Marketing Assessment:

1.) identifies components using the Five-Forces Model including power of HC workforce, power of consumers & payers, competitive rivalry, regulatory environment, and innovations in technology

2.) gives affirmation of organization's mission, vision, and value (MVV) statements by listing these statements and analyzing whether the organization follows its statements.

3.) clearly identifies: Product, Price, Promotion, Place, Co-Creation, Currency, Communal activation, and Conversation

Gain all of this information from the paper I wrote:

For the SWOT Assignment, I chose to do the SWOT assignment on the Foot and Ankle Center of New Jersey, the Newton office. This is the podiatry office where I have worked for the past 6 years and the past year and a half as an office manager.

Strengths:

1. Specialized Expertise: The Podiatrist Office has a team of highly skilled and specialized podiatrists at the Newton location and in the other 15 offices as well, the team of doctors are experts in diagnosing and treating a wide range of foot and ankle conditions. Their in-depth knowledge and experience provide patients with the highest level of care, leading to better health outcomes

2. Established Reputation: Dr. Wexler at the Newton Office Location has been in practice for over 20 years, as a result of this the practice has built a strong reputation for providing quality podiatric care in the local community. Their commitment to patient well-being, coupled with positive patient reviews and word-of-mouth referrals, has solidified their standing as a trusted healthcare provider.

3. State-of-the-Art Facilities: The office is equipped with modern medical facilities and technology, allowing for accurate diagnoses and effective treatment options. This not only enhances the patient experience but also keeps the practice competitive in the field of podiatry. The office in addition to competing with competitors the office has expertise in DMEs such as diabetic shoes and custom molded orthotics for diabetics and non-diabetics, for patients whose insurance does not cover these DMEs we offer out-of-pocket charges that are significantly less than our competitors but due to the low cost from our vendor we make a great profit. Lastly, we are in association with other fields of healthcare such as Woundcare and the surrounding hospitals, so if we have a diabetic come in with a wound or in the event they need an amputation, we can refer them to go to the hospital and we can contact our other office which is in Vernon and they can send a doctor there to monitor the patient and, in the event, if surgery is needed, they are able to perform it. Most practices in the area, do not offer this type of solution or option for a patient rather they would just send them to an orthopedic or to Woundcare which is located in the hospital.

Weaknesses:

1. Limited-Service Range: One of the weaknesses of the Podiatrist Office is its limited-service range. It primarily focuses on podiatry, in the Newton office we deal with toenail debridement, ingrown procedure/phenol (if the nail is not infected, this can help by preventing ingrown nails), toenail removals, warts, calluses, fungus, DMEs, foot pain, cysts, laser treatment for plantar fasciitis, diabetic wounds and fractures. As a result, the office has a limited-service range which means it may not fully address patients' related needs, such as physical therapy or general orthopedic concerns. To address these types of problems we can only refer a patient to physical therapy but they have to check with their insurance to see where they can go due to coverage, and for orthopedic if it is not below the ankle, we would refer them to the orthopedic as the problem may be their knees that are causing the patient pain.

2. Insurance Dependency: The practice heavily relies on insurance reimbursements for revenue. Any changes in insurance policies or delays in reimbursements can pose financial challenges and impact the cash flow of the organization. As a result of this, every office besides the Newton location has decided to not accept Amerigroup as its reimbursement turnaround is significantly low, for example, a procedure such as an ingrown in our office could potentially only make thirty dollars from Amerigroup versus other insurances, we can make a few hundred. As a result of this, the other offices have stopped accepting certain insurances, in our office we still accept most though we do not get to choose as a provider the insurance company chooses who they want to be accepted in their plan. The dependency on insurance and what they pay is of huge importance for the financials.

