SWOT Analysis - Grade: A PDF

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This week’s assignment will allow you to generate content that you will incorporate into the Market Analysis section of your Final Project. To prepare for this assignment, read Chapter 4 of the course text and the article by Simoneaux and Stroud (2011). You may also want to review the recommended ar...

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SWOT Analysis DonaVon Kent MHA 626 : Strategic Planning & Marketing in Health Care Dr. Christina Gardiner November 15th 2021

2 Introduction HCA Healthcare is an American private healthcare organization with more than 1700 healthcare sites. Founded in 1968, the for-profit organization has continuously engaged in research and data collection from the patients to understand current healthcare trends. Findings from their thorough research are then used to produce peer-reviewed journals and enable the company to steer forward towards achieving its objectives in the healthcare industry (HCAHealthcare, 2021). Its 186 operational hospitals enable professional doctors to offer healthcare services to a substantial percentage of citizens in America. Some of the sites include emergency rooms, physician clinics, surgical suites, and immediate care centers, just to mention a few. A SWOT analysis enables the CEO to understand its current market position and device appropriate strategies for thrashing its competitors (Valentin, 2001). Strengths HCA Healthcare has been continuously investing significant amounts of financial resources towards maintaining its brand portfolio. Paying attention to its portfolio enables the company to maintain a strong public image and trust (HCAHealthcare, 2021). As a giant organization in its industry, having a strong brand portfolio assists its ineffective resource allocation, which reduces wastage rates, creating exceptional value for available goods and services. Automation of organizational service facilitates HCA's consistency in service delivery and quality of products. The automation process provides it with enough chances of either scaling down or up depending on available conditions in the industry (HCAHealthcare, 2021). Having a strong customer relations team promotes improved customer satisfaction annually. A

3 substantial percentage of their clients refer friends and family members to the organization because of their value towards the customers. This has also assisted in creating and maintaining a formidable brand portfolio. Weaknesses A poor feedback system costs the company its current market share. The organization has faced immense difficulties in handling threats of new entrants in the industry. Despite its position among the leading companies in healthcare provision, HCA Healthcare has witnessed small decreases in its market share (Englebright & Executive, 2018). Having a strong feedback system from the sales team to other departments will enable HCA to handle the challenges mentioned above in good time. Additionally, the finance department has failed in providing effective strategies for financial planning. Current research records suggest a poor use of available illiquid and liquid assets, leading to slow profit generation. The current organizational culture prevents HCA from investing in varying products in the industry. Its strategies do not allow for an immediate move towards other product segments (HCAHealthcare, 2021). Also, it has been difficult for the CEO to integrate a comprehensive working culture among all sites and hospitals. Having many sites in more than 20 states makes it difficult to instill a primary culture. Opportunities A comprehensive increase in customer spending, especially after an economic slowdown during the pandemic period, is the best opportunity for the organization to attract a bigger percentage of customers who will help improve its current market share. The organization also needs to focus on current technological trends and use emerging software to increase product

4 distributions, service delivery, insurance claims, and customer satisfaction (HCAHealthcare, 2021). Implementing the integrated healthcare model will help HCA improve patient service provision through continuous communication and information distribution from available professional doctors. Continuous research into the Covid-19 virus will help in developing a working vaccine that will be used globally. Selling this vaccine to over 100 countries will improve its current financial state and enable the CEO to invest more in profitable assets (Englebright & Executive, 2018). More liquid cash in the bank provides the best chance for technological investment, and these financial resources can go into purchasing new cancer machines, surgical tools, and other pieces of equipment. Threats Changes in liability policies across various countries might expose the organization to unforeseen liabilities. Current technological advances change service delivery from physical to online. Increasing online presence proves a threat to the currently available and expensive infrastructure, which is the primary driver of the supply chain. The rise of counterfeit and imitation products sold at substantially low prices attracts more customers reducing the rate of product supply in the facility (Englebright & Executive, 2018). Most citizens prefer choices that reduce their overall spending, and they will opt for imitation and generic drugs instead of purchasing the original products. There is heated competition from various organizations in the industry who are tirelessly implanting strategies to increase customer segment and market share. This is due to the emerging high numbers of local distributors. Strict government restrictions also slow down the

5 performance of various healthcare services (Englebright & Executive, 2018). The seasonal nature of profitable products' demand might affect overall profitability due to unlikely occurrences during the season, leading to a significant hit on the overall short and long-term strategies. Recommendation After performing comprehensive research and analysis of patient information, HCA should prioritize the opportunities and set measurable goals. These goals will enable the timely achievement of objectives and organizational strategies. Also, committing the goals to continuous evaluation will ensure effective implementation and timely delivery. It is essential to understand how healthcare improvement is more of an event than a single episode that might occur overnight. Setting medium and long-term goals will put the organization's departments on toes towards providing state-of-the-art products and services. Paying maximum attention to customer satisfaction will increase the company’s market share through the continuous attraction of new global customers and partners. The employees need to value the customers and provide them with appropriate healthcare environments. Also, timely solutions to customer inquiries and problems increase their trust in the organization, strengthening the brand portfolio. Using this information to create an effective marketing plan Information about the strengths will help the organization create a positive global reputation that will attract many customers and investors. Understanding the current opportunities provides room for improvement of weaknesses in order to achieve a greater customer segment (Mihajlović, 2017). This analysis will help the CEO and the team create strong and effective strategies that focus on objectivity and timely delivery of services.

6 It is easier for the organization to increase its competitive advantage now that its current market share and position in the industry are clear. Harnessing current technological trends, such as surgical robots, will reduce resource wastage by using the currently available financial and human resources (Mihajlović, 2017). Also, the robots will increase productivity, thus reducing time wastage. This analysis will help the marketing department understand the importance of customer satisfaction towards achieving a strong organizational portfolio. Conclusion In summary, HCA Healthcare should focus on attracting a substantial percentage of customers due to the increase in their spending, especially after the pandemic. Understanding the underlying threats enables the CEO to devise formidable plans that will rescue the organization. Continuous evaluation of long-term and short-term goals improves their efficiency and ensures timely delivery of goods and services. HCA should continue investing in customer satisfaction to maintain and improve its current market share and increase its competitive advantage.

Reference

7 Englebright, J., & Executive, C. N. (2018). Evidence-based Clinical Documentation HCA Healthcare. National Academy of Medicine. HCAHealthcare. (2021). Retrieved 15 November 2021, from https://hcahealthcare.com/ Mihajlović, A. (2017). Economic analysis of healthcare protection. FACTA UNIVERSITATISLaw and Politics, 15(4), 397-409. Valentin, E. K. (2001). SWOT analysis from a resource-based view. Journal of marketing theory and practice, 9(2), 54-69....