Health Market Analysis

Instructions

The purpose of this assignment is to conduct market analysis to set goals and formulate action and communication plans for the proposed initiative.
Before you begin the written assignment, make sure you have conducted research relevant to the strategic initiative business plan. Include

market analysis that can be used to formulate goals and outcomes, project structure, and

stake holder identification, needs, and communication.

In a 1,250-1,500 word business plan that is clear and concise and utilizes business language an style, address the following using bullet points, narratives, and relevant visuals.

History or rationale for the proposed strategic initiative, including industry trend data and other relevant research.

Market analysis (internal and external) summary and explanation for how this analysis supports the proposed initiative. Include discussion regarding

competition.

Measurable project goals and outcomes and their relationship to the strategic focus of the organization.

Description of the project structure including alliances, contractual relationships, etc. and explanation of how each supports the proposed initiative.

Prioritized list of project stakeholders and an analysis of the effect of diverse stakeholder cultures, values, beliefs, and experiences that need to be considered in the proposed initiative.

Table that summarizes the communication plan describing how information will be disseminated to stakeholders including the communication strategies to be used and justification for each, the types of communication channels to be used, and how the communication plan supports what you hope to achievewith the strategy initiative. Articulate the specific leadership skills you will use to facilitate collaboration and communication between stakeholders.

HI Thank you this paper is based on a Swot Analysis that I did a few weeks ago. Some of the information will be based off of the Swot analysis. The main focus will be the Strategic goal, I didn’t do well on the strategic initiative or goal so I will send some suggestions of the strategic initiatives you may use. The organization is the Mayo ‘clinic so that will stay the same. Thanks again and please let me Know if you need more Info .

SWOT ANALYSIS AND BUSINESS PLAN PROPOSAL-MAYO CLINIC HEALTH

Thesis statement: This article presents the SWOT analysis of the Mayo Clinic Health and a strategic goal of the organization based on the SWOT analysis made on the organization.

Strategic Goal: One strategic goal that the health clinic will focus on is the compensation plan based on the salary of Mayo clinic doctors to enhance patient care through the offering of multidisciplinary practices. Another goal for the Clinic is to improve the facility’s technological equipment to improve the innovation and research work of the Clinic.

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Your organization is very good but your strategic plan is not good. It is more of an operational plan and not strategic. It is also very broad and general. Please read the study aide for week 4 and Ch. 1 of the text about the difference. I recommend that you use one of my suggestions. Please read through the weekly study aides that I post in the Announcements section of our class.

It would be good to have a strategic plan that will increase patient counts, revenues, make a profit and be covered by the patients’ health insurance. I recommend that you use one of my strategic plan suggestions in the week 4 study aide.

RECOMMENDATIONS FOR GOOD STRATEGIC PLANS BY PROFESSOR

An example is in your SWOT analysis, you discovered that there is a need for more services for cardiac care for a suburb of your city where the average age is 60 years old and the average income is 70 K. You decide that it would be a good strategic action plan to build a new, state of the art cardiac unit in this area.

Action plan topic suggestions. Good strategic plan project for your action plan are a new clinic for women’s health, a new heart hospital, a new children’s hospital, a new behavioral health clinic, new robotic surgeries. You want to add a new service or clinic that will be profitable such as a new cosmetic surgery, weight loss, or medical spa. These are usually cash-for-service businesses and bypasses health insurance expenses. With a good location, medical staff, marketing with financial backing from your health care organization, they should be very successful.

Profitable health care services for health care providers: cardiac services, outpatient cancer care, cosmetic surgeries, home health, managed care organizations, retirement apartments, assisted living facilities, urgent care facilities, industrial health screening, dental care, alcohol and drug abuse programs, laboratory services, maximizing tax advantages by having some for profit and some not-for -profit organizations.

These strategic plans will increase customer base and/ or the geographic services area in the future. Strategic plans are created by a good company CEO that will place the company in a better position in relation to the competition in the future. You should also be able to justify your strategic plan with information you learn from your SWOT analysis in your paper.

Poor strategic topics, reducing absenteeism, reducing employee accidents, reducing staff infections. These are improving current operations. These are not good strategic projects: improvements within a current department. They are within the realm of current administration duties and management. They are not new services or strategic projects for the future expansion of the customer base and health care service of the organization in relation to your competitors. A poor strategic plan is one that will improve operations which all of the competition is striving to do and a vague and general project.

