Small Medical Practices

821 Words4 Pages
Strengths: All medical practices have a high level of expertise because each deals with such sensitive topics as human health and human lives. Because these are topics of interest and a high level of seriousness, a majority of people need to be treated by professionals with the highest level of training. This adds an additional strength, because it is rare to find a physician who has not been properly trained. Small practices have the advantage of having a smaller amount clients. Therefore, the physician can take a personal approach toward each of his or her clients. This is one of the major strengths of small physician practices. People value the personal relationship built with his or her physician. Global product sourcing capabilities…show more content…
Therefore, it would be difficult to appeal to larger groups of people and it would be challenging to experience growth. Limited resources are a weakness of many small businesses. Small practices are constantly looking for sponsors and donors and that’s where marketing comes in as well. Marketing not only reaches to customers but potential sponsors as well. Any kind of nepotism undermines a business’s credibility. In the medical field, nepotism may result in other patients not receiving care that him or her demands, deserves, or would pay for when rendered. (Ciptak, M., 2013, May 29) The most difficult challenge of a practitioner is ever rising operation costs. To keep up with constantly changing environment and new technology, medical practices need to manage their costs effectively and be able to cover their operating costs. Focusing on this issue may take the practitioners away from their primary focus of helping people, which is a weakness. (Rising Operating Costs Top List of Medical Practice Concerns, 2013, August…show more content…
If they take on more professionals who are educated in a slightly different field of expertise, they can accept more patients who are interested in that particular field. (Ciptak, M., 2013, May 29) Medical education can be utilized all around the country and the world. Therefore, medical workers are shifted around the globe for patients to receive the best possible care. (Ciptak, M., 2013, May 29) Threats: Just like any business, small medical practices are facing the threat of competition. Depending on a number of factors (city size, demographics, competitive advantage, etc.) competitors are a significant threat that makes each individual practice develop their own competitive advantages to stay ahead of competition. An important element of competitors being a threats for medical practices is the competitors’ distributors and the prices they set for their products. (Strengths, Weaknesses, Opportunities and Threats (SWOT) Analysis.

More about Small Medical Practices

Open Document