SPECIALIZATION: COMPULSORY COURSE: SEMESTER:

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1 PROGRAMME: Interdepartmental Programme of Postgraduate Studies in Business Administration (MBA) SPECIALIZATION: Health care Management COMPULSORY COURSE: Strategic and Financial Management in Health Care SEMESTER: 3 rd INSTRUCTOR: Vassilis Aletras COURSE SYLLABUS Course Description: Since the 90s it has become clear that firms need to seek operational effectiveness by means of strategic positioning and financial management in order to secure long-run profitability. This course teaches basic principles and techniques of Strategic Management and Financial Management, which are of interest to all those working in executive positions in the private sector (e.g. clinics, pharmaceutical firms, medical equipment firms), as well as to health care staff employed in the public sector (e.g. Regional Health Systems, NHS hospitals, Health Centers). The aim is students to familiarize with the principles and methods of strategic management and finance by means of lectures, case studies from the real world and applications of the acquired knowledge and skills in health care units. Initially, we discuss the meaning and role of strategic positioning with the use of case studies (e.g. Shouldice hospital). Next, we present various tools and concepts related to strategic and financial management (e.g. Business Plan, Balanced Scorecard, PEST analysis, Porter s Five Forces model, financial statement analysis, break-even analysis). Learning Objectives: Upon completion of the course, students will: Know theories and techniques of Strategic and Financial Management Have analyzed a variety of real world situations (case-studies) so that they will more deeply acknowledge the value of the tools presented Be familiar with certain important tools of Strategic Management and Financial Management and know how to apply them in their own setting 1

2 Be in a position to find, evaluate and synthesize different bibliographic sources in order to be able to acquire knowledge on new theories and tools by themselves Know how to avoid pitfalls while applying the tools of strategic and financial management in their work Assessment: Students will be asked to carry out an assignment related to the course material, e.g. apply a strategic management technique in their own work environment (30% of the total grade). This assignment is compulsory and will be presented also in class with the use of powerpoint. The written examination at the end of the semester accounts for 70% of the total grade. For the successful completion of the course students must obtain grades 5 or above in both tasks. Communitcation: Students can communicate with the instructor via (valetras@uom.gr, valetras@gmail.com), or phone ( , ). Suggested book: Ginter P, Swayne L, Duncan W. (2002) Strategic Management of Health Care Organizations. London: Wiley-Blackwell Publishing. Other reading: - Γεωργόπουλος Ν. (2006) Στρατηγικό Μάνατζμεντ. Αθήνα: Γ. Μπένος. - Θεοδωρόπουλος Α. (2003) Στρατηγικός Επιχειρηματικός Σχεδιασμός. Αθήνα: Εκδόσεις Προπομπός. - Κοντάκος Α, Παπασπύρου Λ. (1993) Ανάλυση Οικονομικών Καταστάσεων. Αθήνα: Έλλην. - Μιχαλόπουλος Μ, Γρηγορούδης Ε, Ζοπουνίδης Κ. (2007) Στρατηγική των Επιχειρήσεων. Αθήνα: Κλειδάριθμος. - Πολύζος Ν. (2007) Χρηματοοικονομική Διοίκηση Μονάδων Υγείας. Αθήνα: Εκδόσεις Διόνικος. - Baker J, Baker R. (2000) Health Care Finance: Basic Tools for Nonfinancial Managers. Gaithersburg: An Aspen. - Harvard Business Essentials (2005) Strategy: Create and Implement the Best Strategy for your Business. Harvard Business School Press. - Hunger D, Wheelen T. (2004) Εισαγωγή στο Στρατηγικό Μάνατζμεντ (3 η έκδοση). Αθήνα: Κλειδάριθμος. 2

3 - Joyce P. (1999) Strategic Management for the Public Services. Maidenhead: Open University Press. - Kaplan R, Norton D. (1996) The Balanced Scorecard: Translating Strategy into Action. Boston: Harvard Business School Press. - Kaplan R, Norton D. (2001) The Strategy-focused Organization: How Balanced Scorecard Companies Thrive in the new Business Environment. Boston: Harvard Business School Press. - Krowinski W, Steiber S. (1996) Measuring and Managing Patient Satisfaction (2 nd ed.). American Hospital Publishing. - Moseley G.B. III (2009) Managing Health Care Business Strategy. Massachusetts: Jones and Bartlett Publishers. - Niven P. (2002) Balanced Scorecard. Step-by-step: Maximizing Performance and Maintaining Results. New York: John Wiley & Sons. - Porter M. (1980) Competitive Strategy: Techniques for Analyzing Industries and Competitors. New York: Free Press. - Semple-Piggot C. (2000) Business Planning for Healthcare Management (2 nd ed.). Buckingham: Open University Press. - Schulz R, Johnson A. (1990) Management of Hospitals and Health Services: Strategic Issues and Performance (3 rd ed.). Washington, D.C.: Beardbooks. - Walshe K, Smith J. (2006) Healthcare Management. New York: Open University Press. - Walsh C. (2006) Key Management Ratios (4 th ed.). London: FT Prentice Hall. - Zelman W, McCue M, Millikan A. (1998) Financial Management of Health Care Organizations: An Introduction to Fundamental Tools, Concepts and Applications. Massachusetts: Blackwell. Lectures Schedule Lectures 1 2: Introduction to Strategic Management What is Strategy? Case-study: The Shouldice private clinic - Ginter, Swayne & Duncan (2002): ch Heskett J, Hallowell R. (2005) Shouldice Hospital Limited (Abridged). Case Study, Harvard Business School. - Porter M. (1996) What is Strategy?, Harvard Business Review, Nov-Dec., pp Lectures 3 4: Business Planning in Health Care What is business planning? The process of strategic planning 3

