Prioritizing Stakeholders in the Healthcare Sector
Added on 2019-09-30
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Running head: STAKEHOLDER MANAGEMENTHEALTHCARE SECTORStakeholder Management[DATE][COMPANY NAME][Company address]
1STAKEHOLDER MANAGEMENTHealth 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.
2STAKEHOLDER MANAGEMENTStakeholders 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
3STAKEHOLDER MANAGEMENTStakeholders 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
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