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Sonic Health And Social Care Essay

1458 Words6 Pages

The Economic and Business Environment - Sonic Healthcare

Outline a brief history of your chosen company (100 words): RECOPY
Before starting in the medical industry, Sonic Healthcare was a failing mining company. But desperately trying to make money, they purchased a pathology company and listed it on the Australian Stock Exchange. Then in 1992, Micheal Boyd invested 1 million dollars when he saw the need and potential for medical funding. Starting in Sydney, Australia, Sonic Healthcare started only as a failed project with a single laboratory that has grown with its main marketing strategy being its ethical principles, it expanded rapidly by combining its business with pathology, then radiology. After expanding throughout Australia, Sonic …show more content…

Along with being a company that highly values ethical practices and decision-making, Sonic Healthcare follows a set of medical leadership rules that environmental sustainability, caring for employees and serving underprivileged groups of communities, as well as ethical and legal practices as well. Sonic Healthcare strives for no discrimination and equality for all (wow the bare minimum), provides quality education, promotes lifelong learning opportunities, and promotes inclusivity and positive economic growth.
52.7% of Sonic Healthcare’s senior positions are filled by women and 73% of science and research positions are also filled with women, Sonic Healthcare claims the reason for this is to have a broad range of experiences, opinions and talents and although they do not collect statistics on ethnicity, they also strive for a culturally diverse workplace as well. Sonic Healthcare also strives to protect its employees physically with only 0.11% of hours lost due to physical …show more content…

Sonic Healthcare and its employees may struggle to obtain money and may have to fire some people and have other budget cuts which could result in delays in services and shortages in the delivery of critical equipment and supplies needed to perform their jobs properly. This could drive up Sonic Healthcare’s costs and negatively impact its profitability. Sonic Healthcare would have to have to take a look at alternative suppliers and sources of medical supplies and equipment and may have to cut wages and fire people. When employees’ contracts come to an end, Sonic Healthcare could renegotiate contracts with lower-level/underachieving employees so that the impact of rising costs and the inability to way them would be blocking the problem so that money can be redistributed to other places in the company that could need it more. Investing is also always a good idea for companies going bankrupt, Sonic Healthcare should consider investing in up-and-coming, new technologies (diversifying across different companies of course) but there is also a big risk, they could lose all of that

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