Essay on "Environmental Analysis Business Report This Single Physician"

Essay 5 pages (1424 words) Sources: 2

[EXCERPT] . . . .

Environmental Analysis Business Report

This single physician family clinic specialized in family practice operates in a dynamic community and this report will aim to analyze some of the main challenges and opportunities that it faces in an overview of the environment in which the business operates. The characteristics of the market and of the business itself tend to show that the political environment will be impacting the business through a potential increase of people who can access healthcare services, while the economic and demographic factors are important factors that determine the number of potential clients and the number of visits they are likely to make. The fact that this is a single physician practice could be a weakness in the long-term if it influences the resources the business will be able to allocate for future expansion.

Internal Analysis

The internal analysis will be focused on determining the main strengths, weaknesses, opportunities and threats (SWOT analysis) of the business and of analyzing the impact that these categories of factors can have on the development and profitability of the medical practice.

Strengths. The strength of the business relies on its precise specialization as a family practice. There are several positive aspects deriving from this specialization, most notably the fact that doctors tend to develop a more long-term professional relation with their patients and, as such, their revenues will be more sustainable in the long run. This is also a strength from other financial perspectives, such as the fact that the financial planning function will be supported by realistic variables, a result of a stable set of clients/patients. As a small business practice, the clinic is also likely to be very involved in the local community, thus increasing the ties with the potential clients.

Weaknesses. The fact that this is a small physician practice can be a weakness in the long run. First of all, a single physician means that the amount of patients he or she can include for visits in a day is reasonably small. If each patient is allocated around 30 minutes per visit, then, if one considers other activities the respective physician may be involved in, such as visits at the hospital, the total number of visits that can be held in a day is around 8. In terms of the business, this will translate in lower revenues and profits for the practice. At the same time, this will also mean fewer resources to spend in investing in the practice and, for the future, potentially even fewer patients, as some of the existing ones will likely turn to a cabinet that has better equipment, more physicians employed and better perspectives.

Opportunities. In terms of opportunities, there are several that are worth examining. One can be a potential partnership with another similar physician practice. Such a partnership could include mutual marketing campaigns and referrals, joint consultations and the prospects of a future joint expansion.

Another interesting partnership could be a partnership with the pharmaceutical companies. Such a partnership would imply a potential financial benefit for the business in return for promoting the pharmaceutical product. At the same time, potential threats coming from it would include ethical issues that would need to be analyzed and related consequences. A joint pool of resources could also be taken into consideration and used for joint marketing and communication campaigns in the community.

Finally, another opportunity could arise from a cooperation with one of the local hospitals. Such a cooperation would, again, imply that the physician would participate in certain hospital programs and would receive, in return, recommendations and referrals from other doctors at the hospital (in the area of expertise of the small business).

The current governmental healthcare reform could also be seen as a potential opportunity for the practice in the next period of time. With more people being able to financially access the health market, the physician family clinic could benefit from more potential clients.

Threats. An important threat is the financial liability of the clients. Perhaps even more than in other industries, the healthcare industry can have clients who are not able to pay their bill after a consultation and who, because of the small business and community nature of the practice, cannot be turned away. Such a potential individual liability can become… READ MORE

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