I recommend that you read this article below about health care profitable opportunities.

References

Gray, B. H. (2020, August 2020). An Introduction to the New Health Care for Profit. Retrieved from NCBI.nlm.nig.gov: https://www.ncbi.nlm.nih.gov/books/NBK216767/

I recommend one specialty type hospital or clinic in one location.

Please read through the entire week 4 study aide to get a good understanding of the assignment. Thank you. Professor Steve

SWOT ANALYSIS

Strengths

· The Clinic has an integrated medical record-keeping system

· The Clinic has a well-incorporated teamwork strategy that enables the physicians to execute their duties appropriately.

· Mayo Clinic gives a lot of concern on innovation and research that enhances prevention and treatment qualities in the hospital (All Answers Ltd, 2018).

· The Clinic focuses on quality delivery to improve patient experiences based on knowledge, care technology, and expertise.

· Diversity in the workforce creates efficient dealing with patients from different backgrounds.

Weaknesses

· The diversity in the workforce also poses a threat to conflict within the organization.

· The outpatient ambulatory system of the Clinic ranked below an average of 12 by 2008 hence reducing the Clinic’s ratings.

· Variation in patient’s life intensity care shows inconsistencies in treatment at different Mayo hospitals (All Answers Ltd, 2018).

· The organization faces high competition in the health care sector, thus leading t low collaboration and resource sharing.

Opportunities

· Broad health care market-creating opportunity for organization expansion to reach new regions and states, thus broadening the Clinic’s scope.

· The extensive research work and translation create new diagnosis and treatment techniques (All Answers Ltd, 2018).

· Collaboration with the business community due to expansion outside healthcare facilities.

· Group purchasing and service sharing by the affiliate clinics.

Threats

· The sharing poses threats and risks to the general organization by risking some of the collaborative activities ventured into by the Clinic.

· Inadequate medical practitioners with high qualifications in America (All Answers Ltd, 2018).

· Competitor’s criticism of the innovations and researches done by the Clinic

· Compensations on salary increase the fixed cost of the Clinic

Strategic goals

The Clinic will look for a means of raising funds to cater to the doctors’ salary-based compensation scheme to enable the organization to gain a stable financial ground since it is a non-profit health facility. To solve the issue, the Clinic will seek compensation insurance cover on the workers and doctors to reduce the cost of the hospital having to withdraw money to compensate the doctors. In case a doctor or any worker gets injured. At the same time, in line of duty, they will have to be compensated through the workman compensation scheme, thus relieving the hospital from directly paying for their services and requirements. Sorting the compensation plan will:

Attract numerous highly qualified employees.
Prove to the employees that their needs are also prioritized by the Clinic, making the Clinic a better employer, competitive level, and expansion.
Help the Clinic retain good employees since getting highly qualified employees is difficult and once got the Clinic cannot afford to lose them to other competitive health care hospitals.Health Market Analysis

Improving the technological equipment of the organization should also be made a priority since it enhances the overall performance of the Clinic and provides quality patients care services that enable the company to gain a lot of advantages over its competitors and gain the trust of the patients. The technological improvement strategic goals will address how to improve the digital customer record system, access new innovative tools and technologies, and research analyzing tolls. The Clinic needs to invest largely in the research work by employing highly qualified research personnel and providing required resources to provide detailed research, thus blocking criticism from other competitive healthcare facilities. The Clinic will also look for a means of funding its research programs to avoid delay in research completion and thus attracting more innovative works to the Clinic. The Clinic will also revive its investment policies to cover a significant part of the company operations. Some of the advantages the Clinic will gain by revising its strategic goals will be:

Will have improved patient care delivery and good record keeping, which can be accessed whenever needed.
The Clinic will also produce good sufficient research works that elaborate the new means and methods of treatments to be used by the Clinic.
Having a better advantage over its competitors.

