Today we are living in a market driven economy. The competition has made its mark not only in sectors like auto, consumer goods, retail etc. but it is also true for services like insurance and healthcare…
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Looking at the financial statement and the type of assets the MCMPC owns gives an impression is MCMPC is in need of further strengthening its finances in order to take on the competitors. The key features are;
• No long-term debt, that implies company can better exercise its options in expansion and diversification.
• MCMPC used its financial resources to open a new department, used one million to set up the cardiology department
• Over the last 20 years MCMPC has seen consistent growth and its revenues reached $22 million in 2007 with good profit margins.
• Despite operating for the last 20 years, the organization is not yet large enough, and has its presence at limited locations only.
• Company scores poorly on the management of HR. For quite some time, company is not able to recruit specialists and subspecialist because while some are associated with competitor company Innovative hospital or there are some who are not impressed by the leadership skills of Dr. Balko.
• Since the year 2008, the balance sheet of the company is in red, with projections for 2010 also pointing towards a loss.
• MCMPC had to use cash to setup cardiology department, which in turn resulted in poor showing on financial figures and ratios. The current ratio was the only part of the statement that was above standard
Not having enough cash for short term debts or emergencies is a gross management shortcoming
2. Competencies: It indicates the skills that the employees or physicians of MCMPC offer.
The healthcare company is able to provide urgent primary and specialty services in areas of its presence.
Caring and accommodating staff
An excellent physician in the form of Dr Balko
Company lacks specialists and subspecialist necessary to ensure uninterrupted services to its customers.
Company not having strategic tie ups with other companies like its competitor/s
Lack of discipline amongst staff. For example, no prescribed uniform for the staff, no regular staff meetings, lack of any formal management structure for decision taking, questionable decisions being taken by the Director of Operations who happened to be Dr. Balko's secretary in the past
Office premises appears sloppy at times
3. Capabilities: Having the resources and the competencies to create a strategic plan that can allow the organization to see what they are able to do with what they have.
Open long hours and keeping good relationship with patients. Dr. Balko stays late to care for his patients.
Staff attitude quite accommodative, caring and responsive towards
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