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Running head: SUMMARY ANALYSIS 1
Summary Analysis
Module 4: Working Exercise Bianca Huntsman
HA616: Healthcare Strategic Management and Marketing
Dr. Lee Bewley
February 10, 2019
SUMMARY ANALYSIS 2
Mission
The mission attempts to capture the organization's distinctive purpose or reason for being
(
Ginter, Duncan, & Swayne, 2013).
Medtronic (2019) Mission is:
1.
To contribute to human welfare by application of biomedical engineering in the research,
design, manufacture, and sale of instruments or appliances that
alleviate pain, restore
health, and extend life
2.
To
direct our growth in the areas of biomedical engineering
where we display
maximum strength and ability; to gather people and facilities that tend to augment these
areas; to continuously build on these areas through education and knowledge
assimilation; to avoid participation in areas where we cannot make unique and worthy
contributions.
3.
To
strive without reserve for the greatest possible reliability and quality
in our
products; to be the unsurpassed standard of comparison and to be recognized as a
company of dedication, honesty, integrity, and service.
4.
To
make a fair profit
on current operations to meet our obligations, sustain our growth,
and reach our goals.
5.
To
recognize the personal worth of employees
by providing an employment framework
that allows personal satisfaction in work accomplished, security, advancement
opportunity, and means to share in the company's success.
6.
To
maintain good citizenship
as a company.
Medtronic has an extensive set of mission goals that both benefit consumers and their
organization in an ethical and legal manner. This mission is a great outline for the values they
aim to maintain.
SUMMARY ANALYSIS 3
Vision
The vision creates a mental image of what leaders want the organization to achieve when it is accomplishing its purpose or mission (
Ginter, Duncan, & Swayne, 2013). Innovations and implants that will cover virtually all of the human body (Medtronic, 2019). With partnering with other companies in the advancement for the Diabetic Group could better enhance Medtronic vision. Furthermore, to transform diabetes care, together, for greater freedom and better health (Patient Panel, 2016). The Diabetes Group is one of the smaller groups within Medtronic but with a high demand for diabetes tools it is growing fairly rapidly. As Medtronic, we have big dreams and want you to know we are excited about these partnerships moving us one step closer to some other simple but powerful words in our vision: greater freedom and better health (Patient
Panel, 2016).
Values
Values are the principles that are held dear by members of the organization (
Ginter, Duncan, & Swayne, 2013). Medtronic Values (n.d):
We each strive every day to meet the following expectations in our work: SHAPE: We’re committed to being experts in what we do, with a clear vision of where we’re going and the plan to get there. ENGAGE: We partner with and involve others, knowing that diverse talent, skills, and perspectives lead to better outcomes. INNOVATE: We’re bold thinkers who create new ideas and bring our best solutions forward to benefit our patients, partners, and customers.
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SUMMARY ANALYSIS 4
ACHIEVE: We do what we say we’re going to do – delivering results with the highest standards.
Weakness
Medtronic could be making a lot more money from its diabetes business right now, but executives are confident they can ramp up manufacturing to address a supply shortfall for the Minnesota-run company’s glucose sensors in the coming months (Carlson, 2017). With such high demand Medtronic has been struggling to keep up. Therefore, creating added business with suppliers would increase the accessibility of more material and increase the efficiency from production to customer.
Strength
Medtronic uses the Lean Stigma operations to manage the operations of all groups within the value chain. Medtronic also uses their Resource and Development as a strategy to produce great products for their patients as well as a strong team to deliver and ensure quality products. Close relationship with the manufacturing of raw material, suppliers, and company have created quality products for customers. Medtronic is in the business of making quality products that is used by customers who needs them for quality of life. This is their biggest advantage because people need products, Medtronic has the ability to provide.
Suggestion
Critical Success Factors
The following critical success factors will shape Medtronic towards the direction of future healthcare:
1.
Reinvent patient experience.
Work with patients to reengineer core patient processes to leverage technologies and drive dramatically better patient engagement and experience.
SUMMARY ANALYSIS 5
There is a major distinction between understanding the role of the patient in healthcare and actually working with the patient to redesign healthcare. 2.
New revenue cycle.
Develop a highly effective, productive and efficient revenue cycle.
3.
Mindset of well-being.
Creating a mindset for patient care that looks from a broad view of the overall patient's health and well-being across a continuum of care.
4.
New horizons.
Expand patient care beyond physician-centered and acute-hospital-
located care delivery.
5.
Embedded innovation.
Embed in the organization a competency for creativity to continually innovate and rapidly execute innovation and change
6.
Leveraging new technology.
Establish a strong capability and capacity to leverage information technology, including but not limited to mobile and web technology.
7.
Transformational leadership.
Leaders must be able to envision and execute on new, unprecedented futures while being highly skilled in the interpersonal skills needed to partner with physicians and care providers and to support and encourage creativity while maintaining discipline. 8.
Culture of responsibility and accountability.
In order to drive demonstrated value, both
patients and providers will need to operate at higher levels of accountability. Organizational and clinical culture, processes and structures must be organized to institutionalize accountability and responsibility (Bina & Insigniam, 2016).
Strategic Goals
Strategic goals are those overarching end results that the organization pursues to accomplish its mission and achieve its vision (
Ginter, Duncan, & Swayne, 2013). Medtronic strategic goals are based on value-based healthcare. Medtronic should market its brand while
SUMMARY ANALYSIS 6
expanding its consumer base. The diabetic group is one of the smallest segment within the company. Medtronic should use its financial position to invest in service and competitive strategies. Also partnering with companies that have the same or alike vision and mission to improve diabetic care. Improving the quality of care through innovative technology, expanding access to therapies, and facilitating more efficient and integrated care will ultimately lead to improved costs and increased patient satisfaction (Tilleskjor, 2016). Additionally, market research will be priority as new technology will enhance the quality of Medtronic tools. Medtronic should invest in strategic agreements with insurance companies to make their tools more accessible. With the combination of critical success factors and strategic goals, Medtronic will be on the path for growth and advancement.
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SUMMARY ANALYSIS 7
References
Carlson, J. (2017, August 23). Growth in diabetes products lags, but Medtronic earnings solid. Retrieved from http://www.startribune.com/medtronic-misses-sales-targets-but-beats-
earnings-expectations/441380833/ Bina, S. S., & Insigniam. (2016). 10 Critical Success Factors for the Future of Healthcare. Retrieved from https://www.beckershospitalreview.com/hospital-management-
administration/10-critical-success-factors-for-the-future-of-healthcare.html Ginter, P. M., Duncan, W. J., & Swayne, L. E. (2013). Strategic management of health care organizations
. San Francisco, CA: John Wiley et Sons/Jossey-Bass
Medtronic. (2019). Mission. Retrieved from https://www.medtronic.com/us-
en/about/mission.html Medtronic. (n.d.). Culture | Medtronic. Retrieved from https://www.medtronic.com/us-
en/about/careers/culture.html Patient Panel. (2016, December 22). New Partnerships for Diabetes Care. Retrieved from https://www.medtronicdiabetes.com/loop-blog/new-partnerships-help-us-fulfill-vision-
diabetes-care/ Tilleskjor, S. (2016, July 06). Value-Based Healthcare: A New Approach to Diabetes Care | Medtronic Diabetes, Between the Lines. Retrieved from https://www.medtronicdiabetes.com/blog/value-based-healthcare-new-approach-diabetes-
care/