Health Care Organizations, Mayo Clinic Case - Research Paper Example

Health Care Organizations and Number: Introduction Brief overview of Mayo Clinic Mayo Clinic is recognized as a non-profit organization, comprising of a wide range of medical professionals, specialist in numerous medical fields. Mayo Clinic is present in different parts such as Rochester, Florida, Minnesota and Arizona etc so as to offer best type of medical services to its patients at a very low cost. This helped the organization of Mayo Clinic to position itself in the topmost position in the market among many other rival players. Other than this, Mayo Clinic also enhanced its brand image and reputation in the market due to its vision to offer high preference to the needs and requirements of the patients as compared to others. However, in order to fulfill the needs of the patients in effective way, it works in collaborative way in diverse teams. As a result of which, Mayo Clinic became successful in amplifying its brand image and sustainability in the market among many other existing contenders. Furthermore, due to its honest work ethics, it became successful in attracting a wide range of patients of varying income groups and cultures that amplified its prosperity and profitability to a significant extent. Due to which, the consistency and popularity of the organization of Mayo Clinic increased that amplified its market share among others (Mayo Foundation for Medical Education and Research, 2014). The aim of this research paper is to evaluate the internal strengths and weaknesses as well as opportunities and threats with the help of strategic planning analysis. Discussion Internal and external assessments The internal and external environment of Mayo Clinic is assessed with the help of SWOT analysis. Strengths: Highly skilled Work-Force: the work-force of the organization of Mayo Clinic is extremely skilled and experienced. Due to which, the organization of Mayo Clinic became successful in presenting high-end services to its patients so as to fulfill their requirements. 24 hours services: the workforces of the organization offer 24 hour services to its patients that acted as a boon in enhancing its brand image and prosperity in the market as compared to many other rival players (Mayo Foundation for Medical Education and Research, 2014). High quality of care: the organization of Mayo Clinic offers high quality of services to its patients so as to satisfy the requirements. By doing so, the profitability and brand value of the organization enhanced to a significant extent. Highly advanced machines: the organization of Mayo Clinic used highly advanced machines for diagnosing the ailing patients that amplified its reputation and position in the market among other existing contenders (Mayo Foundation for Medical Education and Research, 2014). Weaknesses: Human resource roles need to be evaluated: the roles and responsibilities of the human resources need to be evaluated so as to amplify its competitiveness and sustainability in the market. Confused signals to the patients: although each and every patient is dealt with time, still at times the patients are getting confused with the signals or advices offered to them. As a result of which, the level of satisfaction of the patients are decreasing at a rate extent that reduced their position in the market of United States. High experienced staffs need to be recruited: the organizational management need to recruit highly experienced medical professionals so as to offer proper treatment services to its patients. Only then, it might amplify its efficiency and productivity in the market of United States (Mayo Foundation for Medical Education and Research, 2014). Opportunities: Future growth and expansion of the clinic: as the reputation and brand value of the organization of Mayo Clinic is extremely high, so its opportunities for expansion are necessary. Retention of the highly experienced staffs: as the rate of compensation is extremely good for the organization, so the rate of turnover is low. Due to which, the rate of profitability and demand of the services offered by Mayo Clinic is extremely high. Extra medical services to the uninsured Americans: Mayo Clinic offers extra medical services to the uninsured Americans that amplified its reputation and brand image to a significant extent (Mayo Foundation for Medical Education and Research, 2014). Threats: Economic recession: due to economic recession, the profitability and total revenue of the organization of Mayo Clinic decreased that reduced its growth and range of customers. Intensive competition: the intensity of competition is extremely high in the markets of United States, due to the presence of numerous rivals. As a result, the organization of Mayo Clinic tried to recruit highly experienced staffs so as to offer best quality of services to its patients. Only then, the patients might be retained within the hospital of Mayo as compared to others. Competitive pressures: due to high competitive pressures from the management side, the organization failed to offer high quality of services to its patients. As a result, the level of supremacy and dominance of Mayo Clinic might get declined in future era (Mayo Foundation for Medical Education and Research, 2014). Therefore, it might be stated, after evaluating the internal and external environment of Mayo Clinic, it might be analyzed that in order to retain the top-most position in United States, highly inventive and qualitative services need to be offered to the patients. Competitive marketing analysis of Mayo Clinic The competitive