SWOT Analysis for healthcare organization and doctors

Looking to grow you healthcare organization or practice needs not just a thoughtful effort but a fruitful strategy. Are you stuck somewhere on the journey to build your visionary healthcare brand? Confusions in your head about which aspect of your healthcare organization should be improved, what you lack in order to become the best and what you are known to deliver the best can be resolved by just one comprehensive solution called SWOT analysis for healthcare organization.

A SWOT analysis is extremely essential for your healthcare business irrespective of at what status your brand presence is.

  • If you are a budding practitioner or healthcare entrepreneur you have to seek SWOT analysis to improve your status-quo.
  • If you are a healthcare organization that has been around for a while but has not proved their brand value as much as you would have liked to, opt for SWOT analysis for approaching your growth from the right perspective.
  • If you are a giant healthcare organization or a famous doctor looking to extend the horizon for business and explore new openings for your service then SWOT analysis is the best tool that can give you game changing insights.

In this article you will get a 360° idea about how to perform a SWOT analysis.

Get to know how to perform the best for of SWOT analysis, how to extract effective insights from them and how you can implement new and efficient updates to your healthcare business that the results of your SWOT analysis suggests.

1. Have a clear objective

Just jumping into a swot analysis without proper objective is like starting a marathon without knowing how long it can go. Sometimes the list of any one section of SWOT can run to lengths but serve you no good. Collecting such objective less points can only increase the cacophony in your process.

Thus, it is always essential that you frame measurable objectives for your healthcare business. Objectives can either contribute to a short term goal or a long term one for your healthcare business.

For example:

  • To increase the reach of a rare procedure
  • To get new patients who have specialized needs
  • Select that one physician who has excellent track record with patient satisfaction and recognize.
  • Improve the quality of intra-hospital communication
  • Extending your healthcare organization’s service through new added specialties

2. Gather your community together

Put together a perfect team who can add as much value to your healthcare business as you can. To derive excellent results from your SWOT analysis take suggestions that intend to catapult your business to level next.

Best that you can provide your SWOT is give enough room for each part of your team to evaluate your business in the best way they can. Involve all your key stakeholders and shareholders.

3. For a comprehensive solution you need perspectives from all directions!

Bring inputs from every critical team member from all teams that are working behind, your physicians, Para-medical staffs, nurses and patient coordinators and most importantly your marketing team as they can put in enormous insights to improve your healthcare business’s capability.

To improve the efficiency of your marketing strategies hear it from the horse’s mouth, take valuable insights from your marketing tem and re-work your strategies and plan new campaigns to get ahead of your competitors.

4. Take time to make it great

A perfect swot analaysis is not just the one that is a result of four or forty stories that you have heard. SWOT analysis is the most effective part of your next level business strategy, to build it well you need to invest the right amount of valuable resources.

Brief your exact needs to curate a SWOT anlaysis to your team. Also tell them the nature of ideas you want from them to not contaminate your SWOT health. Inform them about various effective ways they should collect those inputs to contribute to your SWOT in all the right ways.

Form a complete idea of how your SWOT is going to start and how it will travel to reach the destination of improving your hospital’s or your practice’s state. Explain the roadmap to each one involved in your swot analysis.

5. Talk it out!

Schedule proper meetings with your SWOT squad to brainstorm and different insights that they are putting together to make swot great. Get a status update from your team regularly to make sure that your journey of improving your healthcare strategies are going in the right direction.

Take care… while involving too many people can also complicate things. Pick and choose your key drivers in establishing an in-depth understanding of where you stand right now and how exactly can things get better.

6. Stories, data, analyse, infer- Exactly in that order!

Collect as many inside stories as possible from every source that you find genuine to fill your bucket. Hear carefully to those that appreciate certain traits of your healthcare brand and pay close attention to those who are very specific with their criticism. Read or get to know what experience lies behind that story.

Generate valuable data points from those comments, criticisms and compliments. Learn to read between, in depth and ahead from what is actually told to you. Segregate these stories into forms and categories that could possibly make your process easier and effective.

Put all the specific data points together and generate insights that serv. Let these insights reveal information about your business performance that was previously unheard. Find perks and pitfalls that were invisible when you picked areas to build on a better future for your brand.

7. Be brutal to make the most out of SWOT

Don’t judge based on just the not so bad inputs that came your way. Get in-depth inputs of what your key stakeholders and shareholders think! What is the biggest blessing in your healthcare business?

What is possibly the biggest or even a slightest glitch in your healthcare strategy that you thought would work for your business?

Derive honest answers for such questions from your community tell them how it is going to be rewarding with respect to your SWOT analysis so that they can be more responsible with their contribution. Remember that the more honest insights you get the better it is for your SWOT analysis.

