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Competitive market in healthcare
What different health care competition is there
What different health care competition is there
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Recommended: Competitive market in healthcare
Aetna is among the oldest insurance providers in the American health sector. The company operates in all the fifty states in the United States. It mainly offers traditional healthcare insurance plans. A lot has changed in the healthcare sector over the years. The introduction of many healthcare institutions, the increase in vulnerability to diseases, and changes in demography are some of the significant changes that affect the current healthcare sector. It is compelling for Aetna to make changes that would help it to improve its services to the citizens in the future. It is also clear that the healthcare sector has become very competitive. Aetna has various strategies in place that would help to address the future healthcare needs of the people. …show more content…
The success of Aetna in health care is similar to the success of Singapore Airlines in the air transport sector. However, there are several differences between the two companies in various sectors. The two companies differ in terms of their hiring strategies. Aetna mostly focuses on skills and experience as the core factors to consider during the hiring of new staff members. However, Singapore Airlines mostly focuses on the age and charisma of the individuals. Perhaps, this difference could occur as a result of the differences in the nature of the industries in which the two companies exist. Another difference between the two companies is advertisement. Aetna is hardly involved in aggressive advertisement activities. This is probably because of its long history in the market, which has strengthened its brand name. On the other hand, Singapore Airlines flourishes due to its aggressive advertisement on all types of media. The airline company highly values advertisement of its services to potential customers. Another difference between the two companies is the fact that Aetna is customer oriented while Singapore Airlines is employee
The role of Advanced Practice Registered Nurses (APRN) in health care has been identified as a critical role in the goal to provide high-quality health care. APRNs have a bigger role to play in the health care system and it is important that students are provided with relevant and valuable knowledge as well as experience that improve their abilities. Achieving course objectives are critical for APRNs with the goal of contributing positively to the health care system. As a future APRN, I place high priority on life-long learning and the development of other people’s skill sets. All duties associated with health care require a dedication to excellence and selflessness. These are two components of learning that will improve the capabilities of
To guarantee that its members receive appropriate, high level quality care in a cost-effective manner, each managed care organization (MCO) tailors its networks according to the characteristics of the providers, consumers, and competitors in a specific market. Other considerations for creating the network are the managed care organization's own goals for quality, accessibility, cost savings, and member satisfaction. Strategic planning for networks is a continuing process. In addition to an initial evaluation of its markets and goals, the managed care organization must periodically reevaluate its target markets and objectives. After reviewing the markets, then the organization must modify its network strategies accordingly to remain competitive in the rapidly changing healthcare industry. Coventry Health Care, Inc and its affiliated companies recognize the importance of developing and managing an adequate network of qualified providers to serve the need of customers and enrolled members (Coventry Health Care Intranet, Creasy and Spath, http://cvtynet/ ). "A central goal of managed care is containing the costs of delivering care, but the wide variety of organizations typically lumped together under the umbrella of managed care pursue this goal using combination of numerous strategies that vary from market to market and from organization to organization" (Baker , 2000, p.2).
It has stayed relevant to the market through its propelled philosophy of relationships to generate profits in the business. Since its establishment in Monroe, Louisiana the once tiny airline has stretched to greater heights serving in 6 continents. It has also established a distinguishable name among its competitors with a reputation of leading customer services. However, even as an established venture, the company needs to maximize its profits in order to stay in business and expand in to new territories beyond its conquered boundaries. A strategic analysis was carried out by our team to establish the company’s current situation. A SWOT analysis was performed to come up with three referenced, strategic alternatives. This alternatives are meant to act as a strategic guidance to the company in order to enhance growth. The strategic recommendation provided will improve and enable the business to cope with the competitors while the implementation of the strategy section will outline the way to go about achieving these alternatives in the business setting. Lastly, we put up a discussion on the evaluation procedures and necessary controls for the
302.) A solid short-term objective for Aetna would be focus on the four states where they have retained ACA coverage to determine a way to make the coverage affordable for members but still profitable for the company. Functional tactics are “detailed statements of the ‘means’ or activities that will be used to by a company to achieve short-term objectives and establish competitive advantage” (Pearce & Robinson, 2015, p. 204). Functional tactics that may help Aetna meet this objective include restructuring the benefits of the ACA plans to still meet the guidelines of the law but making the plan less expensive to administer and recognizing that the members who are typically enrolling in these plans are utilizing more medical services and therefore adding medical management services that can help members choose providers and services to help reduce costs to both parties.
