WGU C432 Healthcare Management and Strategy + Pre Assessment
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Course
WGU C432 Healthcare Management
Institution
WGU C432 Healthcare Management
WGU C432 Healthcare Management and Strategy + Pre Assessment
Business-Level Strategy
a plan that indicates how a division intends to compete against its rivals in an industry
Corporate-Level Strategy
A plan that indicates in which industries and national markets an organization intends to compe...
WGU C432 Healthcare Management and
Strategy + Pre Assessment
Business-Level Strategy
a plan that indicates how a division intends to compete against its rivals in an industry
Corporate-Level Strategy
A plan that indicates in which industries and national markets an organization intends to
compete.
Emergent-Strategy
any unplanned strategic initiative bubbling up from the bottom of the organization
Functional-Level Strategy
Strategic scope and direction at the operating division, department, or project level. This
type of strategy is driven by product or service line.
Prospective Strategy
A planning function that forecasts an organization's future situation and designs means
to guide an organization's future decisions.
Industry
A particular category of business or economic activity; an aggregation of sellers whose
products are close substitutes.
Market Structure
The organizational characteristics of a market that exert a strategic influence on the
intensity and form of competition.
Markets
Places, systems, and processes through which buyers and sellers exchange goods and
services.
Patient-Origin Study
Data that describe the proportion and number of an organization's customers (patients)
who come from different geographic locations. This data can be arrayed and graphed to
display the provider's primary and secondary service areas.
Perfect Competition
One of the four basic types of market structures. Perfect competition exits in markets
composed of many small organizations that produce an undifferentiated, homogeneous
product.
Societal Environment
The public and socioeconomic factors surrounding and influencing an organization,
such as general economic conditions, population demographics, cultural values,
governmental regulations, and technology.
Broad Differentiation Strategy
A type of strategy aimed at offering products that consumers perceive to be distinct from
competitors' products and that appeal to a wide segment of a market.
Broad Low-Cost Strategy
A type of strategy aimed at providing low-cost products to a broad customer segment.
Business Model
The underlying structure of an organization; the means through which an organization
creates and delivers value to its customers and earns revenues.
,Customer Value
The perceived benefits of a product or service. Consumers may find value in many
aspects of products and services, including range and type, degree of customization,
availability and accessibility, and quality/cost trade-off.
Focused Differentiation Strategy
A type of strategy aimed at offering products that consumers perceive to be distinct from
competitors' products and that appeal to a limited industry niche or customer segment.
Focused Low-Cost Strategy
A type of strategy aimed at providing low-cost products to a limited subset of the broad
mass market.
Generic Strategy
Commonly used strategies that combine a target market (ex. a small segment of a
population) and a type of differentiation (ex. low cost).
Inputs
The combination, type, and mix of resources an organization uses to provide a product
or service, such as personnel; materials; and strategic assets such as facilities,
equipment, location, patents, networks, and partnerships.
Middle Strategy
A strategy that seeks to deliver low cost and differentiation simultaneously.
Portfolio Analysis
A method of assessing an organization's products or SBUs that considers various
factors, including competitive position, profitability, growth, and mission importance.
Process
A series of steps that transforms inputs into products/services (outputs). Processes
usually are established to organize functions and interface with external entities.
Profitability
The degree to which the revenues generated by a product or service exceed the costs
of producing that product or service.
Accountable Care Organization (ACO)
A payment and healthcare delivery model in which a group of healthcare providers work
together to coordinate a patient's care, improve quality, and reduce costs.
Acquisition
The purchase (or merger) of an existing organization. Through this method of growth,
the acquiring organization gains an established product in the market and may also
reduce competition by eliminating one of its competitors.
Affordable Care Act (ACA)
A law passed by the federal government in 2010 that seeks to decrease the number of
uninsured to improve health outcomes and streamline the delivery of healthcare.
Diversification
Strategic expansion into different businesses.
Horizontal Expansion (integration)
The acquisition and/or merger of two or more organizations that produce similar
products or services.
Internal Expansion
, A method of business growth that builds on an organization's capabilities and resources
and may include developing new products and services, launching marketing efforts to
increase market share, or introducing existing products into new markets.
Networks
Joint ventures and alliances between established organizations for growth purposes. By
forming networks, organizations can enter a market more quickly and with minimal risk.
Related Diversification
Expansion into a different business that uses similar technologies (also called
concentric diversification) or adds new products or services to an organization's existing
offerings (also called horizontal diversification).
Transaction Cost Economics
A theory that suggests organizational boundaries are influenced by organizations'
efforts to mitigate the costs of transactions and contractual hazards that are incurred by
buying and selling assets and services.
Transfer Pricing
The "price" charged for intra-organization trade. (ex. the sale or transfer of goods and
services within an organization).
Unrelated (conglomerate or lateral) Diversification
The addition of new products or services that have little or no overlap with an
organization's current products/services and assets.
Vertical Expansion
Acquisition of a business that is a source of supplies for the acquiring organization
(backward expansion) or that purchases from the acquiring organization (forward
expansion).
Vertical Integration
Assimilation of the vertical components of an organization through greater internal
control and coordination.
Joint-Venture Alliance
A partnership between a small number of organizations in which each member has a
direct ownership position in a shared investment and directional authority over the
investment.
Network Outsource Alliance
An arrangement in which a core organization outsources functions to contract
organizations. For example, some pharmaceutical companies use this type of alliance
for drug discovery and clinical trials.
Physician-Hospital Organization (PHO)
A strategic alliance between a hospital and its medical staff, established to develop new
services and compete effectively for managed care business.
Pooled Interdependence
An arrangement in which organizational subunits group their resources but mostly have
their own separate processes and require little coordination.
Pooled Service Alliance
An arrangement in which the resources of a large number of organizations are grouped
to produce value for member organizations. Group purchasing organizations (GPOs)
are an example of this type of alliance.
Reciprocal Interdependence
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