Expert answer:Review senior paper & Powerpoint on Novant Health
Answer & Explanation:Need individual to read and make necessary correction on Senior Paper and add Novant Health 2014 Annual Financial Report to paper. If possible paper need to be able 25 papers. Correlate Senior Paper to the attach PowerPoint.readvise_senior_paper.docxsenior_paper_power_point.pptx
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Running head: [SHORTENED TITLE UP TO 50 CHARACTERS]
Novant Health
Daniel Adams
d.adams.2011@mymail.jcsu.edu
Bus455-Sr. Investigative Research Paper
Dr. Kimberly Hunley
October 25, 2015
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Novant Health was formed July 1, 1997 by the merger of Carolina Medicorp of WinstonSalem, North Carolina and Presbyterian Health Services of Charlotte. North Carolina (Novant
Health startup story, 1997). Novant Health is a not-for-profit integrated healthcare system based
out of Winston-Salem, North Carolina that’s comprises of 15 medical centers and 1,123 doctors
in 343 clinic locations as well as numerous outpatient surgery centers, medical plazas,
rehabilitation programs, diagnostic imaging centers and community health outreach programs.
Novant Health employs 24,400 employees and physician partners’ care for patients and
communities in North Carolina, Virginia, South Carolina and Georgia (Novant Health startup
story, 1997).
We strive every day to bring our mission, vision and values to life. We demonstrate our
commitment to you in a variety of ways. Novant Health’s Mission: Novant Health exists to
improve the health of our communities, one person at a time (Novant Health, 2015, Para.3). The
Vision statement…We, the Novant Health team, will deliver the most remarkable patient
experience, in every dimension, every time. Learn more about how we are making healthcare
remarkable (Novant Health, 2015, Para.5). Values Compassion…We treat our customers and
their families, staff and other healthcare providers as family members with kindness, patience,
empathy and respect (Novant Health, 2015, Para.7).
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The main product that Novant Health offers is a wide range of medical services. They
range from several Novant Health physician practices, Inpatient, outpatient centers, each element
committed to delivering a remarkable healthcare experience for you and your family. With
world-class technology, personal connections, and care that’s easier to access and understand,
Novant Health is with you every step of the way on your journey to health and wellness.
Novant Health has three major competitors: Greenville Health System, Wake Forest
Baptist Medical Center and Carolinas Healthcare all three these healthcare systems are major
Competitors with each other. It’s the simple fact that they all offer a variety of basic and
specialty healthcare services to their surrounding areas. Healthcare service to the
surrounding areas. A The problem arrives significant challenge presents itself whenever you have
your direct competitors within close proximity in the same region and they all offer the exact
same type of services. Those living in the regions being served by these healthcare systems have
options to choose from when considering their healthcare needs while the healthcare systems
struggle to carve their niche and stand out amongst their competitors.
The problem for Novant is the simple facts that they are located in the same area were
several of their competitor offer health care service to their patient. They all also offer the exact
same type of technology to sever their patients who visit their facilities. Which makes it hard for
Novant to separate them self from there competitor in the health care service. This allows
patients the opportunity to shop around for more competitive health care rates.
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Vividly picture your target audience as a person, someone who is or could be real to you.
For any healthcare organization and practices of all types hospitals, manufacturers, physicians
and surgeons, dentists, pharmaceuticals or groups the more specifically you define the target
audience, the greater your ability to inspire a positive response (Stewart Gandolf, (2010).).
The major competitors’ target market is the same as Novant Health’s target market which,
is to offer affordable healthcare throughout the region, so patients are inclined to visit their local
medical facility for medical treatments. Within the Charlotte market Novant competitors have
been able to purchase land and property to establish their brand of healthcare service. One of the
things that I noticed about the competitors is that they are providing level one medical service,
means that meaning they can handle a wide range of emergency injuries (example: train
derailment, major chemical spills, bomb threats, and fatal shooting). Novant may be better
known for their ability to allow patients to review personal medical records, schedule
appointments, and make payments online. From a personal standpoint I could see an
international diversity within the medical staff at both Carolina Medical Center and Novant
Health.
