Portfolio Management and Strategy Formulation

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One of the healthcare dilemmas in healthcare is adoption ofElectronic Health Record since it requires legal and financialassistance for it to be implemented. All the stakeholders inhealthcares need systems that facilitate fast and easy way of takinghealth records. Electronic Health Records plays an important role inreforming health organizations based on the fact that innovation andtechnology is used to record patient data that can be shared whenrequired by the patient or any other healthcare.

The most criticalstrategy-related challenges facing the organization are financial,legal and ethical challenges. It is imperative that the organizationneeds financial assistance for it to buy and maintain the systemsthat record the patient data (Amatayakul and Lazarus, 2005). Patientdata must be kept in a way that is confidential and thus patient’sdata may be excluded from electronic storage of data. The legaldilemma of the Electronic Health Record is subjected to the cliniciansince they have the responsibility of reporting any safety issue andreview the system.

The option that isbeneficial for the organization is adoption of Electronic HealthRecord since there is need to reform healthcares. It is the role ofthe management to ensure that financial assistance is provided sothat the Electronic Health Records are implemented (Amatayakul andLazarus, 2005). The additional consideration that is important andshould be kept in mind when the organization is formulating strategyrelating to Electronic Health Record is business portfolio analysis.This is because it entails formulation of techniques that involvesthe philosophy of the organization and incorporates other businessorganization so that they can share ideas regarding the system beingimplemented. Porter’s model can also be used as external factor sothat the organization in future can be competitive and ensure thatinnovation and creativity is attained.

References

Amatayakul, M., &amp Lazarus, S. S. (2005). Electronic healthrecords: Transforming your medical practice. Englewood, Co.:Medical Group Management Association.

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