Assessment of Good Hands’ Issues and Proposed Strategies
1). Good hands are one of the major health care companies in the United States of America with the major revenue. Good Hands has fierce competition in the market from the Health Us and elder care. The issues that the company faced were legal suits done by the patients which affected the holistic business of the company. The Good Hands had financial cash flow problems according to Gorge Jackson the Chief Executive officer of the company. According to Gorge Jackson, the company was lacking proactive leaders who will lead the company in the future. The recent trend of avoiding the hospitals by the elderly people was also one of the most important points which lead to the decrease in the revenue for the company. According to market studies it is observed that in the United States the preference is given to the home health by the old aged people (Amerjee, 2013). According to Jackson, the financial management should be done in a proper way. Due to lack of the financial management and proper project management the company is sliding towards bankruptcy which it should be mitigated.
According to Jackson the strategies which should be needed for the companies are proper financial management. For the financial management Board members were taken from the universities so that they can add their extra experience to uplift the situation of the company. According to Jackson, he wanted to carry on as the Chief Executive officer of the company while the board of directors would search for the next leader who will be able to lead the company. Diversification of the business was another strategy which was proposed by Jackson so that the company can strengthen its business into the home health care. Reimbursement strategy was also proposed by Jackson in which he said that the top management has to be reimbursed properly according to the industry standards or else the company won’t be able to retain those managers who will lead in the company in the future (Balasubramanian, 2009). He proposed to make a structured corporate governance policy so that the board the financial and other operation can be managed in a very systematic manner. This is some of the issues and strategies which are discussed in the case study and that Jackson proposed for a Good healthcare company.
2). Gorge Jackson the Chief executive officer of the company analyzed and assessed the condition which is causing difficulties for the Good hand’s organization. According to me, there are some internal factors and some external factors on which the issues of the company depends. The external factor is the legal problems which are faced by the healthcare industry where the parties have suited for the organizations. Government intervention is lacking in this case and another important factor is the trend which describes the decrease of use of hospitals by the aged care of the United States (Delaney, 2015). This two are the major external factors which influence the issues faced by the company. There is some internal issue as well where there is a lack of leadership in the top management assessed by Jackson. The company also lacks a proper succession plan which is a major problem for the company.
External and Internal Factors Causing Issues
In my opinion, it is one of the important factors which should be assessed properly by the Chief Executive officer of the Good hand. If there is no succession plan then it will be a great problem for the sustainability of the organization. For the sustainable growth of the company Proper leadership accompanied by a succession plan is essential. The good corporate governance and the financial management should be done properly which are both internal factors of the company. In my opinion, this is essential for the sustainable development of the company (Franckhauser, 2013).
3). Yes. Jackson was the right person to turn around the organization. Being a scholar in the business administration, Jackson was prominent in his organizationaldealing. He preferred to see a diversified management team on the board of director of the organization which is ethically correct according to the organizational practices. The development of an organization lies in the diversification of culture and planning along with an environment of sharing the vision. Jackson had his vision to grow the organization to a next level (Grindle, 2016). Thus, he preferred to hire new scholar leaders from the outside of the organization for a quick jump towards high profitability. Diversification of idea and keeping a diversifiedenvironment in the organization is a healthy practice. Therefore, Jackson preferred to recruit a wide arrange of people for the organization who are capable of continuing his formal succession planning. Change in leadership is always a healthy practice in the organizational development. Jackson preferred to choose a wide range of leaders from outside so that they can create fresh new plans for the organizational development (Wang, 2015).
However, it is also notable that Good Health Care has not witnessed a vast range of success under the leadership of Jackson. Jackson wasincapable of controlling the financial decline of the organization. Moreover, he had not pointed out the existing financial capability of the organization and recruited a good number of staffs and increased his own remuneration. Hiring staffs without having sufficient resources of the organization call a certain to decline to the financial development of an organization. Thus, Jackson can be identified as the reason for the financial decline of Good Hands. However, it is still notable that the initiatives taken by Jackson had some positive vibes that became capable to raise the organization from certain disaster (Musarrat, Afzal & Azhar, 2013). He became capable in managing the management conflict and helped the organization by providing highly capableleaders and efficient and diversified staffs for the organization. Thus, it can be stated Jackson was indeed the right person for the turnaround of Good Hands. This action could be beneficial for the board of the organization to compensate for the present remuneration package of Jackson which is $3million annually. However, this would not let the organization for any additional compensation to Jackson which they used to provide to Jackson as executive officer (Ture, 2017).
4). If I was a board member, I would prefer to ask for Jackson’s resignation. Beside this, I could have look for another chief executive officer who is capable of handling the organizational issues with successful plans. Moreover, I could propose the organization to promote from within the organizationalcapability. Promotion excluding the capabilityof the organization could result in a certain decline. Admiring the fresh perspectives could be beneficial for the organization to sustain in the market competition (Olomojobi & Apampa, 2015). Thus, I could have advice in the meeting to bring fresh perspectives that carry the potential to gain a competitive advantage for Good Hands with best industry practices. Strategic problem handling is the practice as per ethical organizational practices. To keep justice with the organizational ethics, I could have asked the Jackson to resign from the post of the chief executive officer and stay as the chairman of the board. This could have been a best strategic step to utilize the capability of Jackson and hire a fresh brain for the post of the chief executive officer. Hence, it is not easy to compensate for the certain financial decline of Good Hands (Rotberg, 2014). In addition, I could have proposed the organization to find an additional way to compensate for the financial resources. The effective utilization of thefinancial resources could raise Good Hands from their financial decline andcompensatetheir present troublesome management system.
References:
Amerjee, A. (2013). Role of the CAG in Meeting Challenges of Good Governance. SSRN Electronic Journal. doi: 10.2139/ssrn.2230720
Balasubramanian, B. (2009). Addressing Some Inherent Challenges to Good Corporate Governance. SSRN Electronic Journal. doi: 10.2139/ssrn.2125801
Delaney, L. (2015). The challenges of an integrated governance process in healthcare. Clinical Governance: An International Journal, 20(2), 74-81. doi: 10.1108/cgij-02-2015-0005
Franckhauser, M. (2013). Rural Healthcare and the Challenges of Home Healthcare and Hospice. Home Healthcare Nurse, 31(4), 227-228. doi: 10.1097/nhh.0b013e318289c429
Grindle, M. (2016). Good Governance, R.I.P.: A Critique and an Alternative. Governance, 30(1), 17-22. doi: 10.1111/gove.12223
Musarrat, R., Afzal, R., & Azhar, M. (2013). National Security and Good Governance: Dynamics and Challenges. Journal Of Public Administration And Governance, 3(1), 177. doi: 10.5296/jpag.v3i1.3525
Olomojobi, Y., & Apampa, O. (2015). Legal Perspectives of Good Governance in Nigeria: Reforms, Best Practices and Challenges. SSRN Electronic Journal. doi: 10.2139/ssrn.2713352
Rotberg, R. (2014). Good Governance Means Performance and Results. Governance, 27(3), 511-518. doi: 10.1111/gove.12084
Ture, I. (2017). The Challenges of Democratization and Good Governance in Guinea-Bissau. Journal Of Public Administration And Governance, 7(2), 130. doi: 10.5296/jpag.v7i2.11261
Wang, H. (2015). Are Invisible Hands Good Hands? An Extension. SSRN Electronic Journal. doi: 10.2139/ssrn.2569528
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