References

All Answers Ltd. (2018). Swot Analysis Of Health Care Organization Mayo Clinic Health Essay. Retrieved 17 June 2021, from https://nursinganswers.net/essays/swot-analysis-of-health-care-organization-mayo-clinic-health-essay.php

Health Market Analysis

It would have been better if you had used one of my strategic plan suggestions that are listed in the week 4 study aide. Some good work in completing the 1st part of your business plan and SWOT analysis. You had some fair points in your SWOT analysis of your course strategic plan. You could have used more detail in your paper and analysis and also some quantitative data. The more exact and up-to date data, the better your chances that your strategic plan is successful. Specific numbers concerning your market and its population can help you provide needed health care services to them. You will work on the other sections of this strategic plan in latter weeks in our class. Remember to use the Week 4 study aide that are posted in the Announcement section in our class, to maximize your grades. Be sure to review the graded rubric as well as the study aide I posted for this assignment for more insight into how your grade was determined. Please review the graded rubric that I have completed for your paper for more insight and feedback concerning my evaluation and your grade.

APA errors on your Reference Page. Please review the GCU resources and template for APA. I have posted some APA information in the Questions for the Instructor Forum to help you with APA also. Let me know if you have any questions or need assistance with this.

You may use your action plan if you desire. Sorry but your action plan is not good in my opinion because it is not a good new strategic initiative but just a general operational improvement plan for current operations. It is very generic and general. Please read below for more information and examples below. You may resubmit and redo this assignment if you desire and also have extra time. I recommend that you use one of my strategic suggestions in dark blue on the next page and carefully read all of the information on this document to under these class assignments. Thank you and let me know if you have any questions. Professor Steve

Health Market Analysis

Study Aide for Module 4 for HCA 470- Strategic Planning and Implementation in Health Care.

I recommend that you use the same organization that you did in week 1 which is probably on the list below. These top health care organizations will provide you with more information for completing these assignments. Getting access to data is very important for quality papers and creating a good business strategic plan and that is why I am suggesting one of these health care organizations.

Use statistical evidence on this. Hospital Compare at the Medicare.gov website contains this information.

RECOMMENDATIONS FOR A GOOD HEALTH ORGANIZATION FOR YOUR 5 BUSINESS PLAN ASSIGNMENTS BY PROFESSOR STEVE:

Top 7 hospitals in the United States:

Johns Hopkins Hospital in Baltimore
Massachusetts General Hospital in Boston
Mayo Clinic in Rochester, Minnesota
Cleveland Clinic in Ohio
UCLA Medical Center in Los Angeles
Northwestern Memorial Hospital in Chicago
UCSF Medical Center in San Francisco

The more specific information you have about your organization, the more useful and better your business plan will be.Health Market Analysis

Business Plan Part 1: SWOT Analysis and Business Plan Proposal

The purpose of this assignment is to conduct an external assessment to determine an appropriate strategic goal for an organization.

A SWOT analysis is part of strategy formulation that leads to goal setting and then progresses to the development of a business plan. Using the organization selected in Topic 1, complete the “SWOT Analysis Template.” Note that the results of the SWOT analysis should be used to develop the “Strategic Goal(s)” section of template. Strategic goals will be the focus of your proposed business plan. Each section of the SWOT analysis should contain a minimum of four bullet points, each supported with a credible source. The SWOT analysis bullet points should contain clear statements that make sense to those who are unfamiliar with the selected organization.

While APA style is not required for the body of this assignment, solid academic writing is expected, and documentation of sources should be presented using APA formatting guidelines, which can be found in the APA Style Guide, located in the Student Success Center.

This assignment uses a rubric. Review the rubric prior to beginning the assignment to become familiar with the expectations for successful completion.

You are required to submit this assignment to LopesWrite. Refer to the LopesWrite Technical Support articles for assistance.

Strengths

In this section include information regarding:

· Strengths – characteristics that are attributes of the organization (internal in origin) that would be helpful in achieving the strategic plan.

Weaknesses

In this section include information regarding:

· Weaknesses – characteristics that are attributes of the organization (internal in origin) that would be harmful in achieving the strategic plan.

Opportunities

In this section include information regarding:

· Opportunities – characteristics that are attributes of the environment (external in origin) that would be helpful in achieving the strategic plan.

Threats

In this section include information regarding:

· Threats – characteristics that are attributes of the environment (external in origin) that would be harmful in achieving the strategic plan.

Health Market Analysis

References

Part 1: SWOT Analysis – Topic 4 [It is important to determine need after your SWOT analysis and you can analyze your data and findings] ie. You should not pick an Action plan project before your SWOT analysis is completed and to just guess on what you think the community needs.

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Part 1: SWOT Analysis: I recommend that each part be 400-500 words in length (title page and reference pages not included in this word count). I recommend that you have strong introductory, purpose statement, and conclusion paragraphs in your paper.

