Executive Summary on New Healthcare Business

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healthcare business

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DESCRIPTION OF BUSINESS

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DESCRIPTION

The following project is about the financial analysis and the SWOT analysis of the healthcare firm.

The healthcare firm has started the business of saving the patient's record through the digital platform.

The clients and organization both used to face difficulty while finding the data from the hospital.

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The Healthcare industry is one of the most important industries in the world due to different aspects. The significant aspect is the importance of health that cannot be ignored. Health is one of the biggest blessings, and people are required to care about it. The Healthcare industry was not as much established in the 19th century and before. After the innovation in technology and change in the healthcare industry, the trends have been changed. The technologies have been discovered, and the experts have made the approaches easier for the patients. The patients are the sensitive class of society, and they need care from professionals. One of the most important topics is establishing a healthcare firm with advanced and modern techniques. The following project is about the financial analysis and the SWOT analysis of the healthcare firm. The healthcare firm has started the business of saving the patient's record through the digital platform. The clients and organization both used to face difficulty while finding the data from the hospital. It was the practice that there were several clients, and it wasn't easy to find the data from the manual sheets and register. The service line introduced in the firm is one of the initiatives to save the patient’s data, and it is made free from errors.

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The objective was to make healthcare advanced and modernized.

The previous healthcare system was full of errors, and it was difficult for the healthcare professions to find the data manually.

The 21st century is the century of innovation and technology, but the healthcare department was ignored at the beginning of the century.

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There are certain objectives of the healthcare organization, and they are as follows. First of all, the objective was to make healthcare advanced and modernized. The previous healthcare system was full of errors, and it was difficult for the healthcare professions to find the data manually. The 21st century is the century of innovation and technology, but the healthcare department was ignored at the beginning of the century. The patients always wanted error-free records, and they wanted safe data. The privacy and confidentiality of patients are the most important factors in the healthcare industry. Once the manual system has got transformed into a digital system, it is seen that the patients and healthcare organizations both started feeling easy. The service line has some other objectives as well. The assessment of patient data, management of data, and the safety of medical records are the important factors to be considered. The firm will be responsible for saving the history of patients, assessment results, and their symptoms. The form will also see the medical records whether if they are free from errors or not. The medical records will be protected through the codes, and their information will be saved. No doubt, it is going to be a great initiative in the healthcare organization.

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Swot analysis

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Strengths: These are the parameters that are strong points of a company, and they evaluate the company's performance internally and externally.

Weaknesses: These include the company's weak points, and they are determined to improve the condition of the company (Farahani, 2018).

Opportunities: these are not the company's strengths, but potential outcomes can be achieved after working hard.

Threats: the threats are the dangers to the sustainability of an industry.

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SWOT Analysis:

Different tools help organizations to evaluate their internal and external environment. The internal environment can be improved easily, but there is an ultimate need to improve the external environment. SWOT analysis is one of the most important tools to determine and evaluate the company's external environment. All companies and organizations must look into details of strengths, weaknesses, threats, and opportunities. There are four aspects of SWOT analysis, and they are necessary for the evaluation of the company. 

Strengths= These are the parameters that are strong points of a company, and they evaluate the company's performance internally and externally. The strengths of the company are the points that are better than other companies. 

Weaknesses: These include the company's weak points, and they are determined to improve the condition of the company. These weak points are elaborated before the people, and the company itself knows how to improve. 

Opportunities: these are not the company's strengths, but potential outcomes can be achieved after working hard. All the companies have different opportunities, and each industry can improve, so they are necessary to be discussed. 

Threats: the threats are the dangers to the sustainability of an industry. These are the parameters that include the completion of a company with others in the same industry. 

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STRENGTHS

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It has transformed the manual system to digital, and it is one of the biggest successes ever.

There were many problems with the healthcare industry in the past, and there was an ultimate need for a new method to save the data.

The patients are highly conscious about preserving their data, and they want the organizations to keep the information confidential and private.

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Strengths:

There are different strengths of the firm related to healthcare. First of all, it has transformed the manual system to digital, and it is one of the biggest successes ever. There were many problems with the healthcare industry in the past, and there was an ultimate need for a new method to save the data. The patients are highly conscious about preserving their data, and they want the organizations to keep the information confidential and private. The service line has introduced the feature for the customers and clients that their data will be saved and no one will access it. For example, the healthcare service line has issued the codes to the patient, and the whole data is saved in a digital platform. Only the patient or the guardian has access to the data to view and check the progress from the digital platform. Another success is the safety of data as the patients, and the healthcare organizations both used to bother about the protection of data because there was a chance for the manual data to get displaced. Last but not least, it is seen that the method is extraordinarily safe and modern for healthcare organizations.

