After reading the article, write a two- to three-page essay that outlines three instances of how a company might standardize its offerings to improve efficiency and control costs.

Question:

According to many industry experts, forecasting can standardize the healthcare sector by regulating and reducing expenses and establishing a more accessible system for all patients.

Forecasting does, however, have drawbacks. Read the following article: The Promise and Peril of Healthcare Forecasting at http://www.ajmc.com/journals/issue/2012/2012-3-vol18-n3/

After reading the article, write a two- to three-page essay that outlines three instances of how a company might standardize its offerings to improve efficiency and control costs.

1. Provide a summary of each standardization technique you have discussed.
2. Go over the advantages and disadvantages of each standardization technique.

Next, compare and contrast your procedures and effective tactics that have been applied in other sectors. Describe how these might be used in the healthcare industry. Discuss how standardization is essential for adhering to industry benchmarks and best practices.

You must format your paper by APA requirements.

Answer:

Health Care Standardisation Techniques Forecast

Maintaining consistency and uniformity across several grades of a given article or product offered in various marketplaces is referred to as standardization. Standardization of products aids in lowering production costs. Standardizing the items often aids in maintaining the companys reputation and goodwill (Sage, 2019). For instance, the Coca-Cola corporation uses the same design theme worldwide, making it simple to recognize. As a result, it makes a sufficient profit and can keep the price of its goods in check. Similar to product standardization, healthcare forecasting can be used to strengthen the brands of medicines so that healthcare institutions can rely on them.

A corporation should standardize its service lines to offer clients or consumers the best facilities. A proper company operation timetable is required to finish a specific production volume. When service lines are standard, productivity increases and time is saved, which raises revenue and sometimes even lowers costs (RevCycleIntelligence, 2019). It also raises the workers and the production teams morale, enabling them to work efficiently and produce exceptional results. For instance, Heineken Beer uses cutting-edge equipment and technology to brew the highest-quality beer available anywhere in the world. This reduces the time they must spend brewing and gives them enough to satisfy current market demands (Markedbyteachers 2019). The services provided in the healthcare industry should uphold a proper level upon which the clients may trust and receive quality services. Inadequate care may result in situations that harm the patients health.

For an organization to flourish and advance, the experience inside that organization must be standardized. An experienced group of workers within a company aids in the rapid development of the business in all facets. Due to the high level of experience among the employees or workers in the company, appropriate knowledge and skills are acquired. This makes the proper application of skill sets in critical areas and the development of successful tactics to boost the company brand possible (Process Street, 2019). Vikram Kasbekar, who has extensive experience in the automotive and technology industries, serves as the Chief Technology Officer of Hero Motocorp Ltd. (Indiainfoline, 2019). He has been given the following classification due to his challenging job. Therefore, for them to handle complex medical problems, doctors, surgeons, compounders, and diagnostics should have the appropriate levels of experience. Patients may become critically ill due to bad experiences.

Benefits and Drawbacks of Standardising Methods

The benefits of product standardization include giving the strong brand a distinctive character by standardizing the products design and quality. People can quickly recognize the brands products, increasing product sales and availability in the market. Even the originality of the brand value is guaranteed, ensuring client happiness. One of the drawbacks of product standardization is that, over time, maintaining the same design pattern for the product can result in a significant drop in sales (Bhasin, 2019). Other companies may introduce new, appealing products with appealing designs and good quality, which could increase their popularity. For instance, a new pharmaceutical company might use a distinctive slogan to sell its medications, increasing sales compared to other well-known brands.

The benefits of standardizing service lines include improving the organizations ability to work more smoothly and efficiently and better meet the needs of its customers. The ability of a medical organizations staff to perform their jobs better and more ethically is improved by a strong service line. The drawbacks of standardizing service lines include the possibility of service quality being compromised if staff are not adequately trained. Without a prescription from a licenced physician, healthcare professionals who offer medication to patients run the risk of worsening their diseases and perhaps creating legal problems under the law governing medicine (Bhasin, 2019).

The ability to manage complex activities and offer consumers high-quality services are two benefits of having experienced employees within a company. It has been discovered that having personnel with the right experience and skill sets significantly increases the organizations financial growth. The drawback of personnel migration might have detrimental effects on the expansion of healthcare organizations. It is common to find that surgeons move between hospitals for better income. Finding replacements for their vacancies is exceedingly challenging and unsuitable for the hospital authorities.

References

H. Bhasin (2019). The pros and disadvantages of product standardization. Taken from https://www.marketing91.com/what-is-product-standardization-uses-and-advantages on October 17, 2019.

(2019) Indiainfoline. Vikram Kasbekar has been appointed as Chief Technology Officer by Hero MotoCorp. Hero Motocorp names Vikram Kasbekar as its Chief Technology Officer, retrieved on October 17, 2019, from https://www.indiainfoline.com/article/news-top-story/hero-motocorp-appoints-vikram-kasbekar-119070900398_1.html.

(2019) Markedbyteachers. Final Heineken Report. What marketing plan could Heineken implement to unify its advertising and brand image globally? - Business and administrative studies at the university - by Teachers.com marked. What marketing plan should Heineken implement to standardize its brand image and advertising globally? was retrieved on October 17th, 2019 from http://www.markedbyteachers.com/university-degree/business-and-administrative-studies/Heineken-Final-Report.html.

2019s Process Street. Why Process Standardisation Increases Productivity, Quality, and Morale | Process Street | Checklist, Workflow, and SOP Software. from https://www.process.st/process-standardization/, retrieved on October 17, 2019.

2019; RevCycleIntelligence. The Key to Excellence in the Healthcare Revenue Cycle is Care Standardisation. From https://revcycleintelligence.com/news/care-standardization-key-to-healthcare-revenue-cycle-excellence, retrieved on October 17, 2019.

SAGE. (2019). In 2003, Henry F.L. Chung published International Standardisation Strategies: The Experiences of Australian and New Zealand Firms Operating in the Greater China Markets. From https://journals.sagepub.com/doi/abs/10.1509/jimk.11.3.48.20156 (accessed on October 17, 2019).