Strategy Management and Health Information Technology Essay

Strategy Management and Health Information Technology - Essay Example As will be discussed in the preceding sections, this level of organic growth was most heavily impacted with regards to the acquisition of several key firms that offered software and logistics solutions with regards to the application of EMR (Goodwin et al, 2013). Finally, the current business seeking to broaden upon the way in which the Canadian health system integrates with and understands/utilizes electronic medical records. This is of course something of a gamble as it cannot be definitively determined which direction the health and governmental organizations that control the system might develop. Nonetheless, this is a gamble that Telus Health has been willing to take. Telus Business Strategy: As with any firm, Telus Health is most supremely interested in maximizing profits. Likewise, in order to affect such an end, it is necessary for the firm to grow into new markets, integrate with new products, and gain a higher level of customers/sales. Although there are many means to affec t such an end, the particular business strategy that Telus Health has chosen to engage with can most definitively be described as one of acquisition. An acquisition strategy is a strategy that many firms/organizations would doubtless love to be able to pursue. However, there is a costly requirement in order to pursue such an end. Generally, firms that pursue an acquisition strategy have excess capital in reserve. In order to do this, it is necessary for the firm to of experienced a large degree of success in the past or to have assets that it is willing to leverage in order to affect such a strategy. A small company with extra capital may use an acquisition strategy to gain a competitive advantage. An acquisition strategy entails purchasing another company, or one or more product lines of that company. For example, a small grocery retailer on the east coast may purchase a comparable grocery chain in the Midwest to expand its operations. As the reader can see, the acquisition of KinL ogix, MD Practice Software LP, and Wolf EMR have all served to underscore the level and extent to which the firm is leveraging the strategy of acquisition in order to boost profits. Explanation of Telus Health broader objectives In order to gain a larger share of profitability, firms generally seek to make gambles with regards to what direction they believe the industry is moving towards (Business Policy and Strategy, 2010). Accordingly, many times such gambles pay off. Conversely, many firms see their profits and viability wither and died based upon incorrect calculations of future markets in the direction to which current trends are pointing. Likewise, Telus Health has made a significant gamble with regards to the current market and prospects of the way in which the Canadian healthcare system will integrate with EMR. As such, the reader can see that Telus Health has come to the understanding that EMR will dominate the Canadian healthcare system in the near future. Accordingly, Tel us Health desperately wants to be part of the transformation by acquiring as many EMR firms that coalesce with its mission and desired future mission as possible. This is done as