4 The elements of a successful business plan S.W.O.T. analysis Examples of Greek business plans in health care - Γεωργόπουλος (2006): κεφ Υπουργείο Υγείας και Πρόνοιας (2001): Επιχειρησιακό Σχέδιο Νοσοκομείων ΕΣΥ: Εγχειρίδιο (Manual) για την Κατάρτιση Υλοποίηση Παρακολούθηση του Επιχειρησιακού Σχεδίου. Αθήνα. - Ginter, Swayne & Duncan (2002): ch. 1 & 5. - Harvard Business Essentials (2005): ch. 1-2 & Hunger & Wheelen (2004): κεφ Joyce (2003): ch Moseley (2009): ch Semple-Piggot (2000): ch Walshe & Smith (2006): ch. 11. Lecture 5: Alternative Strategies Types of business strategies Case studies in health care - Γεωργόπουλος (2006): κεφ Κυρίτσης Χ. (2007) Στρατηγικές Ανάπτυξης του Ιδιωτικού Τομέα Υγείας στην Ελλάδα: η Περίπτωση του Θεραπευτηρίου Υγεία. Διπλωματική Εργασία, Πανεπιστήμιο Πειραιώς, Τμήμα Οικονομικής Επιστήμης. - Μιχαλόπουλος, Γρηγορούδης & Ζοπουνίδης (2007): κεφ Ginter, Swayne & Duncan (2002): ch. 6 & 7. - Harvard Business Essentials (2005): ch Monitoring and Control of Business Plans (invited lecture by K. Christoglou) Criteria specification Monitoring and control process Tools for effective monitoring and control of business plans Identifying and correcting deviations from targets 4

5 - Υπουργείο Υγείας και Πρόνοιας (2002) Οδηγός Κατάρτισης του Επιχειρησιακού Σχεδίου των Νοσοκομείων του ΕΣΥ. - Stutely R. (2003) Το ιδανικό επιχειρηματικό σχέδιο. Εκδόσεις Παπασωτηρίου. Lectures 7 8: Balanced Scorecard Balanced scorecard and its dimensions Factor affecting its successful implementation Case study: Didimotiho hospital - Πολυτεχνείο Κρήτης (2008) Ανάπτυξη και Πιλοτική Εφαρμογή Συστήματος Αξιολόγησης με βάση την Προσέγγιση της Ισορροπημένης Κάρτας Επιδόσεων (Balanced Scorecard) στο Νοσοκομείο Διδυμοτείχου. Τελική Έκθεση. - Kaplan & Norton (1996): ch Kaplan & Norton (2001): ch Kaplan R, Norton D. (1992) The Balanced Scorecard Measures that Drive Performance. Harvard Business Review, Jan-Feb. - Kaplan R, Norton D. (1993) Putting the Balanced Scorecard to Work. Harvard Business Review, Sep-Oct. - Meliones J. (2000) Saving Money, Saving Lives. Harvard Business Review, Nov- Dec. - Niven (2002): ch Lectures 9-10: Financial Analysis in Health Care Units Balance Sheet and Profit Loss Account The use of financial ratios Break even analysis Examples of financial analyses in Greek clinics - Κοντάκος & Παπασπύρου (1993): κεφ. 2, 3 & 8. - Πολύζος (2007): κεφ Baker & Baker (2000): ch. 7 & 13. 5

6 - Walsh (2006): ch. 2-5, 9-10 & Zelman, McCue & Millikan (1998): ch Lecture 11: Quantifying Strategic Targets: the Case of Patient Satisfaction Patient satisfaction in the context of Business Plans and Balanced Scorecards The measurement of patient satisfaction Empirical investigations of patient satisfaction in Greece - Αλετράς Β, Ζαχαράκη Φ, Νιάκας. (2007): Ερωτηµατολόγιο µέτρησης της ικανοποίησης των επισκεπτών των Εξωτερικών Ιατρείων Οφθαλµολογικής Κλινικής ελληνικού δηµόσιου νοσοκοµείου. Αρχεία Ελληνικής Ιατρικής, 24(1): Aletras V, Papadopoulos E, Niakas D. (2006): Development and preliminary validation of a Greek-language outpatient satisfaction questionnaire with Principal Components and Multi-trait analyses. BMC Health Services Research, 6:66. - Krowinski & Steiber (1996): ch Week 12: Student Assignment Presentations Oral presentations of their work with the use of powerpoint slides Discussion of the topics raised by their presentations 6