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Health Care Sector – An OverviewThe Health Care Sector is one of the fastest growing sectors in terms of technologicaladvancements. It consists of preventive as well as remedial services. The sector also includesdiagnostic services which has gained significant importance in the last few decades. This sectoris not only limited to the services provided by medical practitioners, but also includesmanufacturers and dealers of pharmaceutical products and various other companies that providehealth insurance. Health Care Services also includes prescription drugs, ambulance services,inpatient and outpatient healthcare etc. The diverse nature of services and goods covered byhealth care sector gives rise to a variety of stakeholders who are interested in this sector.(Staff, 2017)Stakeholders – A brief IntroductionA stakeholder can be defined as a person, group or organization which has an interest in anorganization. He is a party who may be present within the organization or outside it and caneither affect the business, policies and objectives of the organization or can be affected by it. Thecrucial stakeholders in a classic business setup are its employees, investors and the finalconsumers or the customers. Stakeholders have the power to change the strategic future of theCompany. However, now-a-days, in the modern world with increased expectations from thebusiness environment, the definition of stakeholders cannot be confined to the original notionand has to include additional stakeholders. The examples of these modern day stakeholders aregovernment, trade associations and community.
Stakeholders play a very crucial role in the business of an organization and hence it is veryimportant for a business to identify its stakeholders so as to enable itself to achieve its objectivesin the long run. An organization which neglects the needs of its stakeholders is deemed to fail inits missions. It can be said that stakeholders act as a boon for the organizations which can caterto their requirements and a bane for the organization that neglects them.Stakeholder ManagementStakeholder Management has gained enormous importance in the recent past. With ever-growingneeds of the patients and life-changing technological advancements in the health care sector, itbecomes imperative to achieve the organizational goals without taking care of the stakeholders.The various steps involved in stakeholder management are as follows:-Stakeholders Identification-Understanding and Assessing the identified stakeholders-Stakeholder Analysis-Prioritization of the analyzed stakeholders-Engaging Tools and techniques for higher satisfaction of the stakeholders-Monitoring the efficacy of the applied techniques("What is stakeholder management? definition and meaning", 2017)IdentificationIdentificationUnderstanding/AssessingUnderstanding/AssessingAnalysisAnalysisPrioritizationPrioritizationEngagementEngagementMonitoringMonitoring
Stakeholders Identification – A crucial stepAs discussed above, it is very important to identify the stakeholders who can affect theprofitability of an organization. The organization undertakes projects to satisfy its stakeholders.Stakeholders can be identified by using various techniques which includes the following:-Development of organization charts to identify stakeholders at different levels oforganization structure-Brainstorming amongst the team can also be used as a tool-Review of the contractual documents of the organization to identify its suppliers, clientsand local agents.-Preparing a list of stakeholders. The list should be starting with the most genericstakeholders and should progress with the specific ones.-Stakeholders can also be identified by keeping in view the historical aspects of theorganization.Further, stakeholders can be categorized as follows:Internal Stakeholders:They are the people who have a direct relationship with the activities ofan organization. This relationship can be created through ownership, investment, employment,etc. These stakeholders are generally financially involved in the operations of the organization.StakeholdersStakeholdersInternalInternalInterfaceInterfaceExternalExternal
Employees are the center of any organization and they also acts as the most important internalstakeholders of the organization. They have wide impact on the strategy and success of theorganization. Directors and owners have even superior impact on the management of theorganization and they take a larger amount of accountability.Interface Stakeholders:These are the group of people who act as an interface between theinternal and external stakeholders. They operate both within and outside the organization.External Stakeholders:They are the group of people who are not an integral part of theorganization but are affected by the performance of the organization. Few of these stakeholderscan be customers, suppliers, government, society, creditors etc. Customers focus on the qualityand pricing of the products. Suppliers concentrate on the growth of business so that theorganization purchases materials from them in higher quantities. The Government acts as aregulator and is concerned with the taxes and compliance of laws. Creditors fear that theorganization may get insolvent and keep a close look on its activities to recover the interest andthe principal. The community is concerned about the environmental damage caused by theorganization.The techniques and tools mentioned above can be used to identify the stakeholders of the healthcare sector as well. Based on these factors, the major stakeholders of this sector are as follows:Internal Stakeholders for Health Care Sector:-Management of the Health Care Unit