SWOT is an acronym for Strength, Weakness, Opportunity, and Threat. SWOT analysis explores both internal and external factors influencing our work. Originally SWOT was developed for industry and business; however, educational organizations, community health, and other organization also equally use SWOT analysis. SWOT analysis assists in decision-making and strategic planning by guiding us to identify organization’s strengths, weakness, opportunities, and threats. Following is a SWOT analysis for South Beach Hospital, located in Miami Beach, Florida.
Strengths:
Provision of radiology services: We contract with the Gold Coast Radiology Group (the Group) to provide radiology services for our patients.
Good partnership: We are expanding our partnership …show more content…
Provision of care to a large group of population: We welcome patients from as far away as Palm Beach to the north and Key West to the south, Florida.
Weaknesses:
Separate billing for radiology services: Due to a contract for radiology procedures (with the Gold Coast Radiology Group), our patients get two separate bill for radiology procedures. Our hospital does not make payments to the Group directly. Uncertainty of success of biliary lithotripter: Even though the lithotripsy emerged in the early 1980s as a noninvasive way to shatter kidney stones, the biliary lithotripter hasn’t yet received approval from the FDA. The certainty of our success is, thus, not predictable.
Involvement of too many partners: Profit sharing will be difficult with twenty-five limited partnership offered to our local physicians.
Lack of reimbursement for biliary lithotripter: Although the FDA has granted approval to begin clinical trials, biliary lithotripter does not still qualify for Medicare or Medicaid reimbursement.
Uncertainty of clinical trials: Clinical trials may pose risks and are very costly. Safety may be jeopardized in some …show more content…
Wait until the biliary lithotripter gets approval from the FDA: If things do not work out well during the first few months of introduction of biliary lithotripter, we will probably wait until the biliary lithotripter gets approval from the FDA.
Special discount programs to minority population: We already serve a huge population but that’s not it. We are also considering a special discount program, particularly targeted to minority population, in order to better meet their medical needs.
Threats:
Loss of trust: If introduction of biliary lithotripter isn’t successful, we may lose patient’s trust.
Loss of autonomy: Involvement of too many partners may lead to a loss of autonomy.
Potential for breach of PHI: We could be a victim of breach of PHI while conducting clinical trials.
Loss of patients: As biliary lithotripter does not qualify for Medicare or Medicaid reimbursement, we could potentially lose patients who are on Medicare or Medicaid.
Serious or life-threatening side effects of clinical trials: We may face severe financial consequences due to the serious or life-threatening side effects of clinical