When examining the potential for a new business or product, a SWOT analysis can help
determine the likely risks and rewards. SWOT, which stands for Strengths, Weaknesses,
Opportunities and Threats, is an analytical framework that can help your company face its
greatest challenges and find its most promising new markets (Goodrich, R 2015 ).
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A business SWOT Analysis is a great framework for new and old business to maximize
their full business potentials. All new business owners should want to do a business analysis on
their new business adventure. This will allow them a great chance to see their business Strengths,
weakness, Opportunities and Threat with the potential to grow.
Health systems around the world face the same fundamental challenge: how to deliver
broad access to health services while improving quality of care and controlling costs. Greater
competition has often been proposed as a solution that elegantly addresses each element of that
challenge. (Insight & Publication. (2010), Para.1).
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In a normal market, competition drives relentless improvements in quality and cost.
Rapid innovation leads to rapid diffusion of new technologies and better ways of doing things.
Excellent competitors prosper and grow, while weaker rivals are restructured or go out of
business. Quality-adjusted prices fall, value improves, and the market expands to meet the needs
of more consumers. (Insight & Publication. (2010), Para.3).
Novant Health major competitors’ target markets suggests that competitive markets in
health care can offer patients greater quality, more options, and lower costs. The Federal
Employees Health Benefits Program and Medicare Part D serve as two illustrative examples of
competition in health care today. Proper reforms to add further competition to the health care
industry would be quite significant and would further America’s position as the world’s leader in
health care for years to come (Dayaratne, K (2013).).
Novant Health target markets are those individual or family members who are
seeking out medical attention for their illness. In the healthcare field there is no limitation
on age, gender and religion preference to receive medical treatment at Novant Health.
Treatment range from Pediatric care, Rehabilitation centers, Neurological centers and
Retirement homes which covers a wide range of individual whom may need some form
of medical service.
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Carolina Medical Center is one of Novant Health major competitor which is a
trauma one facility. Facilities are designated/verified as Adult and/or Pediatric Trauma
Centers. It is not uncommon for facilities to have different designations for each group
(i.e. a Trauma Center may be a Level I Adult facility and also a Level II Pediatric
Facility) (American Trauma Society).
One of the thing that Novant Health does better than there major competitors is that we
can offer charity assistance to our patients at 100% for those who may qualify. A nonprofit
hospital means the facility does not pay either state or local property taxes or federal income
taxes because it is considered a charity, and proves certain community benefits in accord with
state and federal guidelines (Medicare Newsgroup (2015).).
To be able to offer outstanding healthcare quality Novant will need to keep recruit
and retain outstanding medical staff within our excellent hospital facilities. At Novant
health continue to struggle with the lack of a Primary Care Network and understaffed
facilities. There are several opportunities for growth in the community Novant serves.
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When using the EFE matrix we identify the key external opportunities and threats
that are affecting or might affect a company. Where do we get these factors from? Simply
by analyzing the external environment of a company.
IFE Matrix force Strengths and weaknesses are used as the key internal factors in
the evaluation. When looking for the strengths, ask what do you do better or have more
valuable than your competitors have? In case of the weaknesses, ask which areas of your
company you could improve and at least catch up with your competitors? The general
rule is to identify 10-20 key external factors and additional 10-20 key internal factors, but
you should identify as many factors as possible.
Each key factor should be assigned a weight ranging from 0.0 (low importance) to
1.0 (high importance). The number indicates how important the factor is if a company
wants to succeed in an industry. If there were no weights assigned, all the factors would
be equally important, which is an impossible scenario in the real world. The sum of all
the weights must equal 1.0. Separate factors should not be given too much emphasis
(assigning a weight of 0.30 or more) because the success in an industry is rarely
determined by one or few factors (Jurevicius, O (2014).).
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External Factor Evaluation Matrix (EFE)
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
Opportunities
Mecklenburg county 2% increase for 2013 population
Reports forecast an increase in Primary Care Physicians
needed in the region to balance the demand for health and
wellness programs.
Increase in corporate businesses moving into the Novant
coverage regions.
Increase in government transportation funding for health and
wellness appointments
Increase in available land within the Novant coverage area.
Increase interest of specialists to join large care networks like
Novant.
Increase the partnership with local churches within Novant
Health region.
