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Case Analysis of Golden Year Village - Research Paper Example

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Introduction Healthcare is one of the important components of welfare programs of the government. In the recent times, increasing cost of healthcare deliverables have become major concern, both for the public and the government who is bearing the major cost…
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Case Analysis of Golden Year Village
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Download file to see previous pages CCRC or ‘Continuing Care retirement Community’ projects have evolved as standalone industries that meet the growing demands of healthcare issues of people in their post retirement period. The Golden Years Village is a CCRC project that primarily provides multifaceted post retirement healthcare services to elderly population above sixty years of age in Portsmouth, Pennsylvania. The paper would discuss the project as ‘for profit organization’, using SWOT analysis. Key strategic factors of Golden Years Village Strengths GYV has more than 29 years of experience in the area of meeting the healthcare needs of elder population and understands the myriad problems of old age It runs cost effective programs that give residents options of individual services and housing facilities as well as meeting their wider needs of personal requirements of assisted living and personalized nursing. The vast campus of GYV is also equipped with state of the art recreational activities which help the residents to de-stress and actively enjoy life. Uses technology to enhance operational efficiency. Despite previous losses, its profitability indicator is better than its rivals. Weakness Due to stringent government rules and regulation, cannot increase prices of its product to meet the increasingly higher cost of healthcare deliverable. The organizational structure is mechanistic and prefers stability and resists change. The centralized power significantly reduces empowered decision making capabilities of employees which adversely impacts performance and efficiency. Does not have strategic market plans for its products and mainly relies on word to mouth publicity as its major market ploy. It lacks financial resources to meet new challenges Opportunities The increasing number of aged population offers huge opportunities to expand its products to suit the growing demands of the people. Threat The major threat is from the new entrants that are ‘for profit’ organizations and who are better equipped to offer customized packages to customers. Wider implications of key strategic factors Golden Years Village is endowed with sprawling area and has expert human competencies that can utilize space and become more creative in their products and services. Ward et al. (1984) claim that 20% of the population is between the age group (60-69) while 65% is above 80 years of age! With increased life expectancy, population of elderly has rapidly grown. Hence there are huge opportunities for GYV to expand its products and services to meet the fast changing preferences of elderly population. The advancing technology has created more awareness amongst aged people and empowered people with myriad options. At the same time, awareness has also resulted in advance planning of post retirement period. GHY therefore should introduce new products that meet the changing requirements of people. People want to be more active and maintain healthy lifestyle. Hence, introducing alternative healthcare imperatives like yoga, meditation, naturopathy etc, would be hugely attractive as they offer holistic healing that takes into consideration the physical, mental and social aspect of the individuals. Ernst et al. (2004) have defined alternative medicine as diagnosis, treatment and/or prevention which complements mainstream by contributing and satisfying a demand that is neither met by convention nor by widening the conceptual frameworks of medicine. It helps people with better sense of wellbeing. Since, CCRC has emerged as an ...Download file to see next pagesRead More
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