market analysis of Mayo Clinic is performed with the help of Porter’s five forces. This is because; it’s considered as one of the best tool to analyze industrial market competitiveness. Bargaining power of the patients: the bargaining power of the patients is extremely high in this age. This is mainly due to the presence of numerous rival players, operating successfully in the segment of healthcare units. As a result, the patients always desire to attain high-ended services or qualitative services at a lowest cost so as to improve their reputation and portfolio in the market of United States (Mayo Foundation for Medical Education and Research, 2014). Bargaining power of the suppliers: the bargaining power of the suppliers is extremely low as most of the organizations desire to recruit highly dominant suppliers so as to attain best quality of materials. Therefore, the low or medium profile suppliers try to act as per the rules and regulations of the organization of Mayo Clinic among others. Competitive rivalry: the rate of rivalry among the existing players such as St. Pater’s River Edge Hospital, Cleveland Medical Mart, Johns Hopkins and MD Anderson Cancer Centre is extremely high. As a result in order to enhance the reputation and dominance in the market of United States, it needs to offer top-most quality of services at a competitive cost in order to amplify their inner morale and loyalty over the brand. This might prove effective in its annual revenue from $ 8.8 billion in the year 2012 to $ 10.7 billion to 2013 (Mayo Foundation for Medical Education and Research, 2014). Threat of substitute products: the threat of substitute products is extremely high in this segment of healthcare industry. However, in order to position of it-self as a leader, it might over high attention over clinical as well as research activities so as to attract a wide range of patients towards it among others. Threat of new entrants: the threat of new entrants is quite less in the segment of health-care industry. As a result of which, the organization of Mayo Clinic might amplify its demand and consistency only by offering best services with the use of best machineries. Identification of stakeholders of Mayo Clinic The Mayo Clinic also comprises of both external and internal stakeholders. The Major external stakeholders of mayo clinic are: suppliers, patients and the internal stakeholders are the employees. All the stakeholders are essential in offering inputs to the organization so as to amplify its reputation and portfolio in the market among many other rival players. Apart from this, the internal stakeholders try to offer best quality of services to its patients in order to enhance its profitability and effectiveness. As a result of which, the rate of performance related pay systems as well as remunerations of the employees might get enhanced along with varied types of extra facilities. Other than this if the suppliers over advanced machineries and techniques then, the management of the hospital might increase their agreements that may amplify its prosperity and dominance. However, due to such advanced treatment methods, huge number of patients might get attracted towards the clinic and its revenue might get increased (Mayo Foundation for Medical Education and Research, 2014). Overview and assessments of services provided by Mayo Clinic The organization of Mayo offers a variety of services to its patients so as to satisfy their desires and requirements such as special pharmacy services, review of the advices or suggestions of the doctor through online services, high quality of healthcare operations, complementary and integrative medical care etc. Due to its wide range of above mentioned services, the organization of Mayo Clinic amplified its revenue and profit margin by $ 7970 million and 6.8 percent proved extremely effective. Other than this, due to the presence of Mayo Clinic Model of Care (MCMC) enhanced its popularity in the market of United States among Cleveland Medical Mart, Johns Hopkins due to mission to offer best quality of services to its patients with the help of integrated clinical techniques and practices. Due to which the level of satisfaction of the patients amplified that increased their reliability and loyalty over the brand (Mayo Foundation for Medical Education and Research, 2014). Competencies and resource of Mayo Clinic The clinic of Mayo is also considered to attain the topmost ranking in terms of competencies and resources that are as follows. High professional knowledge: the doctors of Mayo clinic are extremely talented and skilled in their respective fields that proved extremely effective for the organization in fulfilling its mission to offer qualitative services. Professional skills: all the doctors of Mayo Clinic try to confirm their suggestions of disorders by clinical testing and reports so as to reduce miss-confusions or wrong treatments (Mayo Foundation for Medical Education and Research, 2014). Professional Attitudes and behaviors: the attitude and behaviors of the doctors of Mayo clinic is extremely professional and that may be understood in their communication and behaviors. Apart from competencies, Mayo clinic is best in its resources. It offers varied types of modernized and highly equipped machineries for treating the patients and also at the time of learning the techniques for the trainees. Along with this, Mayo clinic offers the facility to learn from experienced and talented medical practitioners, of varied fields. Public entities and regulatory requirements of Mayo Clinic The patients and their families are