Identifying Stakeholders and Forming Alliances

Identifying Stakeholders and Forming Alliances

Identifying Stakeholders and Forming Alliances

In today’s connected world, having a solid online presence is essential, especially when developing relationships with internal and external stakeholders and working on strategic initiatives. As a member of the executive team working on the recent merger of a hospital and a medical center, I understand the critical need to forge strategic partnerships with important stakeholders. In addition to exploring methods for building internal and external professional connections within the healthcare industry, this paper offers suggestions for successful networking through various channels. The healthcare industry will also be discussed, particularly Druid City Hospital (DCH) in Tuscaloosa, Alabama.

A Description of the Health Care Sector in Which I Work

As a Revenue Cycle Manager at Druid City Hospital (DCH) in Tuscaloosa, Alabama, I work in the healthcare industry. Hospitals, medical facilities, clinics, and private practices are just a few entities that make up Tuscaloosa’s dynamic and diverse healthcare industry. Druid City Hospital is leading in the region and provides the local population with a wide range of medical services. The healthcare industry in Tuscaloosa is distinguished by ongoing improvements in patient care, medical research, and technology, emphasizing enhancing health outcomes and providing the general public with high-quality services. As a revenue cycle manager, my role involves ensuring the efficient and effective management of financial processes, insurance claims, and reimbursement procedures within the hospital, contributing to the organization’s overall financial stability and sustainability.

Key Internal and External Stakeholders

The executive team, department leaders, medical personnel, and administrative staff are some of the critical internal stakeholders in the case of Druid City Hospital (DCH) in Tuscaloosa, Alabama. The CEO, CFO, and other top executives comprise the executive team, which monitors the hospital’s overall operations and makes strategic choices. The hospital’s numerous departments are led by department heads, which are essential in coordinating efforts and establishing shared objectives. The hospital’s success is greatly influenced by the medical staff, which consists of doctors, surgeons, nurses, and other healthcare workers. They directly contribute to patient care.

Patients and their families, insurance companies, regulatory agencies, regional community organizations, and healthcare industry partners are some external stakeholders in the healthcare sector at DCH. The hospital’s services are primarily geared toward its patients and their families, and building solid relationships with them requires carefully considering their contentment and well-being. Insurance companies are essential payers significantly influencing the hospital’s financial health (Ciulla et al., 2023). Regulatory entities, including state health departments and accreditation organizations, ensure compliance with healthcare standards and regulations. Understanding community needs and fostering community involvement activities are made more accessible by collaboration with regional community organizations.

Strategies Used To Develop Relationships with Internal and External Stakeholders

Developing relationships with internal and external stakeholders requires thoughtful strategies to ensure effective collaboration and mutual support. Here are four methods used to create these relationships:

Building Trust and Open Communication

Any connection that succeeds is built on trust. Maintaining open lines of communication, actively hearing others’ concerns and views, and being honest in decision-making processes are all necessary for building trust with internal and external stakeholders (Haavisto & Linge, 2022). Regularly exchanging courteous and sincere words helps establish trust, promotes teamwork, and creates a healthy work environment.

Collaboration and Common Objectives

To accomplish shared objectives, it is essential to promote cooperation among internal stakeholders. Employees from several departments can participate in cross-functional projects and decision-making procedures to achieve this. Employees feel empowered and respected when an organization promotes a collaborative culture, which boosts engagement and produces better results (Natrajan et al., 2019). Establishing alliances and partnerships with parties with similar objectives can result in productive synergies and cooperation.

Recognizing and Valuing Contributions

Relationships can be improved by recognizing and acknowledging internal stakeholders’ contributions. A pleasant work atmosphere is created, and people are encouraged to keep giving their best efforts by routinely recognizing the efforts and accomplishments of employees through formal and informal measures, such as performance-based rewards, public recognition, and individualized gratitude. Building strong, long-lasting connections with external stakeholders can also be accomplished by recognizing their contributions to the mission and success of the hospital, such as those made by community organizations or healthcare partners.

Guidelines on Networking

Professionals can strengthen their connections through networking, developing relationships, and looking for growth and collaboration opportunities. It is vital to adhere to specific rules when networking through various venues, including online events, conferences, social media, business meetings, or social events. By researching the situation or setting and being aware of their goals and objectives, professionals should make sure they are well-prepared for networking opportunities. They should participate actively in discussions, ask smart questions, and pay close attention to what others are saying. They should aim for genuineness, showcasing their skills and interests while also expressing a sincere interest in the work of their colleagues. In order to follow up and stay in touch, professionals must maintain ties through email and social media. It is strongly recommended that one participates constructively in debates, shares insightful observations, and lends support or aid to others. Professionals should also dress appropriately for the situation and consistently act with respect and professionalism in all encounters.

Conclusion

A successful professional career in the healthcare industry requires forging strategic partnerships with critical internal and external stakeholders and effective networking. Relationships can be cultivated and improved by putting tactics like clear communication, teamwork, appreciating contributions, and developing trust into practice. Guidelines for networking through various venues, such as conferences, social media, business meetings, and social events, also give professionals a road map for connecting with others in their field and fostering new relationships.

References

Ciulla, M., Marinelli, L., Di Biase, G., Cacciatore, I., Santoleri, F., Costantini, A., Dimmito, M. P., & Di Stefano, A. (2023). Healthcare Systems across Europe and the US: The Managed Entry Agreements Experience. Healthcare, 11(3), 447. https://doi.org/10.3390/healthcare11030447

Haavisto, V. E., & Linge, T. T. (2022). Internal crisis communication and Nordic leadership: the importance of transparent and participative communication in times of crisis. Scandinavian Journal of Hospitality and Tourism, 1–26. https://doi.org/10.1080/15022250.2022.2123038

Natrajan, N. S., Sanjeev, R., & Singh, S. K. (2019). Achieving job performance from empowerment through the mediation of employee engagement: an empirical study. Independent Journal of Management & Production, 10(3), 1094. https://doi.org/10.14807/a:link {text-decoration: none;}a:visited {text-decoration: none;
}a:hover {text-decoration: underline;} a:active {text-decoration: underline;}

ORDER A PLAGIARISM-FREE PAPER HERE

We’ll write everything from scratch

Identifying Stakeholders and Forming Alliances
Part of having a professional online presence is creating professional content for peers to engage with and to share your expertise.
Imagine that as a member of the executive team working on the strategic plan of the recent merger between the hospital and medical center, you
are asked about the strategies you use to forge growing professional relationships with internal and external stakeholders.

Identifying Stakeholders and Forming Alliances

Write a 700- to 1,050-word paper that discusses developing strategic alliances with key internal and external stakeholders and how to network
effectively within the health care sector in which you work.
• Describe the healthcare sector in which you work.
• Identify key internal and external stakeholders.
• Describe strategies used to develop relationships with internal and external stakeholders.
• Provide guidelines on networking through different venues such as online events, conferences, social media, professional meetings, or
social events.
Cite 3 reputable references to support your assignment (e.g., trade or industry publications, government or agency websites, scholarly works, or
other sources of similar quality).
Include a citation of your article in your assignment as the author of the article. An APA-formatted citation should be included in the body of the
article and referenced at the end of the article.
Publish the article on your LinkedIn® account.
Format your citations according to APA guidelines.
Submit a link to your article.
Alternative Assignment Option
If you are unable to, or would rather not, complete the assignment in LinkedIn, you may submit the assignment using a Word document. Please let
your faculty know if you intend to choose this option. In the document, please include all necessary components as described in the assignment
instructions. If you have any questions or need any clarification about the requirements, please ask your instructor.