Discussion: SWOT and Cost Analysis
How well do you know your organization?

Many of us spend a great deal of time at our workplace, and this often leads us to feel that we know the organization very well. But when it comes to organizational familiarity, there are several levels of understanding. Leaders faced with decisions about investing resources often use tools such as SWOT and cost analyses to truly reflect on the company and on the appropriateness and potential of an investment. SWOT and Cost Analysis Discussion Paper

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In this Discussion, you will examine the use of these tools. You will reflect on your own proposal, and on the costs and potential revenue streams or other benefits associated with a healthcare product or service. You will also consider the environment in which your organization operates and potential relevant opportunities and threats.

To Prepare
Reflect on the strengths, weaknesses, opportunities, and threats associated with the healthcare product or service you have proposed.
Reflect on the costs and potential revenue streams associated with the healthcare product or service you have proposed.
By Day 3 of Week 7
Post a brief description of what you believe to be the strengths, weaknesses, opportunities, and threats of the healthcare product or service you have proposed. Also include a statement considering where costs and revenues fall in your SWOT analysis. Are their weaknesses associated with the costs? In other words, are the costs high enough to represent budgetary issues? Do potential revenue streams represent a strength? Consult with your internal finance counselor, as appropriate.

By Day 6 of Week 7
Read a selection of your colleagues’ responses and respond to at least two of your colleagues on two different days and critique their SWOT and cost analysis, offering supporting or contrary ideas regarding strengths, weaknesses, opportunities or threats to be considered or additional thoughts about the impact of their cost and/or revenue projections.

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SWOT and Cost Analysis

The proposed health care product is the installation of Davinci Surgical System, a robotic system that is designed to facilitate minimally invasive surgical procedures by aiding the surgeon from a controlled console. SWOT analysis of the system reveals some strengths, weaknesses, opportunities and threats. Four strengths were identified. Firstly, it is a cost-effective surgical tool that reduces the cost of surgical procedures without compromising care quality and outcomes. Secondly, it improves outcomes in surgical procedures by reducing pain, decreasing the risk of infection, reducing hospital stay and facilitating faster speed of healing. Thirdly, it reduces surgical staffing needs (Diam, 2021). Three weaknesses were identified. Firstly, it requires huge initial investment, estimated at between $1.9 million and $2 million to purchase the system. Secondly, it has high recurrent costs from instruments and consumables. Thirdly, there is a threat of the system breaking down or malfunctioning, something that is to be expected from technology. Three opportunities were identified. Firstly, technologies and robotic systems are becoming more readily accepted in health care delivery. Secondly, medical tourism is an opportunity that can be leveraged to advocate for the system. Thirdly, medical technologies industry is competitive and under strict regulations so that there is an expectation that the technology does not present any significant concerns. Four threats were identified. Firstly, robotic systems are becoming a mainstay in surgeries and patients are increasingly demanding their use. Failing to have the system could cause the facility to miss out on an opportunity. Secondly, robotic systems are varied and their training is not well standardized so that getting personnel who are well training on using them could be a challenge. The training vacuum is a threat. Thirdly, there is increased risk of infection since the robotic system cannot be completely sterilized between procedures. There are sections that remain unsterilized (Abedin-Nasab, 2019). Based on the SWOT analysis, it is evident that although the robotic system will require a high initial investment estimated to be at least 1.9 million, there are significant benefits that can be derived if the strengths and opportunities are leveraged even as the weaknesses and threats are minimized.

References

Abedin-Nasab, M. (Ed.) (2019). Handbook of Robotic and Image-Guided Surgery. Elsevier Science.

Daim, T. U. (Ed.) (2021). Roadmapping Future: Technologies, Products and Services. Springer.

The healthcare system is constantly evolving there are numerous opportunities available to improve patient outcomes. Today with the advancement of modern technology in healthcare workers can better implement changes that places priority on patient care. Giving healthcare leaders the opportunity to decide which intervention will improve those outcomes while balancing the financial needs of the hospital. The surgical department has proven to be valuable in many ways from reducing child mortality to improving maternal health and reducing numerous health complications (Ramadanov,2020) There’s an estimated 234 million major operations performed worldwide. There are many risk factors associated with surgery e.g., pain, collapsed lung, blood clots, fatigue, muscle atrophy, and infection (Kennedy et al., 2015) The Davinci Surgical System is a robotic system designed to facilitate surgery using a minimally invasive approach and is controlled by a surgeon from a console. Although, the cost for this system is 1.9 to 2million dollars the benefits are greater. The most important purpose is to provide a cost-effective way that does not compromise quality. The system has been proven to reduce pain, decrease risk of infection, reduce hospital stay, and attributes to faster healing rate for patients. The system requires less staff requiring the use of one nurse. The stakeholder groups that will be impacted by the implementation of the Davinci robotic system are the surgeon, patient, and the administrator. The patient is the main stakeholder because he/she will the person undergoing the procedure. The surgeon is responsible for overseeing that the staff are trained appropriately, and the administrator helps with purchasing. It is imperative that the stakeholders be fully be involved in the implementation and utilization of the new system.2

In conclusion the Davinci robotic system will lessen hospital stay after surgery while decrease the risk for infection and improve overall patient outcomes, creating a positive impact within the health care organization.  SWOT and Cost Analysis Discussion Paper