Question

Based on the case history/background of Edgewood Lake Hospital; 1. How will you navigate around the pending challenges as the new CEO to rectify the situation of the hospital? 2. What strategic management tools will you consider as crucial in the revival of the hospital? 3. As the new CEO, will you consider eliminating or adding some services on a short, medium, or long term to increase the revenue of the hospital?

Answer 1

As the new CEO of Edgewood Lake Hospital I will take certain steps which i think would be more appropriate to rectify the current situation. The first step i will take the right management of internal and external factors. I will check the services provided by the doctors, nurses and other hospital staffs are going in the right direction or not. Whether they are sincerely doing their jobs and caring patients in a friendly way or not. Secondly, whether there are required medical kits available or not. Proper treatment is possible when there are adequate machines and other medical kits. One of my essential duties is to check the inventories of the hospital, sufficient quantity of medicines and other medical equipment are in the stock or not. If not then requisition is sent for the medicines or not and medicines are timely taken into the inventory list. All these need to be checked with the staffs of the hospital. Regarding the financial plan and approval, i need to be very strict. I have to check the necessity of the situation then conduct a research about the requirement of the finance, accordingly sanction will be done by me. Whether the sanctioned money is properly utilized or not, that i need to check. If there is any problems regarding the financial or operational matter then i will take corrective measures as soon as possible to make the system run effectively.

Both SWOT and PESTEL analysis are necessary for the revival of the hospital. In SWOT analysis i will find out the strengths and weaknesses, opportunities open to us and threats to us from competitors. Through SWOT analysis i will assess the do's and don'ts for the company as well as any possible threats and opportunities.

PESTEL analysis is a tool for business analysis of external factors like political, economic, social and technological factors that are essential for the successful operation of the business. I will consider both the tools for the revival of the hospital.

Depending on the situation i will take steps to add or eliminate some services on a short, medium or long term to increase the revenue of the hospital.
When the financial situation of the hospital is under control, at that time i can think of adding more facilities to the hospital which will add revenue to the hospital. I will think of adding more beds and more improved machines on a gradual process, so that it will provide better service to patients and simultaneously add more revenues to the hospital. I will motivate staffs by providing them some incentives, so that they can work sincerely and will spend more productive hours. I will arrange training programs for the staffs to make them more efficient in their job. In the long run i will think of partnership with other leading companies to make our company more competitive in the marketplace.