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NCF Medical Llc's Strategic Plan

1356 Words6 Pages

The information in this documentation is NCF Medical LLC’s strategic plan. A strategic plan is a record that explains an organizations goal, the actions in need to accomplish these goals, and other important components that develop throughout planning (Balanced Scorecard Institute, 1998-2013). The strategic plan includes the organization's vision, mission, people strategies, and values statements. The plan includes sources to perform an external and an internal environmental analysis. In addition, key success factors, budget, financial forecasting, a risk management plan is part of NCF Medicals strategic plan. NCF Medical LLC is a medical billing and coding company in Middletown, Connecticut. This company liberates clinicians of tedious …show more content…

Remote, industry, and operating environments help to influence the activities that an organization takes to remain competitive (Pearce & Robinson, 2013). Identifying the best value discipline, generic strategy, and grand strategy helps NCF Medical prosper. Recognizing alternative strategies is important for a company’s growth. NCF Medical has alternative strategies for the success of NCF Medical. Changing strategies is necessary to help a business continue its operations and to thrive. Strategic modifications are necessary for companies to compete in a market constantly growing and changing through cultural changes and technology. NCF Medical can increase the number of clients by advertising and offering competitive prices and services. To do this NCF Medical uses strategies like focusing, low cost leadership, and differentiation. This gives NCF Medical a way to stand out among the competitors and run …show more content…

The remote environment comprises present and future economic, social, ecological, technical, and political factors. The competitive environment, or the industry environment, describes the conditions of businesses providing a similar type of product or service. The operating environment involves customers, creditors, investors, employees, the marketing environment, and how a business uses and acquires resources (Frenz, 2013). NCF Medicals remote factors are other competing companies. Industry The industry environment is the general conditions for competition that influence businesses that provide similar product (Pearce & Robinson, 2013). Clients, suppliers, and competitors are part of the industry. Clinician’s needs and wants are the highest importance. Technology of electronic payments and fast medical billing makes NCF Medical desirable to clinicians to take over medical billing responsibilities. External Operations The external analysis uses opportunities, threats, and trends to determine the external environment (M3 planning, n.d.). The external operating environment contains competitive situations that affect a businesses success. The most important factor facing NCF Medical is the competitors. Other billing services in the area are a threat to NCF Medicals success. Many of the competitors are larger and companies with more

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