JHT2 Task 3 1 Essays
The Healthcare Industry
A1. Economic Features
One dominant economic feature of the healthcare industry is the growing need for both basic and specialized healthcare due to the continued aging of the “Baby Boomer” generation. This generation consists of over 79,000,000 individuals born in the US between 1946 and 1964. As this generation has aged, the need for healthcare has increased dramatically. Let us take a look at some statistics:
As of 2012, there were 65.2 million Baby Boomers still living in the US. These individuals, all now currently between the ages of 50 and 68 years old, represent 21% of the current US population.
A member of this group turns 65 years old every 10 seconds.
66% of individuals over the age of 65 …show more content…
Two key factors that will enhance the company’s success are improved training and proper staffing. The healthcare industry is an ever evolving entity. New procedures and technologies intended to improve treatment effectiveness are being developed every day. It is imperative to the success of the company that our practitioners are fully trained on these medical advances as they come to light. Monthly training sessions and seminars need to be scheduled and attendance must be mandatory. By having the best trained staff, the company gains a strategic advantage over its competitors by being able to provide the most up to date care to its patients.
Proper Staffing is also a key to the company’s future success. Care must be taken to ensure that enough staff is on duty to handle the patient load while providing a top notch standard of care and treatment without a back log but at the same time not so much staff as it becomes a detriment on the profitability of the company. By properly analyzing scheduling and emergency patient trends as well as establishing a suitable on call system to help handle emergencies, issues that can arise from overstaffing/understaffing can be reasonably mitigated and overhead can be properly managed from a salary standpoint.
A5. Competitive Forces
The impact of the 5 competitive forces from Porter’s Five