A SWOT analysis is part of strategy formulation that leads to goal setting and then progresses to the development of a business plan.

Health Market Analysis

Rubric pointers for this assignment for top scores:

Identification of four organizational strengths that would be helpful in achieving the strategic plan and are supported by credible sources is exemplary.

I specialize in health care economics so that may be a reason that I stress statistics and facts in studying health care systems. It is important in writing college papers, to justify your comments and conclusions with concrete facts. Great statistical evidence on the performance of your hospital can be found at Hospital Compare at the Medicare.gov website.

Identification of four organizational weaknesses that would be harmful in achieving the strategic plan and are supported by credible sources is exemplary.

Identification of four external opportunities that would be helpful in achieving the strategic plan and are supported by credible sources is exemplary.

Identification of four external threats that would be harmful in achieving the strategic plan and are supported by credible sources is exemplary.

Thesis statement and identification of at least one strategic goal is exemplary.

Writer is clearly in command of standard, written, academic English.

Health Market Analysis

Sources are completely and correctly documented, as appropriate to assignment and style, and format is free of error.

I recommend that you include quantitative data concerning your SWAT analysis. These numbers will help support and justify your analysis.

Be sure to get pertinent stats in both the internal and external environments. Financial performance and condition, resources, economic, service area, state and country, demographics.

References

Audited Financial Statements. (2012, December 31). Retrieved from dacbond.com: http://www.dacbond.com/dacContent/doc.jsp?id=0900bbc78011bf74

Medicare.gov. (2017, March 11). Retrieved from Hospital Compare- Find a hospital: https://www.medicare.gov/hospitalcompare/search.html

Health Market Analysis

It is recommended that you use 2 total outside sources for this important quality presentation. Expert input can be achieved through outside sources.

Our class is Strategic Planning and Implementation in Health Care and it is important to use facts and figures in your reasoning and justification of your assertions. It is vital to use measures and numbers in the academic, critical-thinking analysis of health care. I believe statistics and facts are important in studying health care systems. Having facts and empirical evidence to support the assertions in your paper are important. Empirical evidence relies on practical experience rather than theories. Empirical evidence is data and information obtained by creating assumptions over a specific topic, observing the collected data and experimenting to prove or disprove a theory.

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While GCU style format is not required for the body of this assignment, solid academic writing is expected, and in-text citations and references should be presented using GCU documentation guidelines, which can be found in the GCU Style Guide, located in the Student Success Center.

Here are some great sources to find demographic information and charts for your this assignment. I recommend these sources below:Health Market Analysis

US census info., http://factfinder.census.gov/faces/nav/jsf/pages/index.xhtml

Demographic Statistics By Zip Code: https://catalog.data.gov/dataset/demographic-statistics-by-zip-code-acfc9

The marketing dept of local hospitals.

Articles from City Newspapers.

Chamber of Commerce

Economic development for your city (Google Search)

State Public Health Dept.

City Public Health Dept.

Local Hospitals

Your cities web site.

“State and County Quick Facts” United States Census 2000. US Census Bureau.
http://quickfacts.census.gov/qfd/states/48/4803000.html

American Hospital Directory, 2006: www.ahd.com
Health Market Analysis
Demographic Information of your city:

Primary Diagnosis for Hospital Admission, 2006:
http://lapublichealth.org/spa2/reports/report00/rep00.pdf

Age, income, race, occupation, gender and disease stats are useful for your
demographic research. These can help identify marketing opportunities and weaknesses for your health care facilities. If you were a Marketing Director for a health care facility, you would need to use this information for strategic planning.

Medicare.gov. (2015, May 18). Retrieved from Hospital Compare: http://www.medicare.gov/hospitalcompare/profile.html#profTab=0&ID=370091&Distn=11.2&dist=25&loc=74033&lat=35.944592&lng=-96.0097018&AspxAutoDetectCookieSupport=1

References

Smart Draw. (2018, August 17). SWOT Analysis – What is SWOT? Definition, Examples and How to Do a SWOT Analysis. Retrieved from SmartDraw: https://www.youtube.com/watch?v=JXXHqM6RzZQ

Above is a good video explaining SWAT analysis that will help you in the SWAT analysis that you will be completing for your course project. A reason why you are taking this class for your health care management degree is that you will learn how to make executive health care project decisions.

Health Market Analysis