Strategic Plan Implementation of the Essay

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("Addressing Regulatory Compliance in Health Care," 2006)

Any required organizational change management strategies that would enhance successful implementation

To advance the implementation of this strategy, two different management principals must be embraced to include: the process orientated and people centered approaches. The process orientated approach is when you are examining an organization's procedures for: delivering the final product and services to customers. The people centered approach is when you looking at: how the attitudes, ideas and behavior of the staff will have an impact upon the company. These two elements are important, because they will help to improve the strategy by: addressing how the current policies and the action of the staff have created compliance issues. ("Types of Organizational Change," 2011)

Key success factors, budget, and forecasted financials, including a break-even chart

The success factors for the strategy will depend upon meeting certain goals to include: ensuring that everyone is following different procedures, examining the impact on the company's profit margins and analyzing how productivity can be improved (while maintaining the new compliance policy). To implement this kind of strategy, means that the budget will have to take into account increased amounts of time. This more than likely would cost in the range of: $2 million to $5 million dollars. Given the fact that the company is earning a net income of $1.72 billion a year, means that this strategy will not be a large expense. ("Aetna," 2011) as a result, the break event point can be covered within one to two days of the total net income for Aetna.

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Where, the company is earning approximately $4.7 million per day in net income. The below chart illustrates the average daily income and the maximum costs for this program.

What this shows, is that the breakeven point for implementing this strategy, would be approximately two days of the company's total net income. This is important, because it shows how this plan can: intelligently identify and fix various compliance issues.

Risk management plan, including contingency plans for identified risks

To manage the different risks it is imperative that you have a strategy that can monitor and address any kind of problems quickly. One way that this can be accomplished is through: a risk monitoring committee. These are individuals from around the company that will analyze: the underlying risks facing the Aetna and how they can be possibly mitigated.

Second, the company must have identified specific contingency plans for dealing with these risks. This would be accomplished through having a process of working with (regulators on regular basis), about the changes that are taking place. At the same time, outside consultants could be brought in, to determine how effectively the company is following the different regulations. At which point, training and new procedures can be implemented, to address the underlying problem. This is important, because it shows how this strategy can focus and adjust to the constantly changing risks......

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