, resident or client who seeks services from the organization.” Non direct care settings are not directly involved in providing care to persons needing health services, but rather support the care of individuals through products and services made available to direct care settings. Healthcare management is the profession that provides leadership and direction to organizations that deliver personal health services, and to divisions, departments, units, or services within those organizations.

The hospital managers are expected to be needed in inpatient and outpatient care facilities, with the greatest growth in managerial positions occurring in outpatient centers, clinics, and physician practices. Hospitals, too, will experience a large number of managerial jobs because of the hospital sector’s large size. Moreover, these estimates do not reflect the significant growth in managerial positions in non–direct care settings, such as consulting firms, pharmaceutical companies, associations, and medical equipment companies. These non–direct care settings provide significant assistance to direct care organizations, and since the number of direct care managerial positions is expected to increase significantly, it is expected that growth will also occur in managerial positions in non–direct care settings.

THE NATURE AND VALUE OF STRATEGIC MANAGEMENT
Strategic management is defined as the set of decisions and actions that result in the formulation and implementation of plans designed to achieve a company’s objectives. It comprises nine critical tasks:       1. Formulate the company’s mission, including broad statements about its purpose, philosophy, and goals.       2. Conduct an analysis that reflects the company’s internal conditions and capabilities.       3. Assess the company’s external environment, including both the competitive and general contextual factors.       4. Analyze the company’s options by matching its resources with the external environment.       5. Identify the most desirable options by evaluating each option in light of the company’s mission.       6. Select a set of long-term objectives and grand strategies that will achieve the most desirable options.       7. Develop annual objectives and short-term strategies that are compatible with the selected set of long-term objectives and grand strategies.       8. Implement the strategic choices by means of budgeted resource allocations in which the matching of tasks, people, structures, technologies, and reward systems is emphasized.       9. Evaluate the success of the strategic process as an input for future decision-making. As these nine tasks indicate, strategic management involves the planning, directing, organizing, and controlling of a company’s strategy-related decisions and actions. By strategy, managers mean their large-scale, future-oriented plans for interacting with the competitive environment to achieve company objectives. A strategy is a company’s “game plan.” Although that plan does not precisely detail all future deployments (of people, finances, and material), it does provide a framework for managerial decisions. DIMENSIONS OF STRATEGIC DECISIONS

         Strategic issues require top-management decisions.          Strategic issues require large amounts of the firm’s resources. (Useful Web site: www.whirlpoolcorp.com)...
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