Essay on "Strategic Plan"

Essay 4 pages (1130 words) Sources: 2

[EXCERPT] . . . .

Strategic Plan

Implementation of the Plan

Over the last several years, health insurance companies have been facing increased amounts of scrutiny surrounding their business practices. Part of the reason for this, is because a number of different carriers are trying to maximize their profits, while maintaining a balance in: addressing various market and regulatory issues. At which point, many of these challenges can cause the insurance company to engage in practices that could affect their short-term profits. In the case of Aetna, they have been facing similar kinds of challenges, as the company has been disciplined for overlooking different regulations. A good example of this can be seen by looking no further than, the recent suspension for new enrollments in Medicare Part D, by the Centers for Medicare and Medicaid Services. ("Aetna Expects CMS Sanctions on Medicare," 2010) as the company, has engaged in practices that were against various policies and procedures when signing up seniors for the program. This is important, because it shows how Aetna must utilize a strategic plan that will tackle the underlying challenges surrounding: regulatory issues and providing the best services possible.

Objectives

To effectively implement any kind strategy requires that you examine a number of different factors impacting the industry to include: the pressure to cut costs, an aging population, consolidations and changing government regulations. As a result, the strategy will address a host of objectives to include: identifying procedures for improving compliance / monitoring and how to change the culture of the organization. ("Addressing Regulatory Compliance in Health Care," 2006)

Functional Tactics

The functional tactics are when the management must identify how the different objectives can be reached. Where, they will conduct a survey of: the current policies, procedures and the overall work environment. At which point, executives would determine how, they are ignoring various regulatory guidelines. ("Addressing Regulatory Compliance in Health Care," 2006)

Action Items

Once you have identified the different areas that need improvement. You must then examine what specific steps, can be taken to address the underlying problem. This is important, because during this part of the process you are designing mechanisms and procedures, to prevent the situation from spiraling out of control. ("Addressing Regulatory Compliance in Health Care," 2006)

Milestones and a Deadline

The different milestones and deadlines will give the staff a sense of urgency as well as satisfaction. This is because the deadlines, will serve as a way of forcing employees to meet the different objectives (while following the procedures). At the same time, the milestones can serve as way of helping to improve moral, which will motivate and allow everyone to feel good about their accomplishments. ("Addressing Regulatory Compliance in Health Care," 2006)

Tasks and Task Ownership

In this part of the strategy, everyone must understand their roles and how their actions will have an impact upon the company. At the same time, some type of accountability must be in place, to ensure that everyone is held responsible for the various tasks they are assigned. This is important, because it plays a vital role in helping to support: the different policies and procedures of the strategic plan. ("Addressing Regulatory Compliance in Health Care," 2006)

Resource allocation

Resource allocation is when you are determining what personnel will most effectively meet the Aetna's goals. This is accomplished by strategically placing key personnel in select areas, to monitor what is taking place. You would… READ MORE

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