Strategic Plan Analysis
Life Care Center of America has over twenty-five fully operational Health care centers throughout the United States. This corporation was The Life Care Centers of America story began in 1970 when Garden Terrace Convalescent Center, now Life Care Center of Cleveland, was built in Cleveland, Tennessee. With a highly trained staff of caring associates and a beautiful building resembling a home environment more than a traditional nursing home, Life Care embarked on its more than 40-years of experience in care – with a consistent focus on the resident as the highest priority and expanded quickly. They serve the older adult community and mostly in underserved areas. Healthcare facilities need to plan of time for changes and plans. The goals and mission are what helps in strategic planning including the new smart goals and gathering information from the collaborative team. My goal with this assignment is to outline and review Life Care centers strategic plan for the next five years taking into account the above information. Life care Centers mission statement is “committed to being the top long term health care provider. It is our desire to be the facility of choice in any community in which we operate” (Life Care Centers of America). In connection within their mission statement, their vision for the company is “We believe in the resident-centered approach to care in which the total needs of the residents are met.
The resident’s family is encouraged to become closely involved with the center in meeting the resident’s needs” (Life Care Centers of America). While reviewing their current strategic plan for the company, a few different parts evolved. The area with the most interest is the yearly strategic plan and using the theme of Building new infrastructure for the growth of businesses and communities which will serve for about ten years. We are looking both at the five year and ten-year plans for the organization. There are many areas for improvement but overall is patient care and creating a place for people to feel cared for while creating a strong diverse workplace for employees. When looking at themes and growth, we will focus on growing a better place for patients, leading with innovation and continue to show the community how important we take our business and purpose. Community involvement is crucial in the development of the plan as support. The goal is to take their current infrastructure and continue to grow from it using the mission and vision of the company. Lastly, working with the nursing administrative team in improving the overall patient care and satisfaction scores.
When discussing the key initiatives for 2023, we are looking at the retention rates of staff, development of leadership and financial program which are not clearly not presented. The plan that shows the strategic plan document as it is quite busy and not cohesive. Healthcare companies are very quick to understand the financial standpoint and success but have a hard time achieving it (Michelson, 2022). When seeing the 10 year plan, the goals and mission do go together in giving outstanding care to their community members they serve. The strategic plan does outline the process and model to assist with the community changes and growth potential.
While reviewing the companies short term initiatives, it does support their mission and infrastructure to support their plan. In developing a comprehensive summary and analysis of their plan, I would say that life Care Centers plans are well organized, written and thought out but need to focus on better communication skills within their organization to optimize better results.
Validity of Data and Analytical Strategies
When deciding to see if your organization’s effectiveness is optimal, we have to make sure that the objectives go hand in hand with your plan and ho it will be executed. To hit the targets that were set with the team, evaluation is constant and making sure you are up to date with resources and the team is a collaboration of all departments (Contributor, 2020). When educating your team on (KPI), which are the key performance indicators, make sure that data is being gathered from surveys, financial reports and the electronic medical records system. One of the company’s goals for their five year is to become a top recognized health care system. Life Care Center plans to accomplish this by expanding to more communities and increasing their revenue by 45% which was a plan after seeing their financial reports and patient demographics which made them see the opportunity. Life Care Center is aiming for 2026 to be fully integrated with all health care service and seeing a revenue increase of 350,000,000 and 250,000 census for patients. The company will continue annual reviews of all financial reports and data.
Stakeholder Input
Communication with stakeholders is crucial and the importance of data to support the strategic plan to show the business outcome. It is particularly important for them to understand where the company stands financially and where they are headed in the future. The management team are also considered stakeholders. We need to convince stakeholders that we are a reputable and financially strong company and convince them by presenting the action plan. Life Care Center does a meeting that last one week and is compiled of administration team and executive leadership team, and they discuss the plans and goals along with the desired outcomes for the organization. The plan needs to be approved and adopted to be executed.
Collaboration is important as they will all discuss the plans in that week and see what new initiatives or plans for the company.
Balanced Scorecard
Balanced score card is important item of the strategic plan which goes along with the key performance indicators of Life Care Center which is financial, patient satisfaction and the growth. When knowing how to balance the scorecard, you need to take the top performance indicator will get the most attention and so on. Life Care Center continues to work on the card and if the focus goal to one area, it could affect others which will lead to n unbalanced scorecard and needs to continue to ensure the strategic plan goes as planned.
The Domain | Finances | Patient Wellness | Patients | People |
The goal of the company | Recognized as the top healthcare company | Assessing health disparities | Assess to great healthcare | Increase Awareness |
Key Performance Indicators | Revenue for Life Care Center 350K | Health Outcomes | Increased survey scores on satisfaction | Increase employee retention to 90% |
Available cash 30 days | ||||
Keep patient census at 300/day company wide | Admission time less than 1 hour |
Conclusion
When discussing on how to create a strategic plan for a healthcare company, there are many components that are involved in the process. We need to look at the companies’ goals, mission, prior years plans, data, patient census and communication plans. Life care centers plans aligns with it mission and plan. Their smart goals also align with their vision. The company will continue with weekly audits and a yearly meeting and make modifications as needed. The stakeholders continue to have their meeting for new innovative ideas and continue to align their goals to increase revenue. It is best to meet quarterly to discuss progress and ensure the strategic plans aligns with future goals (Bolman & Terrence, 2017).
References
About Us. Lifecare Center. (2023, January 23). Retrieved January 23, 2023, from
https://lifecarecenter.com/about-us
Bolman, Lee G., and Terrence E. Deal. Refraining Organization’s: Artistry, Choice, and Leadership, John Wiley & Sons, Incorporated, 2017. ProQuest eBook Central,
https://ebookcentral-proquest-com.library.capella.edu/lib/capella/detail.action? docID=4883027
Contributor, C. (2020, December 1). Strategy effectiveness. Small Business-Chron.com Retrieved January 23, 2023, from
https://smallbusiness.chron.com/startegy-effectiveness-76012.html
Michelson, D. (2023, January 23). What strategic planning benefits hospitals & healthcare systems in 2019. Strata Decision Technology. Retrieved January 23, 2023, from
https://www.stratadesicion.com/healthcare-and-hospital-startegy-planning/.
