Financial or Economic Goal
Stevens District Hospital is a victim of competition in the market, with low patient and practitioner satisfaction. In this regard, the critical financial goal that can help in growing the returns and competitiveness of the hospital is the acquisition of medical assets, which will enhance the mission and vision of the hospital in various ways. For instance, the allocation of funds towards the purchase of essential medical equipment will improve the care that is provided to patients in the long-run. The enhancement of the quality of healthcare services offered will ultimately lead to heightened satisfaction in both the patients and medical practitioners (Kokatnur & Pilli, 2018). The adoption of medical technologies will also diversify the type of services that the hospital offers. Patient satisfaction has become an emblem of competent hospital facilities (Kokatnur & Pilli, 2018). In this regard, Stevens District Hospital can achieve the objectives stipulated in their mission statement by enhancing satisfaction through new medical technologies.
The hospital can measure progress towards the financial and economic goals in various ways, for example, by looking at the outcomes of using new technologies and medical equipment on patient satisfaction. Moreover, physician satisfaction is a critical element that can indicate the progress of achieving the goal within the hospital. Favorable levels of patient and physician satisfaction are an indicator that the financial goal is worthwhile. The accomplishment of the goal can be realized through the increase in patient flow into the hospital and a rise in the quality of services offered by medical practitioners.
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Legal/Regulatory Goal
Legal liabilities can cost a hospital heavily thus reducing competitiveness and patient satisfaction. In this regard, a comprehensive legal/regulatory goal is necessary to reduce the legal obligations that may arise within the hospital. Therefore, the key regulatory goal for the hospital is to ensure that policies are formulated to minimize malpractice and breach of government regulation. As evident in the hospital SWOT analysis, legal rules by the government are a threat to the hospital. The government, therefore, regulates the healthcare sector to ensure that the welfare of patients is upheld (Peregrine & Glaser, 1995). In this regard, the malpractices among medical practitioners can be controlled internally through the creation of policies. This legal and regulatory goal is essential for the hospital to realize its vision and mission effectively. Indeed, patients will only be satisfied when they are assured of the ethical considerations that the hospital makes in their treatment and diagnosis (DuPree et al., 2011).
Moreover, the legal regulations will improve the reputation of home physicians who are a key part of the operations of the hospital. Notably, legal competency can give an enterprise a good standing and ultimately help in increasing the customer base (Peregrine & Glaser, 1995). The hospital must, therefore, realize its long-term goals through the use of legal competence and decrease the threat that it faces from unfavorable government regulations. Importantly, compliance eases the strain of maintaining the stipulated rules by the government (Peregrine & Glaser, 1995). The failure to consider legal provisions will be disadvantageous to the hospital, which seeks to achieve rapid growth and provide exceptional services. However, adherence to the laid down laws will bring about confidence among patients who will then be willing to acquire the services of the hospital. The progress of the goal can be measured through the assessment of the impact that the policies have on the legal status of the hospital. In essence, low adherence to the stipulated policies by the hospital can indicate poor progress of the goal in impacting the vision and mission of the hospital. In contrast, the attainment of the objective will be demonstrated by the low threat from government regulation and few legal liabilities arising from the hospital operations. High legal obligations would suggest that the legal and regulatory goals were ineffective.
Risk/Quality Management
Stevens Hospital faces many risks in their operations such as unethical behavior, which can cause major risks through tainted reputation. Therefore, the hospital needs a comprehensive goal that controls the quality of services, behavior, and satisfaction of stakeholders of the hospital. As evident in the SWOT analysis, the hospital enjoys support from medical training facilities, which provide quality physicians. Therefore, the risk/quality control goal for the hospital will be the creation of internal control measures that maintain the quality of services and performance of physicians within the hospital. The control measures can be regulated by an independent external body whose mandate is to ensure that the quality of the enterprise is upheld (Graham, 2008). Moreover, quality control in the internal structure of the hospital is a long-term goal of improving service and patient inflow. More importantly, quality internal control measures have been proven effective in various organizations.
In essence, the goal upholds the mission and vision of the Stevens District Hospital in various ways. For example, the hospital mission is centered on the quality of services and family physicians responsible for patient satisfaction. To this end, the creation of quality internal control measures is a crucial step for achieving this mission. Besides, exceptional services can be offered through the establishment of quality controls in the Steven District hospital. In addition to upholding the objectives of the hospital mission, the quality control measures can make the hospital the ideal choice among the patients in the region. The improvement of patient services and the rise in revenues in the hospital will demonstrate the progress of the quality control measures. Once the goal is attained, the hospital will be capable of gaining competitiveness in the industry, through quality, timeliness, and satisfaction of patients and physicians.
References
Kokatnur, U. V., & Pilli, S. C. (2018). The quality of healthcare delivery in primary health
centers under public-private participation. IUP Journal of Operations Management , 17(4), 7–26.
DuPree, E., Anderson, R., & Nash, I. S. (2011). Improving quality in healthcare: Start with the
patient. Mount Sinai Journal of Medicine , 78(6), 813–819. https://doi.org/10.1002/msj.20297
Peregrine, M. W., & Glaser, D. L. (1995). Legal issues in medical practice acquisitions . Hfm
(Healthcare Financial Management), 49(2), 70.
Graham, L. (2008). Internal Controls : Guidance for private, government, and nonprofit
entities. Hoboken, N.J.: Wiley.
