What is swot analysis when applied to healthcare organizations

Business Plan : Financial Analysis & Budget

The purpose of this assignment is to complete a financial analysis to develop a proposed budget for a selected strategic initiative.

Understanding the role of financial management in strategic planning is essential in formulating a business plan for a strategic initiative. Financial analysis involves considering the factors that directly affect the initiative such as staffing, space, equipment, training and education, etc. Once this information is known, a budget can be proposed for the strategic initiative and included as part of the business plan.

For this assignment, complete a financial analysis of your selected organization by reviewing current company financial data such as income statements, budgets, net revenue, profit/loss statements, etc. Use that information and research about key budget items such as average salaries, cost of benefits, space and equipment costs, etc. to formulate a proposed budget for your strategic initiative.

In a 250-500 words, address the following in the form of an executive summary:

Briefly describe the proposed strategic initiative including the proposed changes and expected outcomes based upon the results of the SWOT analysis.
Provide a simple budget for the strategic initiative. Include all relevant budget categories such as staffing (including salaries and benefits), space, equipment, training and education, and any other expenses related to the initiative. Create a table to efficiently present the key budget information.
Provide a financial data overview that summarizes what financial data you examined and a description of specific factors that informed each financial statement (net revenue, profit/loss, balance sheet, etc.).
Include at least one of the financial statements available from the selected organization (income statement, budgets, net revenue, profit/loss statements, etc.) as a figure or an appendix.
While APA style is not required for the body of this assignment, solid academic writing is expected, and documentation of sources should be presented using APA formatting guidelines, which can be found in the APA Style Guide, located in the Student Success Center.

This assignment uses a rubric. Review the rubric prior to beginning the assignment to become familiar with the expectations for successful completion.

You are required to submit this assignment to LopesWrite. Refer to the LopesWrite Technical Support articles for assistance.

SWOT Analysis Template

Student Name: Stefanie Williams

Thesis statement (State the name of the selected organization and what will be covered in the SWOT Analysis in one sentence):

· The Parkview Health System presents strengths, weaknesses, opportunities and threats it encounters in an attempt to achieve their mission, upon which this discussion paper are established.

Strategic Goal(s) (Identify at least one strategic goal that could be pursued in the business plan based on the SWOT Analysis):

· SWOT analysis is a methodology of planning that enables the Parkview health system in establishing a strategic plan to achieve goals, boost operations and business relevancy.

Strengths

In this section include information regarding:

· Strengths – characteristics that are attributes of the organization (internal in origin) that would help achieve the strategic plan.

· Adequate resources financially (Olyaeemanesh et al., 2018).

· Good relations and contacts.

· Distinguishing competence (Helms et al.,2008)

· Innovative services and programs (Dixon, 2012).

Weaknesses

In this section include information regarding:

· Weaknesses – characteristics that are attributes of the organization (internal in origin) that would be harmful in achieving the strategic plan.

· Unclear directions strategically (Helms et al., 2008).

· Missing essential competent skills.

· A decreasing position with competitors (Dixon 2012).

· Poor record keeping of strategies of implementation.

Opportunities

In this section include information regarding:

· Opportunities – characteristics that are attributes of the environment (external in origin) that would help achieve the strategic plan.

· Entering new segments and markets (Goen 2019).

· Expansion of services to reach a broad patient range

· Diversification

· Weak competitors (van Wijngaarden et al., 2012).

Threats

In this section include information regarding:

· Threats – characteristics that are attributes of the environment (external in origin) that would be harmful in achieving the strategic plan.

· Increased changes in demography (Helms et al., 2008).

· Vulnerability in business recession and cycle in business

· Untimely government policies

· Increasing in pressure from competitors (Goen 2019).

References

Dixon, C. (2012). Parkview Vistas.

Goen, A. (2019). Long-Term Sustainability of Merger and Acquisitions as a Growth Driver: A Case Study of Hospital Corporation of America (Doctoral dissertation, University Honors College, Middle Tennessee State University).

Helms, M. M., Moore, R., & Ahmadi, M. (2008). Information technology (IT) and the healthcare industry: A SWOT analysis. International Journal of Healthcare Information Systems and Informatics (IJHISI), 3(1), 75-92.

Olyaeemanesh, A., Behzadifar, M., Mousavinejhad, N., Behzadifar, M., Heydarvand, S., Azari, S., & Bragazzi, N. L. (2018). Iran’s health system transformation plan: a SWOT analysis. Medical journal of the Islamic Republic of Iran, 32, 39.

van Wijngaarden, J. D., Scholten, G. R., & van Wijk, K. P. (2012). Strategic analysis for health care organizations: the suitability of the SWOT‐analysis. The International journal of health planning and management, 27(1), 34-49.