Question: Use the below information on a fictional comapny, what are the sources of competitive advantage?
FIT Medical is a healthcare facility designed to streamline, synchronize and improve patient care. Under one roof patients would have access to primary care physicians, physical therapists, personal trainers, massage therapists, nutritionists, and the like. FIT Medical provides multiple healthcare services and doctors with diverse specialties in one facility in an effort to provide better communication between doctors so that individualized patient treatment plans may be developed and electronic medical records can be more complete than they are in traditional, single specialty offices. A monthly membership fee would allow members to have unlimited access to the onsite gym, as well as a limited number of personal training sessions and massages. By coordinating patient's medical care and health concerns we can eliminate gaps in care and communicate effortlessly, ultimately improving the overall health of our members while increasing their confidence in our approach. By working closely with patient and having open communication between departments the level of patient care provided at this facility would be much greater than the industry average.
Vision, Mission, and Strategy
Vision statement: At FIT Medical we strive to be the preeminent all-in one facility that provides the most complete patient care by continually pushing the industry forward through healthcare synthesis and innovative practices, effective teamwork and communication, we will make our community healthier and more informed, one patient at a time.
Mission statement: At FIT Medical we are guided by our desire to give the highest level of excellence, professionalism, and patient care when it comes to improving the health of our members; we do this by bringing together a variety of disciplines under one roof in order to create and evolve strategic treatment plans for each individual.
Business strategy: As with most businesses the overhead costs involved are of primary concern, especially in the infancy period. In order to create an environment where the business would be profitable we would look to privately contracts our physicians and healthcare professionals. These healthcare professionals would only be needed when there were patients booked and revenue being received. For all billable services we would have our management team bill patient's insurance which would be a primary source of income. Our other primary source would be membership dues. The essential staff would consist of management, low level medical assistants and janitorial staff. Everyone else including, personal trainers, massage therapists, nutritionists and the like would be PRN, and paid flat amount for appointments scheduled.
Business Opportunity
The health and fitness sector may seem linked to the medical field, but when one sits and analyzes the roadblocks and inability for facilities to have all and any information about a patient, you realize synchronizing a patient's healthcare is harder than it sounds. Now, with different offices all over the place the patient is often responsible to relay information and tell the personal trainer about injuries, or go tell the chiropractor what happened to their back. Often there are different treatment methods that do not align or work well together. For example a personal trainer may want a patient to do back exercises, while the chiropractor is suggesting rest. In order for a patient to establish with our medical practice, a physical is required. After that is completed a trainer evaluation is required to see where one stands physiologically. By disrupting the industry's environment, FIT Medical will assume all roles in enhancing people's fitness, physical health, and mental health. FIT Medical has identified the needs of healthy and active individuals as well as unhealthy people looking to make improvements and begin a strategic medical plan safely.
There is no other facility in the nation that can offer the entire package that FIT Medical is proposing. The business opportunity is within the idea of promoting one facility that can do it all for the member/subscriber, eliminating communication gaps and improving the convenience and patient strategies in the healthcare market. This unique facility will offer personal trainers; massage therapist/chiropractors, nutritionist, and primary care physicians. FIT Medical's focus is set in synchronizing member's medical care/health concerns with high level patient care, uni-lateral communication and private personal training to improve patient's basic health metrics. By offering all of these services to members, the potential for growth is enormous and expands the traditional demographics to reach healthy individuals looking to stay fit and unhealthy ones looking for better, more complete patient care. For these reasons FIT Medical would become a major threat to conventional gyms and single specialty offices across the nation.