MHA FPX 5010 Assessment 2 Tows Matrix Analysis and Strategic Planning

MHA FPX 5010 Assessment 2 Tows Matrix Analysis and Strategic Planning

Student Name

Capella University

MHA-FPX 5010 Strategic Health Care Planning

Prof. Name

Date

Part 1: TOWS Matrix and Analysis

Strengths and Weaknesses

Cigna’s internal strengths include a skilled workforce achieved through regular training on emerging patient needs. This workforce efficiency aids in service provision and product quality. Automation ensures uniform product quality and flexibility in production. Additionally, the company’s favorable financial position enables future expansion. Cigna’s social media presence on platforms like Facebook, Twitter, and Instagram enhances customer engagement (Guimaraes, 2020). However, Cigna faces several weaknesses, such as high employee turnover, costly rental properties, cash flow challenges, and low Research and Development spending. These weaknesses impact employee retention, operational costs, and innovation (Fern Fort University, 2016).

Opportunities and Strategies

Cigna can leverage its strengths to explore new market segments and utilize its financial stability for expansion. For instance, its strong media presence can drive online sales, and it can invest in eco-friendly products with its stable financial position (Guimaraes, 2020). Additionally, opportunities such as digitization, growth in e-commerce, increased social media usage, low-interest rates, and government subsidies offer avenues for enhancing online sales, market presence, and product innovation in eco-friendly solutions (Baker, 2014).

To address its weaknesses, Cigna can capitalize on these opportunities by utilizing e-commerce and government subsidies to reduce costs and improve employee welfare. Leveraging low-interest rates can facilitate property purchases, reducing rental expenses (Willis, Cave & Kunc, 2018).

External Threats and Strategies

Cigna faces external threats, including new entrants, high fuel prices, increased intra-industrial competition, and fluctuating exchange rates, which can lead to market share loss, increased production costs, and revenue reduction (Fern Fort University, 2016). To mitigate these threats, Cigna can employ its strengths strategically. For example, its social media presence can counter new entrants, and investing in intellectual property can combat intra-industrial competition. Moreover, innovation with a skilled workforce can address high fuel prices (Fern Fort University, 2016).

To further mitigate weaknesses and threats, Cigna should invest more in Research and Development for product differentiation and improve employee welfare to reduce turnover and competition (Willis, Cave & Kunc, 2018).

TOWS Matrix Analysis

Part 2: Draft Strategic Plan

Maximize Customer Satisfaction Through Improved Service Delivery

1. Integrate a Customer Feedback System:

   • Implement a robust feedback system to gather customer insights.
   • Utilize feedback to improve services continuously.

2. Provide 24/7 Customer Service:

   • Establish a round-the-clock customer service team.
   • Ensure immediate and effective response to customer queries.

3. Increase Repeat Sales Opportunities and Reduce Marketing Costs:

   • Develop loyalty programs to encourage repeat business.
   • Optimize marketing strategies to reduce costs while enhancing reach.

Enhance Organizational Processes Through Information Technology Integration

1. Identify Compatible Electronic Record Management Systems:

   • Evaluate and select suitable ERM systems.
   • Ensure compatibility with existing processes.

2. Implement and Train Staff on the New ERMs System:

   • Conduct comprehensive training sessions for staff.
   • Monitor and support staff during the transition period.

3. Manage Quality and Quantity of Records:

   • Establish protocols for maintaining high-quality records.
   • Regularly audit records to ensure accuracy and compliance.

Maximize Organizational Values to the Community Through Diverse Insurance Products

1. Increase Healthcare Access by the Community:

   • Expand insurance product offerings to cover more health services.
   • Collaborate with healthcare providers to enhance service delivery.

2. Accept Diverse Insurance Coverage:

   • Broaden the range of accepted insurance plans.
   • Partner with various insurers to increase coverage options.

MHA FPX 5010 Assessment 2 Tows Matrix Analysis and Strategic Planning

1. Improve Overall Community Health:

   • Implement community health programs.
   • Promote preventive healthcare measures.

Reduce Employee Turnover Through Incentives and Increased Automation

1. Improve Overall Productivity:

   • Automate repetitive tasks to increase efficiency.
   • Implement performance incentives to boost productivity.

2. Maximize Employee Welfare:

   • Offer competitive benefits and career development opportunities.
   • Foster a positive and inclusive workplace culture.

3. Offer Competitive Benefits:

   • Regularly review and enhance employee benefit packages.
   • Benchmark against industry standards to remain competitive.

References

Baker, M. J. (2014). Marketing strategy and management. Macmillan International Higher Education.

Fern Fort University. (2016). Cigna SWOT analysis matrix [step by step] weighted SWOT.

Guimaraes, A. D. A. (2020). Digital transformation in the insurance industry (Doctoral dissertation). Healthcare. MOJ Public Health, 5(1), 00108.

MHA FPX 5010 Assessment 2 Tows Matrix Analysis and Strategic Planning

Willis, G., Cave, S., & Kunc, M. (2018). Strategic workforce planning in healthcare: A multi-methodology approach. European Journal of Operational Research, 267(1), 250-263.