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Market Analysis

Healthcare historically has not done a good job promoting disease prevention. Our Cleveland Clinic Wellness Institute was founded in 2007 with the goal of focusing on "health care," not just "sick care." Smoking, poor diet, and lack of exercise are the leading contributors to patients needing surgery. People could avoid or delay these surgeries if they had the tools to make better choices.

Wellness Institute provides patients with a framework for making healthier lifestyle choices. Using clinical protocols and evidence-based medicine, Cleveland Clinic physicians develop programs to change unhealthy behavior. In clinical trials, outcomes are validated by using standardized measures. Those who participate in successful programs become accountable for their health and leave the programs healthier and more motivated.

As part of this paper, I will analyze the market for Wellness and Preventive Medicine offered by Cleveland Clinic Hospital. An overview of the program, the target market, market size, market needs, market trends, and SWOT analysis will be provided, as well as information on competitors in the area.

What is your team's product or service? Try to be as specific as possible.

The service provides wellness and preventativeprograms that are dedicated to helping patients, community members, and employees to achieve optimal well-being and high quality of life. The program provides world-class medical care and quality wellness programs to change unhealthy behaviors and make healthy life choices.It will offer services such as screening tests for high cholesterol, obesity, diabetes, high blood pressure, cervical cancer, STDs, substance abuse, and depression. The program is committed to meeting the needs of the population in Cleveland, Ohio between the ages of 18 to 40, providing them with the preventative care that is needed for healthy outcomes after the age of 40. The program will provide preventative services and convenience to all the citizens in Cleveland, Ohio. Working with organizations to raise awareness and break down any barriers that keep Americans from utilizing the preventative services that are covered by most insurances. The goal of the program is to prevent life-altering chronic conditions in older Americans and a healthier community.

If the product or service is new, what problem is it designed to solve?

Cleveland Clinic's Wellness & Preventive Medicine service is not new to the community.In the wellness sphere, the program has a strong history of leadership. Cleveland Clinic's Wellness Institute focuses on preventing and treating chronic diseases related to lifestyle. Among the current areas of focus are pre-diabetes, overweight and obesity, diabetes, psychosocial stress, and insomnia. The purpose of current studies is to understand how behavioral modification programs or web-based interventions affect these conditions.

Prevention and early detection of disease are the Institute's primary goals. To achieve optimal health, individuals should undergo comprehensive annual screening examinations.

If it is an existing product or service, what is its value for the target market? How is it better than what is already in place?

The Wellness & Preventive Medicine at Cleveland Clinicstart by recognizing that marketing touches many aspects of community wellness. By applying that strategy through reactivation programs targeted toward people with chronic diseases, a recent minority men's health fair, initiatives for employees, and more. Cleveland Clinic is going to turn wellness into a business.The health giant in December incorporated Cleveland Clinic Wellness Enterprise LLC, an organization dedicated to "selling wellness products and the commercialization of ideas" from the Clinic'sWellness Institute, according todocuments (pdf) filed with the Ohio Secretary of State. Value-based care is also a simple and proactive way of improving care for patients. With its focus on overall wellness and preventive care, value-based care improves healthcare outcomes and reduces costs. The new strategies are better than what is already in place. Value-based care emphasizes wellness and prevention as well. In order to reduce the need for expensive tests, procedures, and medications, preventive measures (such as quitting smoking, dietary and lifestyle changes, exercise, etc.) are recommended.

Is the product or service offered as part of an existing healthcare organization? For example, is it offered as a new or expanded service within a local hospital or clinic, or is it part of a newly formed healthcare organization?

Based on state filings, Cleveland Clinic Wellness Enterprise LLC is a new service within a local hospital that is non-profit, with the goal of commercializing and generating new revenue streams.

This approach is somewhat unique for the Clinic, which usually spins off its core medical innovations to other organizations. A spin-off is also a service, whereas most are related to medical devices, drugs, or therapies.

Who is the target market? Describe the target market using demographic, geographic, psychographic, and healthcare variables.

The target audience ispatients, community members, and employees.Through our demographic research for Cleveland Clinic Hospital in Cleveland, Ohio we identified that most of the residents are between 40-60, a large percentage have Medicaid and Medicare, and the area has one of the largest populations with broadband service in the country.(Zhan, Miller, et al 2018 June) This shows us that there is a large opportunity for preventative services for the younger crowd as well as the older crowd in this community. Additionally, it is important to state that 12.3 of the minorities lack access to medical insurance cover with 11.3 of Latinos having to be uninsured as well. The method used to categorize these residents is on the basis of their race and socioeconomic status (SES). Cuyahoga County in Cleveland, Ohio has a population of 87,735 people, a 2.48% increment from 2019. The largest group of races is whites at 24.5%, Asian Americans at 12.3%, and Blacks at 6.12%. It is imperative to state that 90.9% of the residents in Cuyahoga County have access to healthcare coverage; typically, 53.7% have employer healthcare cover, 19% are on Medicaid, 7.61% of Medicare 9.69% on self-sponsored insurance covers and 0.8% are covered under veteran insurance plans (Delloite, 2021). Most importantly, spending per capita on health and related services stands at $7,500 as of & years ago and a 4% increment from a decade ago. Alternatively, the primary care providers for Cleveland, Ohio are private physicians that handle about 1700 patients per annum in comparison to 1400 who seek dental and about 500 in need of mental health assistance. Currently, Cleveland, Ohio are in need of preventive healthcare services. The COVID-19 pandemic has not only strained the access to healthcare services but also Market Analysis

What is the size of the market? Describe the methods used to determine the size of the market.

