Health services continue to affect the gross domestic product, and this dramatic transformation puts great demands on each dollar spent to deliver patient-centered products. Health care marketing must be repeatedly applied and practiced strategically to include environmental dimensions, such as technology, socioeconomics, competition, and regulatory requirements.
In today's global economy, investors and potential entrepreneurs must tap into the so-called "unexplored' market. In this aspect, health care establishments must use marketing and advertising, as well as sales strategies, when pursuing new customers.
For example, suppose a health care investor wanted to build a small hospital in a rural community-this would entail exploration and logistical experimentation to determine who will patronize the facility. In an impoverished area, the feasibility of having lucrative profits may see diminishing returns, so the investor may not consider the venture worth the effort.
Also, suppose that the potential investor wants to sell mosquito deterrents (such as bedside netting in malaria-infested regions of Asia or Africa). In that case, it would be wise to investigate the number of beds that are in the village, and who would be willing to purchase the products. These activities consider the investor portfolio, as well as the feasibility of marketing and selling the product. Such exploration also examines competitors, cultural differences, and—most importantly—identification of the customer.
Preparation
Using the health care organization you identified in the learning activity last week (The Miami Burn Center Hospital), determine its product development practices. Use the concepts from previous weeks to substantiate information, as needed. You may develop the discussion based on the ideas presented here, but feel free to inject any relevant marketing strategy that you believe might support your presentation.
Instructions
Provide 4-5 pages (including a Sources page) in which you:
Justify the purpose of the selected health care establishments' products and services and their associated life cycles.
Propose one strategy to improve the marketing mix of the selected health care establishment.
Support your strategy by highlighting one benefit of portfolio analysis and providing at least two examples that show differential advantages.
Determine the impact of possible economic decline on product-market expansion and how it can affect business planning based on a global operating environment.
Assess the importance of technology in providing patients with clear and accessible information about health care organizations and the products and services they provide.
Full Answer Section
- Rehabilitation: This phase focuses on long-term recovery, including physical therapy, occupational therapy, psychological support, and reconstructive surgery. This phase has a longer lifecycle, as patients may require ongoing care and support for months or even years.
- Burn Prevention Education: The Center actively engages in burn prevention education programs for the public, schools, and communities. This is a continuous process with a long-term impact on public health.
2. Improving the Marketing Mix:
One key strategy to improve the Miami Burn Center's marketing mix is to strengthen its digital presence and online engagement. This involves:
- Developing a comprehensive website: The website should be user-friendly, informative, and visually appealing, providing detailed information about the Center's services, expertise, and patient testimonials.
- Utilizing social media: Actively engage on social media platforms like Facebook, Instagram, and Twitter to share burn prevention tips, patient success stories, and information about the Center's services.
- Implementing targeted online advertising: Utilize online advertising platforms to reach specific demographics and target individuals at risk for burn injuries (e.g., firefighters, construction workers).
- Leveraging telehealth: Explore the use of telehealth for follow-up appointments, consultations, and patient education, increasing accessibility and convenience for patients.
3. Benefits of Portfolio Analysis:
Portfolio analysis, such as the Boston Consulting Group (BCG) matrix, can help the Burn Center evaluate its existing services and prioritize future investments.
- Examples of Differential Advantages:
- "Star" Services: Highly profitable services with strong growth potential, such as advanced reconstructive surgeries or specialized burn rehabilitation programs.
- "Cash Cow" Services: Established and profitable services, such as basic burn care and wound management, that generate consistent revenue to support other services.
- "Question Mark" Services: New or emerging services with high growth potential but uncertain profitability, such as innovative burn treatments or telehealth services.
- "Dog" Services: Services with low market share and low growth potential, which may require divestment or restructuring.
By analyzing its service portfolio, the Burn Center can identify areas for growth and investment, allocate resources effectively, and ensure long-term sustainability.
4. Impact of Economic Decline:
An economic decline can significantly impact a healthcare organization like the Miami Burn Center.
- Reduced Demand: Economic downturns can lead to decreased patient volume, particularly for elective procedures.
- Increased Competition: Hospitals may face increased competition for resources and patients as they strive to maintain profitability.
- Funding Cuts: Government funding for healthcare programs may be reduced, impacting the availability of resources for burn care.
To mitigate the impact of an economic decline, the Burn Center can:
- Diversify revenue streams: Explore alternative revenue sources, such as offering community education programs or partnering with insurance companies.
- Improve operational efficiency: Identify and eliminate inefficiencies in operations to reduce costs and improve productivity.
- Strengthen community partnerships: Collaborate with community organizations to provide access to care for underserved populations.
5. Importance of Technology in Patient Information Access:
Technology plays a crucial role in providing patients with clear and accessible information about healthcare organizations.
- Online portals: Patient portals provide secure access to medical records, appointment scheduling, and communication with providers.
- Telehealth platforms: Telehealth platforms enable remote consultations, patient education, and follow-up appointments, improving access to care and reducing travel burdens.
- Mobile applications: Mobile applications can provide patients with valuable information about burn prevention, injury care, and access to local resources.
By effectively utilizing technology, healthcare organizations can empower patients with information, improve communication, and enhance the overall patient experience.
Conclusion:
The Miami Burn Center plays a vital role in providing specialized care for burn patients. By continuously evaluating its service offerings, adapting to changing market conditions, and leveraging technology to enhance patient care and communication, the Center can ensure its long-term success and continue to provide high-quality care to the community.