Increase awareness at the local High School about healthy
eating habits.
Increase awareness about sexual disease in the community.
Weight
0.03
0.09
Rating
4
2
Weighted
Score
0.12
0.18
0.05
2
0.10
0.07
4
0.28
0.05
0.03
4
2
0.20
0.06
0.08
1
0.08
0.12
3
0.36
0.04
2
0.08
Offer health education to new business that have move to the
local areas.
0.04
1
0.04
Threats
Competition within the region increasing annually (CMC,
etc.).
Decreased government funding for healthcare (is this really
true with the Affordable Care Act)?
Lower wage earners inability to pay for health coverage.
Major corporation moving outside of the Novant health care
coverage areas.
Primary Physician using other outsources facilities for their
patient service.
Decrease in network health insurance options to patients.
Weight
Rating
Weighted
Score
0.06
4
0.24
0.05
4
0.20
0.09
3
0.27
0.01
2
0.02
0.03
2
0.06
0.07
1
0.07
0.03
0.02
1
1
0.03
0.02
0.01
2
0.02
0.03
4
0.12
The increase of Mini clinics (CVS, Walgreen, etc.).
Decrease in patient visiting to doctor offices.
Physicians moving to larger city for better pay for their health
care service.
More family is having fewer babies in the region due the
decrease in employment.
TOTALS
1.00
2.55
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Internal Factor Evaluation Matrix (IFE)
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
Strengths
Remarkable Healthcare Service
Great Customer Service
Employment Benefits
Employment Diversity
Healthcare Technology System
Fair Pay
Self-service discount for employees and family member
Have the able to offer 100% Financial Charity to patient who
qualifies.
Recognized for Medical Achievement and Wards
Excellent employee morale
Weaknesses
Old Medical facilities
Out dated medical equipment
Short Staffing
Closing of medical facilities creates avoid in rural areas
Patient education
Disruptions in IT service
Increase in resubmitting claims
Overcrowding in the ER
Time management
Patient satisfaction
TOTALS
Weight
0.03
0.01
0.05
0.02
0.03
0.07
Rating
4
2
2
1
1
1
Weighted
Score
0.12
0.02
0.10
0.02
0.03
0.07
0.03
2
0.06
0.05
2
0.02
0.07
2
0.14
0.06
4
0.24
Weight
0.08
0.05
0.07
0.04
0.08
0.03
0.08
0.02
0.03
0.10
1.00
Rating
5
3
2
1
3
4
2
1
1
2
Weighted
Score
0.05
0.06
0.14
0.04
0.23
0.12
0.06
0.09
0.03
0.20
1.84
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Financial Ratio Examples for “Enlighten”
Liqidity Ratio
How it’s calculated
Current Ratio
What it measures
Current Assets
Current Liabilities
5,403,023
2,737,853
11
The extent to which a firm meetsits short-term obligations
2.0
The current ratio of 87.4 indicates that Enlighten is
fully capable of covering short-term expenditures.
Leverage Ratio
Debt-to-Total-Assets Ratio
Total Debt
Total Assets
2,737,853
1,753,917
The percentage of total funds that are provided by creditors
1.56
The debt-to-total-assets ratio of .14 indicates that Enlighten
has 14% of their total funds through their creditors
Activity Ratios
Total Assets Turnover
Sales
Total Assets
2,500,020
500,000
Profitability Ratios
Net Profit Margin
Net Income
Sales
10,500,000
25,000,000
Whether a firm is generating a sufficeint volume of business
for the size of its asset investment
5.00
Enlighten is in a solid position with a total assets turnover
ratio of 1.97, which indicates that they are generating more
revenue per dollar of assets (just about double in this case)
After-tax profits per dollar of sales
42% Enlighten is doing a fair job converting revenue into profits.
There are many factors that determine the success or failure of a healthcare business or
professional practice in today’s dynamic regulatory, reimbursement, and competitive
environment. One of the most important of these factors is management’s ability to react to
changes by making timely, informed decisions regarding the organization’s operational direction
and financial performance. Among the most useful management tools available to achieve this
objective are benchmarking, a well-established financial analysis process (Cimasi, R (2004).).
