HCA Case: SWOT Analysis
High BBB bond rating can be deemed as the strength of the organization that can also be viewed as its competitive advantage given the low BBB rates among other hospitals.
The fact that the organization can provide healthcare assistance even to the U.S. citizens that are not covered by either the Medicare or Medicaid policy clearly is a positive characteristic that is likely to make the organization popular.
The fact that the number of inpatients has declined shows that the organization is no longer able to cater to the needs of as many community members as it used to do.
The lack of a sustainable approach toward resources, management, in general, and the allocation of the financial assets of the organization, in particular, clearly is a problem since it may lead to the ultimate financial failure of HCA.
Despite the fact that the firm’s quality management leaves much to be desired at present, HCA has impressive chances for raising the quality rates significantly due to the recent acquisition of the latest and innovative equipment.
The refinancing process is likely to serve as the foil for the design of a more sensible and adequate resource management strategy. By allocating the current financial assets in a more reasonable way, HCA will be able to address some of the issues that may jeopardize its success, such as its debts.
The fact that the organization may fail to meet the new quality requirements after its renovation may pose a risk to the hospital’s existence.
The drop in the interest rate may lead to a financial collapse of the organization.
The maturing debts of the facility also pose a threat to its existence.
Service Quality: Improvement Plan
The issues associated with quality are, perhaps, the most difficult to address for an organization that operates in the global environment. The subject matter is especially challenging for a nonprofit organization such as HCA, the existence of which depends on the current financial framework extensively. Unless the necessary quality standards are met, HCA is likely to cease to exist. Therefore, a reconsideration of the current approach toward quality management must be considered. Particularly, the introduction of the DMAIC (Define, Measure, Assess, Improve, Control) framework and the Just-in-Time (JIT) strategy should be viewed as the primary steps toward the improvement of the service quality (Westcott & Duffy, 2015).
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The significance of the DMAIC structure lies primarily in getting the company’s priorities straight and introducing the tools that will permit measuring the outcomes and, most importantly, control the current quality levels. The JIT philosophy, in its turn, will help detect the emerging problems at the earliest stages of their development and design the strategies that will nip the problems in the bud (Westcott & Duffy, 2015). The combination of the two is bound to contribute to faster acquisition of the relevant quality standards and the promotion of a more efficient time management approach among the staff members. Furthermore, the DMAIC philosophy will also shed some light on the issue of resource management, thus, leading to a drop in expenses and the waste levels at HCA. Once the identified steps are completed, HCA will become more resilient toward the challenges of the global economic environment.
Westcott, R. T., & Duffy, G. L. (2015). The certified quality improvement associate handbook (3rd ed.). Milwaukee, WI: ASQ Quality Press.