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Mary Greenley Medical Center: Business Model Evaluation

Info: 746 words (3 pages) Essay
Published: 15th Mar 2021 in Business

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Background Information

Mary Greenley Medical Center (MGMC) was gifted to Ames, Iowa in 1916 by a Union Army officer in the Civil War named Captain Wallace Greeley. He gifted the hospital in memory of his wife Mary Greenley. MGMC is a public, nonprofit hospital and is the largest independent medical center in its primary and secondary markets. The hospital supplies 220 beds offering a wide range or medical services such as cancer care, surgery, mental health service and rehabilitation. MGMC provides health care to residents of a 13-county area in central Iowa ("About Mary Greeley Medical Center", 2020).

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Critical Evaluation

A company’s strategy is the set of actions that its managers take to outperform the company’s competitors and achieve superior profitability (Thompson, Gamble, Peteraf, & Strickland, 2018). The strategic decision that led MGMC to winning the Baldrige Performance Excellence award was making their mission, vision, and values a huge foundation in their strategic plan. MGMC focuses on four goals which are serious safety events, employee engagement, patient engagement, and net operation margin. Another strategy of MGMC was by offering different programs within the hospital, focusing on the patient’s needs, and having patient access. A wide range of programs like cancer care offered patients to seek medical support for MGMC because not only could they get everyday medical care there but also had specialty care that is harder to find.

Business Model

A company’s business model sets forth the logic for how its strategy will create value for customers and at the same time generate revenues sufficient to cover costs and realize a profit (Thompson, Gamble, Peteraf, & Strickland, 2018). MGMC focuses on making the community that surrounds them as their primary stakeholder. They also include the community in their strategic planning. This gives them an advantage over their competition because the community believes in their vision. One of the missions of MGMC is to provide the most cost-effective health care services while still making sure all the needs of the patient is met.

Competitive Advantage

MGMC has maintained competitive advantage over their competition. Competitive advantage whenever it has some type of edge over rivals in attracting buyers and coping with competitive forces. (Thompson, Gamble, Peteraf, & Strickland, 2018). MGMC differentiates itself from other hospital in a number of ways. Above all MGMC focuses on their patients. More than 75% of inpatients and outpatients would recommend MGMC to others and has also outperformed local competitors in top-of-mind hospital recall, preferred hospital, and brand power index ("About Mary Greeley Medical Center", 2020). They also outperform in the areas of hospice care, and home health care. One reason they maintain this advantage is by believing and focusing on the vision of “Doing What’s Right”. MGMC also focuses on adjustments in financial decisions over time. They have sustained Medicare spending per beneficiary at or close to the CMS top decile for four years. The maintain under budget for cost per adjusted admission and net revenue has remained stable over six year even with a tight labor market.

Sustainable Competitive Advantage

MGMC develops a sustainable competitive advantage by being a low-cost provider, a broad differentiation,

Vision, Mission, and Values

MGMC has a strong mission, vision and values that is Mission: To advance health through specialized care and personal touch. Vision: To be the best. Values: PRIDE in the quality of care we provide to our patients, visitors and families - People-oriented Respectful Innovative Dedicated Effective. These mission, vision and value statement works for MGMC because it is believe my everyone from the top leaders of the company to the employees and ever throughout the community.

References

  • About Mary Greeley Medical Center. (n.d.). Retrieved from https://www.mgmc.org/about/
  • Thompson, A. A., Gamble, J. E., Peteraf, M. A., & Strickland, A. J. (2018). Crafting and executing strategy: the quest for competitive advantage: concepts and cases. New York, NY: McGraw-Hill Education.

 

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