Introduction
Sheridan Healthcare is a hospital that is known for the management of medical professionals and runs several medical facilities. The purpose of this paper is to critically conduct a SWOT Analysis and present it in a form that can be utilized for further strategic analysis and reviews.
The SWOT Analysis is done in three parts. The first part is about the evaluation and assessment of the internal environment through a resource capability audit. This is followed by an external environment analysis which reviews the healthcare industry within which Sheridan operates. Finally, there is a review and analysis of the healthcare competency of Sheridan Healthcare through a fieldwork that involved a series of interviews conducted with staff members of the hospital. This is collated and analyzed statistically and used to conclude the SWOT analysis.
SWOT Analysis
This section of the essay presents the concept of SWOT Analysis and how it can be used as a basis for the evaluation and analysis of an organization like Sheridan Healthcare.
What is a SWOT Analysis?
In its simplest form, a SWOT Analysis identifies the internal strengths and weaknesses of an organization and matches it up with the opportunities and threats in the external environment. This provides an overview of the internal resources of the company and how it can best be utilized within existing conditions of the external environment. SWOT Analysis is usually utilized as an aid to strategic analysis and strategic management in order to plan for the long-term wellbeing of the company.
SWOT Analysis & Sheridan Healthcare
As an organization, Sheridan Healthcare is tasked with maximizing the potential of its healthcare professionals and giving the best to patients and stakeholders. Therefore, in this process, there is the need for the top-level executives of the healthcare facility to evaluate the resource base of the hospital and formulate strategic policies for the hospital.
In doing this, the top-level management of Sheridan and the board of Sheridan will have to come together and evaluate the internal competencies and resources of the hospital and review how well the external environment and markets have changed in order to define relevant trends and processes. This will culminate in the identification of what the hospital has at the moment and how this has improved and been expanded over the past years. Therefore, there is the need to identify core competencies, assets and benefits that the hospital has as well as what it is lacking. The health sector has major requirements including the skills of professionals and mangers as well as customer perspectives of the hospital which are the leading issues and matters that define competitive advantage.
These internal competencies are important and vital for the success of every medical facility in the United States. Therefore, it is imperative for a hospital that hopes to compete to have them in the best way and form. Technology and the ability of the managers to put together the resources of the facility and its members is fundamental and vital. Furthermore, there is the need for these competencies to be organized in a way and manner that leads to the highest level of competitive advantage.
In order to gain competitive advantage, there is the need for the external environment to be known and understood and this will be used as the basis for the positioning of the company in order to get the best of the internal resources they have.
Sheridan Healthcare’s Internal Environment
The internal environment involves the core competencies in terms of skills, leadership and resources of the company. This gives an indication of the tools for competitive advantage that a company or entity can have in order to provide the services it offers. In order to do this internal analysis, there was a fieldwork conducted that was to figure out what the competencies are. The survey included an observation of the resources that Sheridan Healthcare has and this was followed by a survey involving 20 staff members of the company in order to assess their views on the core competencies.
Observations of the Internal Environment
The observation included the review of the website of the healthcare company and the annual reports as well as the view of the entire work environment. This included the following pointers:
Culture: Sheridan healthcare is focused on a lean management system that is based on getting the best of results from workers. This includes the use of effective hospital administration methods where workers are able to work with flexible measures that are steeped in strong quality control and effectiveness measures to develop a liberal culture where workers are happy and yet efficient in what they do.
Structure: Sheridan company has a technical and administrative management units that are made up of experienced personnel. The medical unit and the administrative units area headed by managers who report to a CEO who reports to the board. Blow the unit heads, there are various strategic business units or departments that have heads and professionals who are well experienced, competent and effective in what they do.
Technology: Sheridan facilities have state-of-the-art for upper class to middle class American facilities. They include sophisticated tools and a technological department that is focused on checking the status of technology in the company and making upgrades. However, these facilities are not very flexible and are not expanded and tried on telemedicine.
Communication and Social Environment: There is effective and strong organizational communication networks that allow professionals to communicate and also present complaints. Workers are in an environment where they have colleagues and peers who work with them for the attainment of optimal results.
Research and Development: This is mainly internal in outlook. It looks at things that are done but does not seek to do innovative research.
Survey Results
Above average company confidence by consumers and stakeholders.
An above-average leadership competency.
Strong management capabilities
Strong teams
Effective corporate culture
Sheridan External Environment Analysis
There are several changes in the new healthcare industry and this include the following:
Technological Consultation: There is a move towards video consultation and the use of technological apps to ensure that patients get guidance right from the comfort of their homes. Telehealth is a new approach through which hospitals are building virtual health care centers.
The Affordable Healthcare Act: This will increase the level of people accessing healthcare and there is the need for gradual expansion and growth of healthcare facilities. This means that more people are going to be taxed and there will be more tax dollars in the United States health sector. Thus, a facility like Sheridan must continue to expand to meet the challenges ahead.
Preventive Care is Growing: Things like gym and exercising are growing as a means of preventing diseases and sicknesses and this will promote healthier lifestyles. There is preventive care and there must be important processes that will help each facility to grow to cover these areas.
Research and Competitive Advantage: Innovation is central and important and this will mean there is the need for every healthcare facility to deal with the changes that are coming up. Facilities must have research units to continuously deal with issues that come up.
Analysis of Sheridan Healthcare
This section matches strengths and weaknesses of Sheridan with the opportunities and threats on the market. This is presented in Table 1 below.
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Appendix 1: Survey Results
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