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Health Care Swot Analysis

1001 Words5 Pages

For any company to be profitable and remain solvent, it must have a stable financial resources. To ensure financial stability, a business needs to conduct financial analysis to ascertain its financial strengths, weaknesses, opportunities and threats (SWOT). Therefore, the CLC provider, in adopting and implementing the Electronic Medical Record systems (EMR) will conduct a thorough and an extensive financial analysis both internally and externally. The goal for doing this is to improve the efficiency, effectiveness and quality of the care and services we provide to our customers while at the sometime keep the business profitable and solvent. The implementation of EMR undoubtedly comes with cost attached and we want our investment to pay off …show more content…

There is no doubt that EMR implementation comes with its own associated cost such as buying new computers, servers, maintenance cost etcetera. However, comparing the costs to the benefits EMR brings to our business makes the argument stronger that EMR implementations is better for our business as well as for our customers. Other EMR benefits such as patient satisfaction and improved care both leads to increase patient referral, which also lend in to increased profit (Deutsch, n.d). Both our internal and external financial analysis showed that implementing EMR in our 200 bed facility will not only improve efficiency and effectiveness of our patient care processes, as well as the overall quality of patient care services, it will increase our profits and keep us …show more content…

Being in compliance will enable us access and receive the benefits and incentives the American Recovery and Reinvestment Act (ARRA) offers (Fleming, 2011). The financial trend analysis, balanced sheet analysis, as well as analysis of our income statements indicates a positive financial forecast for the business (Spigelman, 1969). In addition, our percentage change financial statement analysis shows a significant growth in both our income statement items and balance sheet accounts of sales and total assets (Peavier, 2016). The industry analysis indicated a competitive advantage over other health facilities within a thousand miles radius. There are 15 health facilities of our kind within our competition, and only two has implemented EMR. The EMR system the two has implemented are very limited in scope as it pertains to the level of patient care process, information gathering, storing and utilization between practitioners as well as consumers. We reviewed our financial ratios and that of the other facilities, and with the implementation of the EMR system we have will improve quality of services, efficiency, user-friendly for patients and their representative in accessing their health records. This will bring us more customers, more sales and more

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