considered as the public entities that need to be respected and valued by the organizational stakeholders. For example: as per the rules and regulations of Public Health Services (PHS) of America, the doctors and the employees of Mayo Clinic need to offer best quality of services to the patients so as to enhance their safety and improvement rates. Along with this, the physicians are dully bound to offer accurate information to the family members of the patients in order to reduce conflicts and mental harassments (Mayo Foundation for Medical Education and Research, 2014). Demographics served by Mayo Clinic The organization of Mayo Clinic is extremely popular and reputed due to its highly valuable services and competitive cost. Personnel In the year 2012 in Mayo Clinic Residents, fellows and students 4100 Administrative and allied health staff 53600 Residents, fellows and students 3450 Patients Total patients in Clinics 116500 Hospital admissions 13100 (News Network, 2012) Thus, the number of patients is increasing each year due to its improved patient care facilities as well as advanced machineries. Strategic financial planning of Mayo Clinic The organization of Mayo Clinic of Rochester enhanced its position and sustainability as it treated with patients with high class services and equipments. As a result of which, it earned a profit of 4.4 percent, i.e. $333 million that surpassed the estimated figure and due to which, the brand image of the organization improved in US. However, this is mainly due to the increase of the number of patients by 2000 in 2010. Apart from this, in 2013, it had a record breaking performance among other rivals, by admitting almost 63 million patients in their organizations. As a result of which, the total revenue and net operating income increased by 55 percent to $ 612 million and the entire amount is spend on research, training and future expansions. Along with this, it decided to offer best quality of services to its patients by implementing improved machineries and equipments (TwinCities Business, 2014). Financial and operational outcomes The organization of Mayo Clinic attained annual revenue of $8.8 billion in the year 2012, which is used to offer better services to both the employees and patients (1million) in more than 135 countries so as to improve its dominance and reputation in the market among others. Such type of financial performance took place mainly due to the implementation of varied types of advanced machines and equipments. As a result, the organization became successful in amplifying its patient base and reputation in the market among others (News Network, 2012). Current and future direction of the organization of choice The organization of Mayo Clinic decided to expand it-self in numerous regions across the entire globe so as to amplify its presence and dominance. By doing so, it might become able to offer varied types of treatments to the ailing patients in different parts with a low cost that may increase its market share and prosperity in the market among other existing rivals. Moreover, due to expansion, the organization of Mayo Clinic might increase its profit margin and total revenue to a significant extent that may be used for implementation of new and advanced equipments (Mayo Foundation for Medical Education and Research, 2014). Conclusion Conclusively, it might be stated that, after evaluating all the above mentioned facts, that, best and qualitative services might enhance the brand image and future opportunities of an organization. As the organization of Mayo Clinic always maintained its mission to treat the demands and requirements of the patients primarily so it became successful in amplifying its position and strengths. Along with this, it also reduced its weakness and threats to a significant extent thereby increasing its future expansion process. References Mayo Foundation for Medical Education and Research, (2014). About the products and services. Retrieved from: http://www.mayoclinic.org/. Mayo Foundation for Medical Education and Research, (2014). Complementary –Integrative medicines. Retrieved from: http://www.mayoclinic.org/departments-centers/general-internal-medicine/minnesota/overview/specialty-groups/complementary-integrative-medicine. Mayo Foundation for Medical Education and Research, (2014). Facts and Figures. Retrieved from: http://www.aetr.org/the-facts/massive-profits/. Mayo Foundation for Medical Education and Research, (2014). Facts and figures of Mayo Clinic. Retrieved from: http://www.mayoclinic.org/about-mayo-clinic/facts-statistics. Mayo Foundation for Medical Education and Research, (2014). Goals and Competencies. Retrieved from: http://www.mayo.edu/mshs/careers/laboratory-sciences/clinical-laboratory-science-program-florida-and-minnesota/goals-and-competencies. Mayo Foundation for Medical Education and Research, (2014). Mayo Clinic. Retrieved from: http://www.mayo.edu/pmts/mc4200-mc4299/mc4270.pdf. Mayo Foundation for Medical Education and Research, (2014). Resources of Mayo Clinic. Retrieved from: http://www.mayo.edu/mshs/resources. MPR News, (2010). Mayo Clinic reports positive earnings; lays out future plans. Retrieved from: http://www.mprnews.org/story/2010/02/25/mayo-clinic-report. News Network, (2012). Mayo Clinic reports solid, 2012. Retrieved from: http://newsnetwork.mayoclinic.org/discussion/mayo-clinic-reports-solid-2012-financial-performance/. TwinCities Business, (2014). Mayo-s-Operating-Profits-Climb-55-CEO-Talks-Strategy. Retrieved from: http://tcbmag.com/News/Recent-News/2014/February/Mayo-s-Operating-Profits-Climb-55-CEO-Talks-Stra. Read More