NR 533 Week 6 Discussion: Business Plan Development: SWOT Analysis (Version 1) | Download To Score An A

NR 533 Week 6 Discussion: Business Plan Development: SWOT Analysis Week 6: Business Plan Development: SWOT analysis For any new project or revision of a current process, key questions that wil l need to be answered are whether it's needed, does the institution have the capacity to support it, what is already in place that will facilitate implementation, and what are the downsides or barriers to development. In short, the SWOT analysis is a necessary component of planning a project and preparing the business plan. Critically examine your PICO(T) and project proposal through the lens of a SWOT analysis of your organization. Determine and describe what information you know and what you need to find out to complete a SWOT analysis that will provide rationale and validity for your project. Hello class and Dr. S., Performing a SOT analysis is a creative move to evaluate your organizations position within the healthcare industry that identify is strengths, weakness, opportunities and threats. Analysis will assist in development of strategies to marginal threats, enhance strengths, and provide guideline for potential solutions while optimizing opportunities. This can be helpful in the budgeting propose, staffing necessities, as well as, other strategic plans or evaluating a project proposal. SWOT analysis is a useful tools to evaluate things that may impede or progress a research project. The factors can be more defined with greater specificity related to the actual project. It can be beneficial in determining whether a problem is important and reasonable to address in a business plan. The data will come from multiple sources. However establishing your objective will determine the source of where you obtain the data. Strengths Weaknesses Internal High Quality Care RN level nursing staff Nurse Residency Program Tuition Reimbursement Positive employee rating Established reputation in community Large provider network Cutting edge surgical technology Onsite Wellness Center Aging work force Growing elderly population Increased salary, wages, benefits Budgetary constraints Struggling profit margin Shortage of RN staff Frequent Leadership turnover Lack robust research activity Limiting physician specialties Only for-profit organization Opportunities Threats External School of nursing collaboration Increase Market Share Magnet designation Acquisition by local based organization Enhanced onboarding process Research promotion Interoperable health IT Magnet Organizations Paired organizational school of nursing Rising Cost of healthcare Payer Capitation Increase self-funded/under-funded population Growing support of cost reduction activities Triple AIM Newer/renovated facilities Older, larger local based organizations (over 100 years of service) Increase consumption of healthcare This is my original SWOY analysis. Much of this information is associated with my PICOT question. However, some data will have to refined based on the objective of my PICOT project. I would need to obtain data of current initiatives that could promote or retard accomplishment of the project. Currently 25% of Medicare dollars is spent on services for 5% of beneficiaries in their last year of life.(Marquis, 2018) Supporting evidenced based practice will lead to less waste, higher efficiency, and decrease cost while improving the quality of care. One external threat to my organization and nursing is the rising cost of healthcare. Moreover, organizational financial instability and loss is attributed to an increase in governmental regulation, poor health management, slow policy reform, and Medicare/payer reduction in reimbursement. (Owaid, 2017) The major factors related to an increase in healthcare spending include poor quality related lack of care coordination, non-competitive prescription drugs allowances, and increase rate of preventable illnesses leading to higher mortality rates. (Rother, 2016) We need to find out what the patient values (eliminating many unnecessary procedures patients do not want) and figure out better ways to provide treatment in the home rather than in more expensive settings. Currently 25% of Medicare dollars is spent on services for 5% of beneficiaries in their last year of life. (Marquis, 2018) Research supports that evidence-based best practice (EBP) reduces morbidities, mortality, and medical errors. The triple aim, as defined by the Institute for Healthcare Improvement in 2007, is “to encourage hospitals to simultaneously focus on population health, increased quality, and reduction in health care cost per capita” All of these factor are important consideration in formulating the business plan for my project. Gwen Leger, J. M. (2017). Financial Management for Nurse Managers. [VitalSource Bookshelf]. Retrieved from