CASE STUDY

Improving Budget Planning for a Healthcare Company by Successfully Performing a SWOT Analysis

Aug 29, 2019

European Healthcare Industry Overview

Across Europe, companies in the healthcare industry are barely managing to cover their costs. Not only are the methods for raising funds to cover costs inadequate, but the costs themselves are set to rise. The major concern of Europe’s healthcare industry is to find ways to balance the budget and restrain spending. However, budget planning requires companies to efficiently address different internal and external aspects.

Business Challenges Faced

The client, a leading healthcare company in Europe, was in the final stages of their budget planning. The budget was about to be rolled out with the launch of the new financial year. But the client wanted a third party planning and budget analysis to identify key internal and external issues and refresh strategies of their budget. They wanted to assess market dynamics, drivers and niches apart from gaining a comprehensive overview of the latest trends and opportunities. This required them to systematically explore areas for business development, resource development (physical and intellectual resources) and vulnerability needing improvement. Due to the complexity of the process, the client decided to collaborate with SpendEdge to leverage our expertise in developing healthcare SWOT analysis template.

Developing a healthcare SWOT analysis template is crucial for companies to analyze different external and internal factors and plan their budget effectively. Request a free proposal to access our category market intelligence solutions for FREE now!

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Our Research Approach

To help the client develop a healthcare SWOT analysis template, the experts at SpendEdge adopted a four-step approach. First, they collected and assessed important healthcare data ranging from disease registries to funding sources. This helped in identification of the organization’s capabilities. In the next step, they organized the collected data into four SWOT categories-strengths, weaknesses, opportunities and threats to identify areas that need improvement when compared to competitor healthcare organizations. Finally, a SWOT report was delivered to assess the market position and tailor SWOTs to specific departments. A SWOT analysis format was developed to create simple SWOT statements that can help the client in planning the budget.

With aid of a healthcare SWOT analysis solution, the client assessed the growth potential of key competitors in the region and gained a comprehensive understanding of the competitive landscape. This helped them better plan their budget, develop effective strategies, and enter niche segments. Also, this helped them to focus on products and services offerings that were crucial to gain measurable results.

Engagement Outcome

The healthcare SWOT analysis helped the client to revise their budget plan and address the rising healthcare costs. They realized that the levels of availability of funding couldn’t meet the rising healthcare spend and developed a healthcare model that could meet costly technological advances as well as legacy priorities.

Developing a robust healthcare model requires companies to perform a healthcare SWOT analysis. Subscribe now to enjoy free access to our web-based platform for better insights.

Steps to Develop Healthcare SWOT Analysis Template

  • Compile and assess the key data.
  • Analyze strengths, weaknesses, opportunities, and threats (SWOT).
  • Develop a SWOT analysis format or matrix for each business option. 
  • Make a SWOT report and incorporate the analysis into the decision-making process.

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