3. Online Presence: The office's online presence, including its website and social media profiles, is not as robust as it could be. In an increasingly digital world, this can affect the practice's visibility, patient engagement, and marketing efforts. With the Newton office being bought out by The Foot and Ankle Center of New Jersey, they created a website but it has not been updated since 2021 when we were bought out, so the old office manager is still listed, the new services we provide are not explained on the website and the hours for our location are incorrect. This has created several issues when patients call to ask about the hours of operation, insurance we accept at our location, and even the location of our office because it is not correctly listed. This has been a huge weakness of the company as it does create frustrations and patients want to know about the office and the information that should be easily accessible.

Opportunities:

1. Expanded Services: Diversifying service offerings to include related healthcare services, such as physical therapy or orthopedics, can attract a broader patient base and create additional revenue streams. In addition to the expanded services, and opportunities, in our building we have an office space that is open for lease, it would be a great opportunity if we had a relationship with a diabetic doctor who only dealt with Medicare and/or AARP as a secondary, not a bundle plan so that way we could do more diabetic shoes. With our program with Medicare (CMS), we can only dispense shoes to type 1 diabetics and we only have three months from the starting date of their initial appointment with us to get shoes on them, which means in that time they have to see their diabetic doctor, the doctor has to do a full work up on them, sign our notes that we send them and their notes as well. So, having a diabetic doctor in the same building at our location it would create more flow with the shoes and we would be able to do more from the months of March to the middle of October. We have to wait to do the shoes in March due to patients meeting their deductibles and we stop in the middle of October because the shoes can take up to one to two months to come in and if they come in the new year the patient will get a bill because the insurance will accept it as a new year medical need and not the time when we had the initial visit. So, expanding services such as this for example would allow more accessibility for patients and more opportunities for the patients needs in addition to the company it would be financially beneficial and in turn, can create more referrals from word of mouth, other healthcare practices, and so forth.

2. Returning back to assisted living homes, group homes, and home visits. Before Covid-19 happened, Dr. Wexler used to go to these types of homes and he would see upwards of 40-50 patients for the day. Due to COVID-19, we had stopped going to the homes and the patients would have to make appointments in the office to get their routine every 9-week toenail appointment. If we could go back to what we used to do this would be a great opportunity because we would see more patients, and we wouldnt have to worry about no-shows or cancellations from these groups.

3. Collaborative Partnerships: Establishing partnerships with local healthcare providers, such as general practitioners or orthopedic surgeons, can lead to more patient referrals and strengthen the practice's position in the healthcare ecosystem

Threats:

1. Regulatory Changes: The healthcare industry is subject to regulatory changes that can impact reimbursement rates and administrative requirements. Adapting to these changes can be a challenge for the Podiatrist Office.

2. Competition: Increased competition from other healthcare providers, including nearby podiatry offices or larger hospital systems, can erode market share and put pressure on maintaining patient volumes.

3. Economic Factors: Economic downturns or changes in the local economy can affect patients' ability to access and pay for healthcare services, potentially leading to a decrease in patient visits and revenue.

Assumptions for Strategic Planning: Assumptions for the Podiatrist Office's strategic planning should include the continuation of healthcare regulations, insurance reimbursements, and the availability of qualified staff. Additionally, it should be assumed that the local healthcare market will continue to demand specialized podiatric services.

Desired Outcomes: The desired outcomes for the practice should encompass increasing patient volumes, expanding service offerings, improving online visibility, and maintaining a strong reputation for quality care.

Tactic Planning: To achieve the desired outcomes, the Podiatrist's Office should focus on tactics such as developing a robust online presence, exploring opportunities for telemedicine, diversifying service offerings, and establishing collaborative partnerships with other healthcare providers. Furthermore, they should actively monitor regulatory changes and remain adaptable to evolving industry conditions and patient needs.

The Podiatrist Office exhibits notable strengths in specialized expertise, an established reputation, and modern facilities. However, it also faces weaknesses related to its limited service range, insurance dependency, and an underdeveloped online presence. The organization can seize opportunities by diversifying services, integrating telemedicine, and forming collaborative partnerships.