8. SWOT, re-strategize and repeat!

SWOT analysis not a onetime process, to derive long-term results from it you have to look at it from a big picture perspective.

The healthcare environment is constantly changing Your competitors and counterparts are also constantly re-strategizing. Healthcare industry in itself has undergone a major paradigm shift in the last decade.

So it is only safe that you keep performing SWOT analysis periodically for your healthcare organization with respect to size of your organization and goals.

How to arrive at your exact SWOT table?

Taste of the wine is in the raisins that you choose!

Arriving at your SWOT analysis is not an easy task. Even after so much of behind the screen process that you have invested in your SWOT analysis, identifying and classifying them into strengths, weakness, opportunities and threats.

You need to be careful while boxing too many qualities into one also feels inadequate when you have too less in another. Don’t have a narrow mental block while you fill strengths and weaknesses. You never know which out of the four can become the most rewarding base for your new healthcare strategy. SWOT analysis for hospitals if effectively done can make all four categories are equally rewarding.

Strengths:

Strengths are those qualities in your practice and hospital that makes you provide better care and results. Find out those factors that are key sources of good reviews, find out what is that x factor that your hospital provides and no other hospital does. This x factor is your competitive edge for which people choose you over your competitor.
Unleash things that aren’t common and obvious to all your stakeholders.
Find that reason that has been a clear underdog in your success.

What is to be done?

Here is where you have to evaluate which are the marketing campaigns that have really made an impact in your potential patients.
Which are the strategies that worked greatly and you were being hesitant about it?
What are those reasons that you never thought would make a difference to the big picture but has become so rewarding that now you have to nurture this business factor.
Which sector in your employees are most efficient in delivering excellent care and support to achieve 100% patient satisfaction?
Which component of your menu is being the most rewarding?
Which diagnostic service is independently most availed for in your hospital or clinic?
What are the services that are giving you’re the meaty content for PR and advertising that converts?

Weaknesses:

Anything that has been hindering your progress to pitch and bounce your brand to the next level of impact and service is a weakness that you can’t afford to ignore.
Keep collecting and analyzing your weakness with respect to your objective. Put those in clear understandable and digestable terms so that when you undergo the final stage of stitching your healthcare strategy together you don’t find yourself directionless.
Break and compartmentalize your weaknesses based on the solution it is likely to prefer.
Find those unnoticed pitfalls that you have had, those that prevented you from achieving that one extra step without your knowledge or your stakeholder’s knowledge.

What is to be done?

Which is the service that you invested the most on but never enjoyed returns?
What is that one factor that is being repeated in your not so good reviews?
Is there a complain that has never been solved by you or your team?
State-of-the-art ambience that goes unappreciated as crowd prefers to occupy another lobby?
Marketing strategies that dint go as well as you thought?
No measurable insight generated from your method of tracking patient’s journey?
A campaign that dint strike the right chord in right set of potential patients.
A part or a single service in your treatment menu that is often overlooked and serves patients in single digits
While jotting down your weaknesses it is not just the internal ones but also an external one can be of great impact to take your brand value downhill. Figure out and eliminate the extraneous factors that can possibly become a huge barrier for your healthcare organization.

Opportunities:

As a healthcare entrepreneur you are always looking out from opportunities that can increase your impact in the market, extend your market share and grow your brand value. But have you found a systematic way to find those opportunities that can possibly prove to be gold for your healthcare business?

Looking for opportunities that could enrich your brand’s personality, get you more publicity among your target audience and enlarge your market share could be really cumbersome process but enlisting them against the factors that you have to improve on and the factors that you are best in can make you utilize that opportunity properly

What you should look for?

Look for new locations where your potential patients are waiting for you Check if you can collaborate with other industry experts and other giant healthcare brands Explore cause based marketing and other trends that are catching up in the industry.
Analyse all your services and choose the best specialty you can focus on with your new, yet to be developed strategies.
Establish a new niche for a better competitive edge Keep adapting to new scientific advancements in medical technology. Look how to hire better to provide better care

Threats:

Threats are very common for all kinds of businesses especially for healthcare business evaluating threats is an essential way to improve the quality of service and care that you have been providing. Evaluating threats and analyzing them is the most crucial part of looking deep into your market climate. Threats could be of any nature but the intensity in which they could affect your healthcare business is the most important criteria you should consider.

What to look for?

A new emerging competitor doing better than you
Same specialty that you offer is being offered by a near competitor
You struggle to retain your patient
You get more of unhealthy reviews than compliments that appreciate the experience that your brand promises.