- By Julio
- With No Comments
- On 9 Mar | '2015
Boost Your Bottom Line by Doing a SWOT for Your Practice
Preemptive and calculated planning requires practical and impartial assessment. The SWOT analysis should be done biannually, so you can learn and determine the main issues inside and out. Then rejuvenate your approach and strategies in your market planning. Be sure you have a good perception of where your goal is headed, it is necessary and essential for any of your forthcoming goals.
Thoroughly and accurately list the Strengths, Weaknesses, Opportunities, and Threats of your circumstances, and repeat each and every year. This will help you see it all in one place, to make it easier to implement any changes that may be needed. You will be able to change anything that may be a stumbling block, for you to reach your initial goals.
SWOT analysis is beneficial for hospitals, medical groups, and individuals in private practices. It will assist your attention on advertising and publicizing, in many areas that harbor the strongest benefits. Sketch the quadrants and create a four part grid, this will provide you with an overview that helps visualize the relationship. Recognize and list all the key essentials and basics in each quadrant.
Internal: Strengths and Weaknesses
Strengths and Weaknesses are things that can be controlled. Your strengths are useful and beneficial while your weaknesses could be damaging or even risky.
List all of your abilities, skills and assets that can be the foundation of a diverse economic advantage. Ask yourself what are the most important strengths? Furthermore, which ones will have the most effect and profit on each strength? Strengths include but are not limited to, a new or innovative service, capabilities or cost advantages, cultural connections, extraordinary reputation, other aspects that add value, special expertise and experience, superior location or geographic advantage.
What is needed to be amended or corrected, also should we be avoiding something? Decide what you might need to do, to get rid of or conquer this weakness. Weaknesses from time to time can be the lack of certain strengths, also now and again, a weakness may be the opposite side of ones strengths. Weaknesses might include but are not limited to, absence of marketing plan, damaged reputation, gaps in capabilities or service areas, lagging in technology, management or staff problems, own known vulnerability, poor location or geographic barriers, undifferentiated service lines.
External: Opportunities and Threats
Opportunities and Threats both are initiated externally, and are things that are unable to be controlled. Opportunities can be very beneficial and useful, while threats could be very damaging and destructive.
Opportunities can be a great new addendum or substantial inclination, as well as other external prospects. How can we best achieve, utilize, or even advance further from each? Examples might include but are not limited to, a market vacated by a competitor, availability of new technology, changes in population profile or need, Competitor vulnerabilities, lack of dominant competition, new market segment that offer improve profit, new vertical, horizontal, or niche markets.
Threats can be something that is preventing you from achieving or accomplishing your goals. No practice is untouchable to threats, but a lot of us miss or ignore them. We sometimes even say they are no big deal, but usually at an enormous cost. What can you do to alleviate each individual threat, maybe it’s a hidden opportunity, who knows. Threats include but are not limited to, a competitor has an innovative product or service, a new competitor in your home market, adverse changes in reimbursement or regulations, changing insurance plans or contracts for major area employers, competitors have superior access to channels of distribution, economic shifts, loss of key staff or associates, new or increased competition, seasonality, shifts in market demand or referral sources.
The best way to boost your bottom line is by doing a SWOT for your practice. There are many clear cut ways for you to have a prosperous SWOT assessment. You always want to be straightforward and specific, don’t give an indistinguishable or unclear description or an unclear definition. Be very objective, ask for someone else’s opinion and input, then compare the two.
When doing a SWOT assessment, be practical or realistic in your viewpoint, particularly when you are assessing the strength and weaknesses. Keep things short and simple, stay away from unnecessary complication and don’t over-analysis. Update your marketing plan and goals twice a year, if there are any matters that need revising, take charge and make the necessary changes.
By using SWOP you will be able to manage your practices more efficiently and effectively. We would like to put this respected assessment tool to good use, within your goal planning. We would be happy to also provide an impartial sounding board as well.
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