Upon receiving a controlled prescription, the pharmacist will also call other pharmacies to check a patient history and then call the patient’s insurance carrier, if one is available, to check even further. This is a very time consuming process that could be made less extensive if the Medicaid lock-in program was a requirement. The doctors would only have one pharmacy to contact and the pharmacy would only have to check their own records to make sure the patient was due for the medication. The lock-in program would allow the doctors and pharmacists to do their job more effectively and use their time more wisely for patients who need genuine
Medtron Limited Case Discussion Who is the client? • Medtron Limited and/or Dean Nichols • Dean is likely to be influenced by Mark Dixon (vice president of finance and sales), Curtis Dixon (VP of sales) and Gord Jackson (VP of production). There appears to be a large number of employees or stakeholders who are all related somehow. Past/present business strategy? • Full-line manufacturer of manual wheelchairs to all demand segments in the Canadian market.
CVS Health has 4 operating segments: CVS Pharmacy < Fills more than one of every seven prescriptions in America. CVS Minute Clinic < Nations Largest walk-in medical clinic inside the stores in 900 locations. CVS Caremark < Provides comprehensive prescription benefits management services for over 2000 health plans. CVS Specialty < Provides an array of specialty
Through its efforts, the health of the community and quality of life are enhanced. (http://bertfish.com/about/mission-and-vision/) Bert Fish medical center has 260.73 million dollars in patient revenues and 16.69 million dollars in non-patient revenue (mainly as support from the county in tax dollars to support Indigent care). The hospital has net income of only 1.36 million after paying for expenses and accounting for depreciation. The net income leaves very little cash to support and expand the operations. In addition, newer technology requires that the hospital invest even more in providing the updated technology to its customers to be relevant in the competitive health care sector.
“Canada, as a whole, provides a free, basic, healthcare system for its citizens and all legal residents. This usually includes access to a family doctor and emergency care or basic hospital treatment (Healthcare in Canada).”However, this system is far from perfect, and has many areas that could use improvement. Some countries, like France, do well in areas that Canada could use adjustment in. By looking at other countries such as France, we can gain insight into where our own healthcare system can and should improve. The problems that come out our healthcare system include high tax money being paid, long waiting room times, not enough physician care and shortages of beds.
A positive effect of Kudler Fine Foods in a monopolistic market structure is that they lead in the market and can increase competition between companies and make massive profits by setting higher prices (Colander, 2010). An advantage of a monopolistic competition structure is the ability to set and manipulate product pricing with little consequence because of their strong product differentiation. A disadvantage of a monopolistic competition market is product differentiation can generate unnecessary waste, and advertising can also be considered
Preventive care services are not covered. Positive is that doctors will receive higher revenue if they will see more patients (Valerius, Bayes, Newby, & Seggern, 2008). HMO is a managed care and most restricted plan. HMO patients choose medical providers only from the list and referrals are required. Also (except IPA members) doctors cannot participate in other plans.
The penetration price strategy also favors Wal-Mart’s business approach of low costs products and services. Wal-Mart customers’ expectations are quality products and services at a price that is marginally lower than the competition. The penetration strategy can significantly increase the lifetime value of customers, because they are “hooked” with the outstanding initial service offering. This approach also provides Wal-Mart with the additional business to remain in the maturity phase of the product life
Outsourcing brings proven benefits in the form of economic leveraging, increase in the quality of products and it provides a number of opportunities to less developed countries. For example in recent times, Americans are overwhelmingly supporting the major retail stores like Wal-Mart, Target and K-Mart. The reason behind this consumer loyalty is that it has become much easier to shop at these locations rather than the local mom and pop stores located on the corner of most neighborhoods. The benefit is that you can purchase everything on your shopping list from one location, saving you time, money and gasoline. In a highly competitive business world, on a firm’s priority list is the subject of increasing profit and reducing cost.
With today’s economy everyone is looking for a good deal. This strategy would allow promotional deals and bring in more revenue. Vitez (2014), “Many businesses develop pricing strategies to maintain a competitive advantage. These include penetration, economy, skimming, bundle and promotional strategies. Penetration pricing uses low initial prices to gain market share and slowly increases the price to its normal level.