Get Answer: Corporate Turn Around Question Guide

This question focuses on applying theory to practical scenarios.

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Focus on explaining concepts clearly and supporting them with examples.

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This topic involves corporate turn around. A strong answer should include explanation, application, and examples.

Original Question

If I was a corporate “turn-around” specialist and in this scenario where a hospital could be on the verge of shutting down, the three steps that I would take to hopefully help the hospital survive would be to improve quality of care, cost reduction/financial management, and have a specialized department. Quality of care is very important in the health care field in general because when you have updated medical equipment, staff that is well trained, and having good quality measures will attract more patient loads. Patients will want to come in knowing that they are getting great care and getting good testing with updated equipment. Cost Reduction/Financial Management could involve renegotiating contracts with suppliers, optimizing staff schedules, and reducing waste, which would be a huge step in saving a hospital. Also, specializing in a special department that may benefit a community better would help as well. If the cancer numbers are unfortunately high in a certain community, then possibly opening a cancer center would help because it would give more of those patients a closer option to receive care. “The corporation is often the sole legal entity capable of raising debt and equity capital for use by its various components; the essence of that direction and how well it is followed is watched closely by external stakeholders in the financial community” (Moseley, 2018). Having good values and knowing how to turn a hospital around to help save it is very important and can really save many lives by turning around to offer great care Reference: Moseley, G. B., III. (2018). Managing health care business strategy (2nd ed.). Jones & Bartlett Learning. What is your concise reply to this post above? Cite at least one source to support your reply.

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