A study was conducted by Cleveland Clinic's wellness and preventative center. As per Cleveland Ohio Demographics, the market consisted of 429 participants between the ages of 40 and 70 who had one or more chronic conditions. The study was conducted on women aged 40-60 years old. The study aimed to design and test a program to mitigate the physical and fiscal consequences of chronic diseases. Participants with chronic conditions, including obesity, hypertension, hyperlipidemia, and diabetes mellitus, many of whom had failed traditional disease management programs, enrolled in a comprehensive lifestyle intervention. The Wellness Institute of the Cleveland Clinic, United States, conducted the Wellness and Preventative Program, which incorporates nutrition, physical activity, and stress management interventions. After a six-week immersion course with eight hours of group instruction per week, 3 follow-up sessions lasting four hours each were conducted over a six-month period.

What are the specific needs of the market in terms of the product or service?

What trends in the external environment may impact the proposed product or service?Cleveland Clinic's wellness and preventative center may be affected by trends in the external environment, including technological, economic, sociodemographic, legal, and regulatory trends.During COVID-19, racial and ethnic minorities were disproportionately affected, raising society's awareness of racial inequalities in healthcare. Cleveland Clinic continued its efforts to end these inequities in 2020. An executive council was formed at Cleveland Clinic to recommend diversity and inclusion priorities. Nearly 100 caregiver forums were held to discuss racism's impacts. Furthermore, Cleveland Clinic collaborated with local communities to expand broadband internet access to digitally underserved neighborhoods via the national OneTen coalition. In the external environment, Covid-19 was one of the biggest trends that impacted Cleveland Clinic's wellness and preventative center and the entire world. Some of us were in quarantine due to covid and could not attend our appointments, checkups, or other health services.We have also seen how habitat loss can increase the odds of cross-species viral transmission and poor air quality can worsen COVID-19 patient outcomes. Through strategic purchasing, construction, and recycling, CCF improved environmental sustainability.

SWOT Analysis

The Cleveland Clinic's Wellness & Preventive Medicine programs are dedicated to helping patients, community members, and employees achieve optimal health and well-being. There are many strengths, weaknesses, opportunities, and threats that will affect this center and the new products and services it will provide. In accordance with the target market's needs and the applicable trends in the external environment, the following strengths, weaknesses, opportunities, and threats are identified:

Strengths

Specialty services required by the population

Multi-aged population

Potential for economic growth

Employment opportunities

Weaknesses:

• Funding shortage
• State and Federal Laws and Regulations
• Adequate employable population
• locally Transportation needs to be required.
• Advancement of technology.
• Medicare/Insurance coverage issues
• Possible lack of support from surrounding public/private hospitals.

Opportunities/Threats

• Economic growth
• New Employment
• Population diversity,
• New specialty services,
• Healthcare access to uninsured/underinsured.
• Possibility of expansion in surrounding areas
• Lack of competition allows for the possibility of growth

Threats

• Lack of adequate funding,
• Unable to obtain staffing,
• The inability for population expansion
• Lack of state and federal government support.

Who are the competitors and what are their strengths and weaknesses?

Kaiser Permanente, Mayo Clinic, Penn Medicine, Atrium Health, and Beaumont Health are among Cleveland Clinic's top competitors. They are nonprofit multispecialty academic medical centers that integrate clinically and hospital care with research and education. The Cleveland Clinic offers a healthy living program similar to Mayo Clinic. Our wellness programs are committed to helping Cleveland's patients, our community members, and our employees achieve optimal well-being (2020, Mayo 2). Multiple locations make this organization and its program successful, in my opinion. As a result, the clinic is able to work with a wide variety of patients, connect with them, and provide them with care, allowing the clinic to interact with more prospective patients. Mayo Clinic's healthy living program is unique in that it allows patients to customize their experiences based on their budget and goals. With Mayo Clinic's healthy living program, patients can choose the approach they want to take to live a healthy lifestyle. Every patient receives a unique healthy living program, including nutrition, wellness, diet, etc. Physicians construct patient plans, therefore no two plans are alike (2020, Mayo 2). There is only one location where Mayo Clinic offers its healthy living program, which is the competitor's weakness. It is located in Rochester, Minnesota. Follow-up appointments will need to be made. Due to the short-term nature of the programs, as well as the distance, patients must find an alternative for long-term healthy living. The healthy living program does not offer discounted class packages to be purchased individually (2020, Mayo 2).

Conclusion

Overall, the analysis shows that wellness and preventative clinics for adults offer a wide range of opportunities. Additionally, we could have added value to the pandemic by being a testing site as well as a vaccination site by using SWOT analysis and the COVID-19 outbreak. The clinic has several opportunities for assisting minority adults with their healthcare to reduce their healthcare costs and insurance costs by practicing good preventative care.