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Strategic business planning for internal medicine
1Department of Internal Medicine, McLeod Regional Medical Center, Florence, SC 29503, USA.
The American Journal of Medicine
|July 1, 1996
Summary
Academic internal medicine departments face market risks due to managed care expansion. A SWOT analysis reveals vulnerabilities, necessitating a focus on core competencies and professional values to maintain market share.
Area of Science:
- Healthcare Management
- Internal Medicine
- Business Strategy
Background:
- Managed care expansion poses significant market risks to general internal medicine practitioners.
- Academic Departments of Internal Medicine operate as a cottage industry, often lacking robust business tools.
Purpose of the Study:
- To analyze the vulnerabilities of the internal medicine generalist within the evolving healthcare market.
- To propose strategies for Academic Departments of Internal Medicine to address business challenges and retain market share.
Main Methods:
- A comprehensive Strength, Weakness, Opportunity, Threat (SWOT) analysis was conducted.
- The analysis focused on the competitive landscape and core competencies of internal medicine.
Main Results:
- The SWOT analysis indicated high vulnerability for the internal medicine generalist initiative.
- Key weaknesses and threats were identified in the current operational and market environment.
Conclusions:
- Academic Departments of Internal Medicine must adopt business tools to navigate market challenges.
- Recommitment to professional values and enhancing the 'master clinician' as a core competency are crucial for retaining image and market share.
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