Competition and Business Strategy in Historical Perspective, Essay Example

What are the general perspectives offered pertaining To Growing the Medical IT Enterprise?

According to the author a person must develop an entrepreneurial mind set. In citing examples of how he first practiced as a doctor then acquired the expertise of being medical IT entrepreneur, it was moving away from merely practicing as a doctor into realizing his job to be a business. Kryder (2014 advanced that taking risks is a skill all entrepreneurs must acquire and master. In entering his new endeavor Kryder (2014) realized that along with taking risks and developing an entrepreneurial mindset one has to identify features within an organization that can be improved into becoming income generating entities (Higgins, O’Donnell,  Lamontagne & Kazan, 2013).

For example, he discovered that his organization articulated financial stratification instead of medical factors. Immediately the insight of creating IT tools adapting the thinking patterns demonstrated by doctors, especially, those pertaining to managing risks and inject them into database programs. Ultimately these programs would generate the same abilities doctors possess in thinking and managing risks. Hence, the clinical decision making software. Precisely, these programs integrate both the financial information which was already stored with medical/clinical information applicable to an appropriate medical health record information system (Higgins et.al, 2014).

What were some of the strategies (Kryder, 2014) applied in making it happen?

Kryder (2014) first assessed the market. In his evaluation he realized that healthcare information technology (HCIT) was a $40 million opportunity, which was in fact accounted for 23% of a 2 trillion healthcare market. Consequently, the growth projection was favorable. Next is identifying one’s strength and weaknesses. Therefore, in establishing and growing a business means that before allowing your weakness to inhibit growth always find someone to partner with who needs your strength, but also has the weakness quality you require for growing the organization/business (Higgins et.al, 2014).

Subsequently, Kryder (2014) partnered with Rudra Pandey. Essentially, he capitalized on the opportunities Panday offered in programing, which he lacked. While he did not force himself to lean and understand his expertise he developed some basic knowledge in the discipline. Also Kryder’s (2014) timing was appropriate since it would appear that he was an asset to Panday and Panday to him. As such, the partnership was ideal (Hill & Jones, 2012)

Based on this case study scenario what challenges are Expected when starting an IT business?

Financing always to seem to be a huge challenge when establishing a business. This was no different in Kryder’s (2014) case study. After building the product marketing it is another potential risk. It would appear that good fortune was in his favor and he overcame each magnificently and his business grew.

What lessons can be leant from this case study for applications To a contemporary HCIT business enterprise?

A major lesson is how a person with the incomplete heath information technology skill could create a magnificent enterprise through developing entrepreneurial skills. It is heartening to watch the adjustments made in medical science towards modernization and change in the technological transformation taking place globally. More importantly healthcare must be viewed as a business as well as a service entity. If the marketing and business features are removed healthcare practitioner would be deterred from growing business in the magnitude of Kryder’s (2014) and others who has set their footprints on the sand (Ghemawat, 2002 ).

References

Ghemawat, P. (2002). Competition and Business Strategy in Historical Perspective. Business History Review. Harvard Business Review

Hill, C., & Jones, G. (2012) Strategic Management Theory: An Integrated Approach (19th ed) Cengage Learning,

Higgins, R. F., O’Donnell, R., Lamontagne, S., & Kazan. (2013). D2Hawkeye: Growing the medical IT enterprise. Harvard Business School.