When one examines managed health care and the hospitals that provide the care, a degree of variation is found in the treatment and care of their patients. This variation can be between hospitals or even between physicians within a health care network. For managed care companies the variation may be beneficial. This may provide them with opportunities to save money when it comes to paying for their policy holder’s care, however this large variation may also be detrimental to the insurance company. This would fall into the category of management of utilization, if hospitals and managed care organizations can control treatment utilization, they can control premium costs for both themselves and their customers (Rodwin 1996). If health care organizations can implement prevention as a way to warrant good health with their consumers, insurance companies can also illuminate unnecessary health care. These are just a few examples of how the health care industry can help benefit their patients, but that does not mean every issue involving physician over utilization or quality of care is erased because there is a management mechanism set in place.
Being presented with the problems in the implementation of the SAP ERP system, it is evident that Novartis Pharmaceuticals requires a comprehensive action plan that resolves key issues and the underlying problem. Refer to Exhibit A for a graphical representation of the action plan.
Formed in 1998, the Managed Care Executive Group (MCEG) is a national organization of U.S. senior health executives who provide an open exchange of shared resources by discussing issues which are currently faced by health care organizations. In the fall of 2011, 61 organizations, which represented 90 responders, ranked the top ten strategic issues for 2012. Although the issues were ranked according to their priority, this report discusses the top three issues which I believe to be the most significant due to the need for competitive and inter-related products, quality care and cost containment.
Managed care dominates health care in the United States. It is any health care delivery system that combines the functions of health insurance and the actual delivery of care, where costs and utilization of services are controlled by methods such as gatekeeping, case management, and utilization review. Different types of managed care plans came into development by three major factors. These factors include choice of providers, different ways of arranging the delivery of services, and payment and risk sharing. Types of managed care organizations include Health Maintenance Organizations (HMOs) which consist of five common models that differ according to how the HMO is related to the participating physicians, Preferred Provider Organizations (PPOs), Exclusive Provider Organizations (EPO), and Point of Service Plans (POS). `The information management system in a managed care organization is determined by the structure of the organization' (Peden,1998, p.90). The goal of a managed care system is to provide subscribers and dependants with needed health care services at the lowest possible cost. Certain managed care plans also focus on prevention by trying to keep members healthy.
The passage of the Affordable Care Act (ACA) in March 2010 represented a significant turning point in the evolution of health care in the United States and presents boundless opportunities for APRNs (The Patient Protection and Affordable). The ACA promises to add 32 million Americans to the rolls of the insured amidst a shortage of primary...
It is enthralling to note that in spite of the advances in healthcare systems, such as our hospital’s ability to provide patients with lower cost, managed One being the Health Maintenance Organizations (HMO), which was first proposed in the 1960s by Dr. Paul Elwood in the "Health Maintenance Strategy”. The HMO concept was created to decrease increasing health care costs and was set in law as the Health Maintenance Organization Act of 1973, after promotion from the Nixon Administration. HMO would, in exchange for a fee, allow members access to employed physicians and facilities. In return, the HMO received market access and could earn federal development funds.
There are many challenges when it comes to our health care system that define the future strategic direction. The one chosen for this paper are reform and legislation, information technology advancements such as the electronic medical record (EMR)/ electronic health record (EHR), access to health care including the uninsured and those in the poverty levels, maintaining a skilled workforce and Pay for performance. These challenges pose threats to our health care system planning for the future.
Vogenberg, R. F. (2011). Adapting to market change: Beyond healthcare reform. American Health & Drug Benefits, 4(6), 368-371. Retrieved from www.ahdbonline.com
Porter stated; “for an airline to succeed in the marketplace, it must have a sustainable competitive advantage” (Porter M. E., 2008). The airline industry is the highest competitive industry, and I believe a sustainable completive advantage is essential to succeed in the future of the aviation industry. The competitive advantages that an airline embrace, needs to be based on the airlines strategy and differentiation to competitors. Emirates displays how it has a strategy and how the airline gets ahead of its competitors through how unique it is.
Air India airline is one of the biggest airline in the India. It was established by the famous company TATA and since its incorporation. It has grown very well and has spread all over the world in the different destinations. It has become the reputable brand in the airline industry with having the operations over 152 destinations. It has link up connection in the 35 countries and it has currently having 137 fleets. This company becomes the public limited company in the 1946. The company has international and the local route and its performance is increasing day by day with the pace of the good growth as compare to the other airlines in the industries in the area and the channels in which this airline is working.
The Singapore Airlines needs to thoroughly understand the plans being pursued by the British Airways, Cathay Pacific, and Virign Atlantic in improving the comfort and quality of service it provides to its customers. The Singapore Airlines needs to continue differentiate itself by examining the strengths/weaknesses, and key points of these and other competitive airlines.