Updated: Aug 1, 2019
Searching for tips to enhance the growth of your medical practice? You've come to the right place where future healthcare practitioners share their insights on Strategic Growth Planning.
A precise method by which your organization builds a determining strategy to progress plans from its current state to its desired future condition is called Strategic Growth Planning.
Importance of Strategic Growth Plan
“Hospitals and healthcare systems face a vast array of difficulties daily. Businesses must continually handle problems such as economics, human resources, administration policies & orders, technology, and patient well-being. To achieve strategic growth, it is essential for healthcare executives to take some time from their daily responsibilities to examine the state of the organization to design a data-driven, strategic growth plan.
Strategic Growth Process
An effective strategic growth plan has many paths. Below is an outline of a standard approach suitable for any healthcare system.
Step 1 – Review and Update Your Organization’s Mission, Vision, and Values to Make Sure They Align with Your Strategic Growth Goals.
Step 2 – Conduct a Business and Operational Analysis. Conducting a SWOT Analysis is essential.
Step 3 – Develop Strategic Options. At this stage, it is imperative to evaluate all potential procedures that will assist you in achieving your strategic growth goals.
Step 4 – Select Strategic Growth Objectives. Start this step by narrowing the list of choices brainstormed in Step 3 to result in specific strategic growth goals.
Step 5 – Develop the Strategy Execution Plan.
Step 6 – Perform Resource Allocations. Executing a strategic growth plan needs funding, staffing, and other resources to be earmarked to each of your strategic growth objectives.
Step 7 – Execute the Plan. With the plan written, buy-in achieved throughout the organization, and resources allocated, your organization is ready to execute the strategic growth plan.
Step 8 – Regularly Review the Plan’s Execution. A pivotal factor influencing the success of your organization’s strategic growth plan is recurrent and ongoing review.
“ The underlying growth strategies you need to expand your business: market penetration, product development, market expansion, and diversification."
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