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weaknesses

Training of employees

Costs of infrastructure

Understanding of employees

Skills of managers

Lack of awareness among people (Berrouiguet, 2018)

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There is the various weakness of the firm that needs to be considered. First of all, it is seen that the system is modernized and advanced, so the staff needs to be trained. The training of employees is an important factor in the establishment of an organization. The success of an organization depends on the training of employees. The employees are the strength of an organization. Once the training is being done, it becomes easy for the company to get success. For example, if the service line does not hire the trained staff, it will not be possible for them to manage the digital platforms. Another weakness is the illiteracy of patients because education and awareness are necessary for the patients to understand the digital system. The manual system does not need collaboration, but it used to be the responsibility of hospital staff to search and protect the data. As far as the digital platforms are concerned, the patients must understand the system and follow the instructions. For example, the hospital gives the security codes to the patients, and they need to remember them for future use. They also need to understand the working of the service line.

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OPPORTUNITIES

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There are different opportunities that the service line of the healthcare organization. The first opportunity that the healthcare organization is going to have is the increased number of patients. Patients always prefer the safety and protection of data, and they want a safe system for their data. So, once the digital healthcare system is launched, the number of patients will be enhanced, and they will be provided with a secure system. The reports and the assessment tests of patients will be saved with the service line, and the physicians and patients can see the reports and their medical history at any time. So, the reputation of healthcare firms will be increased, and the patients will have more trust in it. The trust of patients and the organization's reputation are the main factors that are to be considered. Another opportunity that the organization has given to the patients is about their medical history. For example, if the patient has protected the medical record once and wants to use it in the next 4-5 years. It will be easy for him to come to the firm and get his data at any time. Otherwise, if the manual data is to be saved, it will be difficult for the patient and staff to find out the previous and old history. So, the firm has created the opportunity for them as well.

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Employment opportunities

Trust of clients

Safety of data

THREATS

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Increased number of competitors

Hacking

Cybersecurity threats

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As far as SWOT analysis is concerned, it is seen that there are four components, and the last one is of threats. The different examples can better explain the threats. There is a lot of talk about modernism and advancement, but if there are different benefits, there are disadvantages. The disadvantages include the hacking of data in which the foreign agent or the person interrupts the personal data and creates different problems. The healthcare firm needs to consider this factor as the priority because it is seen that the cybercrimes and security threats have been increased. The number of organizations offering similar services has increased, so the healthcare organization has to look at this factor. It has to provide quality services so things may go better. Otherwise, the customers may trust some other organizations. The organization must have modern and updated data, and it is necessary to meet customers' requirements. If the requirements are not met, it is not easy for the health care service to maintain the reputation and trust of customers.

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Financial analysis

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The financial analysis is better done if the company has a record of past achievements and experiences. The company will start without experience, so that the financial analysis will be the forecast for upcoming years. The total investment will be $50,000, and the projected sales are up to $75,000. The projected sales are estimated by knowing the expenditures and considering the benefits of the project. The traditional method of keeping the data and protecting it from threats has become old now, and it is seen that people are investing in the modern and advanced method. The attempts will be made not to take debt from anyone but the investors who are called for the investment and loans. It is not easy for the organizations to take the start-up, but investors' cooperation can make it easy. The above table has shown the expected expenditures and projected net profit out of the company in the upcoming year. It has been seen that the loss is not included in the financial projections because the project is expected to be successful, and there are more chances of success than loss.

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Total Investment= 50,000 USD

Expenditure= 60,000 USD

Projected Income= 70,000 USD

Net Projected Profit= 10,000 USD

Internal SWOT ANALYSIS

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The secure and protected system is one of the biggest successes and strengths of the firm.

The trust of employees in the administration is another factor to be discussed as a strength of the organization.

One of the weaknesses of the system is the lack of awareness among the employees.

One of the most important opportunities that the internal environment has given to the staff is the employment of several people.

The internal threat is the low efficiency of the digital system of the organization (Baumel, 2018).

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Four factors are to be discussed in SWOT analysis, whether the internal environment is to be discussed or the external one. First of all, the strengths of the internal environment are to be discussed. The secure and protected system is one of the biggest successes and strengths of the firm. The trust of employees in the administration is another factor to be discussed as a strength of the organization. The employees and the administration must have good relations because of the employees and leaders do not share good terms, the patients will be difficult to handle.

The next aspect being discussed is the weakness of the healthcare service line. One of the weaknesses of the system is the lack of awareness among the employees. It is not because of lack of education, but it is the new system, and the employees have less idea about it. The employees need to work in routine and to get training from the management about the implemented system. The infrastructure installment and the implementation require an expert person, and everyone cannot use it. So, it is considered a weakness of the system. These factors are to be kept in mind while discussing the internal environment.

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One of the most important opportunities that the internal environment has given to the staff is the employment of several people. There is a usual observation that unemployment has been increased, and it is seen that the firm has provided employment opportunities to freshly graduated and experienced people. Another opportunity that the company has given is the use of modern infrastructure and its implementation. As time has changed and trends have been updated, the use of updated software should be implemented. These opportunities are to be considered, and the company needs to increase the opportunities as well.

