BHA FPX 4104 assessment 1 Strategic Planning and Leadership

BHA FPX 4104 Assessment 1 Strategic Planning and Leadership

Student Name

Capella University

BHA-FPX4104 Strategic Leadership and Workforce Planning in Health Care

Prof. Name

Date

Definition of Strategic Planning

Strategic planning embodies the process wherein organizational leaders articulate their future vision while delineating objectives and goals for the organization. It serves as a pivotal tool utilized by organizations to achieve their objectives, circumvent potential pitfalls, gain perspective on actions, and facilitate policy execution. Originating in the corporate realm during the 1960s, strategic planning has endured as a cornerstone of strategic management (Rouse, 2016).

Strategic Planning Overview

The quintessential constituents of strategic planning encompass:

• Formulating a strategic vision.
• Establishing objectives.
• Crafting strategies.
• Implementing devised strategies.
• Vigilantly monitoring, evaluating, and adjusting strategies (Rothaermel, 2017).

Theories of Strategic Leadership

Mission: Leaders set forth a lucid mission for the organization. Plan: Leaders engage in planning endeavors encompassing analysis, brainstorming, and project management. Plot: Leaders inspire and motivate subordinates towards realizing the company’s objectives. Power: Leaders ascertain the distribution of power within the organization, leveraging frameworks such as Porter’s Five Forces model (Ledlow & Coppola, 2014).

Best Practices for Strategic Planning

• Inclusive participation of all staff.
• Long-term planning.
• Ensuring coherence among mission, vision, and values.
• Establishing a robust foundational framework.
• Goal setting.
• Comprehensive data analysis.
• Formalizing strategies.
• Methodical strategy implementation.
• Determining requisite actions for execution (Krach, 2016).

Role of Leadership

Leadership entails:

• Understanding and interpreting the operational environment.
• Formulating efficacious strategies.
• Executing strategies.
• Monitoring outcomes and effectuating strategic refinements.
• Cultivating organizational capabilities (Ginter, Duncan, & Swayne, 2013).

Differences between Leadership & Strategic Leadership in Healthcare

While leaders in the healthcare sector primarily focus on addressing immediate exigencies, strategic leaders proactively plan for the organization’s future, necessitating comprehensive organizational participation and alignment with the organization’s mission, vision, and values (Rubino, Esparza, & Chassiakos, 2014).

Phases and Components of Strategic Planning

• Identifying focal points.
• Outlining procedural stages.
• Aligning goals with values, vision, and mission.
• Envisaging outcomes.
• Defining steps.
• Conducting SWOT analyses.
• Monitoring performance (Key elements of operational and strategic planning, n.d.).

Overview of Key Stakeholders

Stakeholders in healthcare include healthcare providers, patients, their families, medical suppliers, vendors, and employees/staff (Healey & Marchese, 2012).

Strategy Alignment of Mission/Values at AdventHealth

At AdventHealth, strategic planning is aligned with the organization’s mission, vision, values, and stakeholders’ interests (AdventHealth, 2019; AdventHealth, 2020).

References

AdventHealth. (2019, February 1). Becoming AdventHealth: Get the facts [Blog post]. Retrieved from https://www.adventhealth.com/blog/becoming-adventhealth-get-facts?listFilters=query%3Dvision%2Bstatement%26cat%3Dglobal

AdventHealth. (2020). Who we are [Mission statement]. Retrieved from https://www.adventhealth.com/who-weare?listFilters=query%3Dmission%2Bstatement%26cat%Dglobal

BHA FPX 4104 Assessment 1 Strategic Planning and Leadership

Chartered Global Management Accountant. (2013). Porter’s five forces of competitive position analysis. Retrieved from https://www.cgma.org/resources/tools/essential-tools/porters-fiveforces.html

Fobare, L. (2019, April 3). 5 strategic planning best practices in hospital management. ESM Software. Retrieved from https://www.esmgrp.com/blog/5-strategic-planning-best-practices-in-hospital-management

Ginter, P. M., Duncan, W. J., & Swayne, L. E. (2013). Strategic management of health care organizations (7th ed.). San Francisco, CA: Jossey-Bass.

Healey, B. J., & Marchese, M. C. (2012). Foundations of health care management: Principles and methods. San Francisco, CA: Jossey-Bass

Key elements of operational and strategic planning. (n.d.). Transcript. Retrieved from http://media.capella.edu/CourseMedia/PubH5116/TheoryApplication/Planning_ts.html

Krach, K. (2016, September 6). 5 key components of a powerful strategic plan. Medium.com. Retrieved from https://medium.com/@KeithKrach/5-key-components-of-a-powerful-strategic-plan-4fbb6f15eae3

Ledlow, G. R., & Coppola, M. N. (2014). Leadership for health professionals: Theories, skills, and applications (2nd ed.). Burlington, MA: Jones & Bartlett Learning.

Rothaermel, F. T. (2017). Strategic Management: Concepts (3rd ed.). New York: McGraw-Hill Education.

BHA FPX 4104 Assessment 1 Strategic Planning and Leadership

Rouse, M. (2016). Strategic planning. TechTarget Network/SearchCIO. Retrieved from https://searchcio.techtarget.com/definition/strategic-planning

Rubino, L. G., Esparza, S. J., & Chassiakos, Y. S. (2014). New leadership for today’s health care professionals: Concepts and cases. Burlington, MA: Jones & Bartlett Learning.