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Perhaps no industry today faces greater challenges than healthcare, and industry professionals are seeking novel solutions to the problems they encounter every day. Unfortunately, much of the conventional wisdom in business is based on theories developed in manufacturing organizations; however, running a healthcare organization like a factory can lead to dissatisfaction of some of the firm’s most important stakeholders, including patients, managers, and employees, and it may even lead to inefficiency! Stakeholder theory offers an alternative approach that directly addresses these and other problems in healthcare organizations. It is based on developing trusting and productive relationships with stakeholders that lead to high levels of value creation, as indicated by stakeholder satisfaction, innovation, efficiency, and growth. This practical book includes state-of-the art thinking on stakeholder theory and strategic management to encourage a broader and more enlightened view of management. It outlines a process that is applicable to all levels of a healthcare organization, including evaluation of trends in the external environment that need to be addressed, analysis of internal resources, generation and selection of innovative solutions to the problems a firm is facing, and development of an action plan and control system to ensure that solutions are implemented and successfully address the most pressing issues.