There are several threats to the internal environment as well. First of all, the threats are not to be worried about, but the companies have to face the threats to improve their performance. The internal threat is the low efficiency of the digital system of the organization. So, the management needs to keep it updated all the time. Another threat is the lack of communication between the employees and the leadership because if there will be no communication, there will be no efficiency in operations. All these threats are to be noted, and it is seen that the firm will work on these to improve the functionality.

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Internal Environment

Trust of employees

Infrastructure costs

Employment chances

Low efficient system threats

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EXTERNAL SWOT ANALYSIS

External Strengths

External Weaknesses

External Opportunities

External Threats (Otto, 2018)

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One of the biggest strengths of the external environment is the superiority among the other companies. The protection of data is not easy for the other companies because of traditional methods, but it is seen that the company has made the patients satisfied with the approach. The digital model of data preservation is one of the biggest strengths that the external environment analysis has determined. Another strength is the trust of suppliers and the customers because the suppliers know that the functions are continuous and things have to become advanced, so they keep trusting the company.

The weakness of the external environment is the lack of advertisement and promotion. The company has not yet promoted the services, and the people are not much aware of it. It has been observed that the firm has to work hard to promote and to make the people understand the project. Many people do not understand the project and will be scared to use the digital system. So, the weak point needs to be considered, and they should be improved. The other companies have worked on the promotion, so the current firm needs to understand the concept.

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One of the opportunities that the company owns compared to other companies is the reliable working of employees.

Companies that use traditional methods to protect the data have to work hard, and the employees have to give intense duty about it.

The threats are the increase in the number of competitors because it is a similar project as telemedicine (Enam, 2018).

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One of the opportunities that the company owns compared to other companies is the reliable working of employees. Companies that use traditional methods to protect the data have to work hard, and the employees have to give intense duty about it. It has been seen that the healthcare firm has made it easier for the employees to apply and to make a good source of livelihood. Another opportunity is the virtual connection of patients and physicians because they can contact at any time. The patients can inform of their problems through digital platforms and can get their queries done.

The threats are the increase in the number of competitors because it is a similar project as telemedicine. Telemedicine is virtual check-ups, but this project is different because of the preservation of data. So, the competitors should be considered, and it is said that there should be strategies to overcome the competition. It was all about the external environment analysis, and it has been seen that the companies are in a race to win people's trust, so the healthcare firm should be careful about it. It should maintain the trust of customers.

 

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CONCLUSION

SWOT analysis of healthcare organization has been done.

Several opportunities and strengths including the modern methods and trust of customers have been discussed.

The company needs to improve the threats and weaknesses by retaining the strengths ahead.

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SWOT Analysis of the company has been discussed in the presentation. One of the biggest strengths of the external environment is the superiority among the other companies. The weakness of the external environment is the lack of advertisement and promotion. One of the opportunities that the company owns compared to other companies is the reliable working of employees. The threats are the increase in the number of competitors because it is a similar project as telemedicine. So, the competitors should be considered, and it is said that there should be strategies to overcome the competition. It was all about the external environment analysis, and it has been seen that the companies are in a race to win people's trust, so the healthcare firm should be careful about it. It should maintain the trust of customers. The total investment will be $50,000, and the projected sales are up to $75,000. The projected sales are estimated by knowing the expenditures and considering the benefits of the project. The traditional method of keeping the data and protecting it from threats has become old now, and it is seen that people are investing in the modern and advanced method. The attempts will be made not to take debt from anyone but the investors who are called for the investment and loans.

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References

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Farahani, B., Firouzi, F., Chang, V., Badaroglu, M., Constant, N., & Mankodiya, K. (2018). Towards fog-driven IoT eHealth: Promises and challenges of IoT in medicine and healthcare. Future Generation Computer Systems, 78, 659-676. Doi: https://doi.org/10.1016/j.future.2017.04.036

 

Berrouiguet, S., Perez-Rodriguez, M. M., Larsen, M., Baca-García, E., Courtet, P., & Oquendo, M. (2018). From eHealth to iHealth: transition to participatory and personalized medicine in mental health. Journal of medical Internet research, 20(1), e2. doi: 10.2196/jmir.7412.

Baumel, A., & Yom-Tov, E. (2018). Predicting user adherence to behavioral eHealth interventions in the real world: examining which aspects of intervention design matter most. Translational behavioral medicine, 8(5), 793-798. doi: 10.1093/tbm/ibx037.

Otto, L., Harst, L., Schlieter, H., Wollschlaeger, B., Richter, P., & Timpel, P. (2018, January). Towards a Unified Understanding of eHealth and Related Terms-Proposal of a Consolidated Terminological Basis. In HEALTHINF (pp. 533-539). DOI:10.18690/978-961-286-280-0.26

Enam, A., Torres-Bonilla, J., & Eriksson, H. (2018). Evidence-based evaluation of eHealth interventions: systematic literature review. Journal of medical Internet research, 20(11), e10971.  doi: 10.2196/10971.

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THANK YOU

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