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Healthcare industry survey benchmarking data may be obtained from several publicly
available sources, enabling an analyst to compare detailed financial, operational, and clinical
performance with similar peer group data. The survey data should be as current as possible.
Publication delays of a year or more are not uncommon, so it’s easy to mismatch data from
different years, diminishing the efficacy and applicability of the analysis to current and projected
future operations. This is particularly true for medical practices because year-to-year changes can
be significant and material in a rapidly changing reimbursement and regulatory environment
(Cimasi, R (2004).).
Even though non-profit hospitals have faced rising charity care costs and a generally
tough operating atmosphere over the past several years, hospitals are still reporting strong
operating and leverage ratios (Herman, Bob, 2013). On the trailing twelve months basis Current
Liabilities Novant as decreased faster than the Industry’s Current Assets, this led to improvement
in Industry’s Working Capital Ratio to 1.58; Working Capital Ratio remained below Healthcare
Facilities Industry average. Within Healthcare sector 3 other industries have achieved higher
Working Capital Ratio. Working Capital Ratio total ranking has improved to 31, from total
ranking in previous quarter at 39.
Based on the financial ratios Novant Health is in a solid position with their total asset.
They are doing a fair job converting revenue into profits. Which will give them leverage if
Novant want to pursue over option in the medical field? They would have the capability to gather
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up funds to make improvement on old facility, purchase new facility and give out pay raise to
their employee’s.
Novant Health should revised their mission from Novant Health exists to improve the
health of our communities, one person at a time. Novant Health is committed to collaborating
with community partners to improve the health status of community residents, address root
causes of health disparities, and educate community members around prevention and self-care”.
All healthcare facilities should work on making the mission statement more visible and available
to the public.
Create “healthy community” demonstrations to evaluate the effects of a full complement
of health-promoting policies and programs. Demonstrations should integrate and develop
successful models that can be widely implemented and that include multiple program approaches
and sources of financial support. Each “healthy community” demonstration must bring together
leaders and stakeholders from business, government; health care and nonprofit sectors to work
together to plan implement and show the impact of the project on the health of the community
(Wood, Robert).
A healthy community is one where people have good physical and emotional health. But
this is more than just the absence of illness. A healthy community promotes well-being and
offers a high quality of life. Healthy communities can be measured along five dimensions which
contribute significantly to people’s ability to thrive (Bruce 2011). Here are five dimensions
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includes Social Networks, Physical Assents, Economic Opportunity, Human Development and
Local Institutions which all plays a vital role in a healthy community.
Healthy Community is a growing team of businesses, organizations, health care
professionals and individuals who have united to improve the community’s health, focusing on
four nationally recognized health concerns. These health issues affect the community’s quality of
life with significant personal, physical and financial consequences for everyone. Read on to learn
what you can do to help make it your Healthy Community (N.D).
Based on the recommendation Novant may want to partner with other North Carolina
Government agencies and other health care organization to promote a “healthy community”. This
will bring together other leader to help change eating habit within the community. They will set
down with Government officials to promote changes within Food Stamps system, so family can
only purchase healthy food items. Novant can also help companies to build a strategic plan to
allow employees the time to exercise during work hours. Then those employees will go back to
the school system to request that these kids by allow more time to exercise during school.
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References
American Trauma Society http://www.amtrauma.org/?page=TraumaLevels
Bruce April (2011) What is a Healthy Community
http://communitycheer.org/indicators/health/what-is-a-healthy-community/
Cimasi, R (2004). Financial Benchmarking and Ratio Analysis
in the Health Care Industry.
http://www.cpareport.com/Newsletter%20Articles/2004%20Articles/FinancialBenchmarking_Oc
t_2004.htm
Dayaratna, K (2013). Competitive Markets in Health Care: The Next Revolution
Competitive-markets-in-health-care-the-next-revolution
Goodrich, R. (2015). SWOT Analysis http://www.businessnewsdaily.com/4245-swotanalysis.html#sthash.ElY7T88K.dpuf
Gandolf, S. (2010). A Critical Health Care Marketing Success Factor
http://www.businessnewsdaily.com/4245-swot-analysis.html#sthash.ElY7T88K.dpuf
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