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Activity 6 Finance

← Distribution of IncomeCredit Card Innovation →

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  1.                                 I.            Response to part A:

Mission Statement for the Open MRI clinic is: To provide comprehensive, efficient, and quality Open Magnetic Resonance Imaging (MRI) Operations in Oakville County.

The Factors that I considered when drafting the mission statement for the Open MRI clinic are:

1.         The problem noticed

            The need that the hospital has noticed is the first factor that I have considered when drafting the mission statement for the Open MRI Clinic. The hospital has noticed the need for an open MRI (magnetic resonance imaging) Clinic in Oakville County area. This need arises from the fact that there are so many closed MRI clinics in Oakville County. This will mean there is a substantial market for the MRI medical services. The Open MRI diagnoses are more advantageous and more advanced than the Closed MRI diagnostic processes (Benson, Fixsen & Macnicol, 2009). The Oakville County has a need for more advanced MRI clinical services.

2.         Honesty about the Open MRI Operations

            Another factor that I have considered in developing the Oakville Hospital’s mission statement for the Open MRI Clinic is the honesty about our product. Oak Ville Hospital intends to start operating Open MRI Clinical services, which are notably better than the Closed MRI clinical services. The mission statement that the hospital will adapt has to indicate its services and products in an honest way because it gives the Hospital a sense of direction. Honesty about the Open MRI technology product is highly vital to be revealed in the mission statement.

3.         Honesty about the Hospital’s goal for opening the Open MRI Clinic

            I have considered the honesty Oakville Hospital’s goal in starting up an Open MRI treatment center in Oakville area. Because the goal of Oakville hospital’s Open MRI Clinic is vital for any stake holder of this facility, it has emerged noteworthy that this goal be considered in the Facility’s mission statement. Oakville Hospital has clearly set its goal for the Open MRI Clinic. The goal has summarized the objectives and the vision of Oakville Hospital when opening Open MRI clinic. This goal is transparent and is therefore, crucial in the operations of the Clinic.

4.         Personal and specific

            I have considered the importance of the mission statement of Oakville Hospital being personal and specific. It is essential that the mission statement be personal because, a personal statement will draw the hospital’s stakeholder’ attention. The Oakville Hospital’s participants will want to be identified with the hospital because the mission statement will embrace them. The participants will be motivated by the mission statement towards achieving the Open MRI Clinic’s mission. I have considered also about the mission statement being specific and thus pointing to Oakville Hospital’s Open MRI Clinic. Due to the fact that the mission statement is specific pointing to the mission of hospital’s facility, the ambiguity of purpose and vision will be eliminated.

5.         The uniqueness of the Open MRI Clinic

            The Open MRI Clinic in Oakville hospital is unique from other such clinics in the Oakville county area or even those from the outside of the area. I have deliberated the uniqueness of this Open MRI health facility in the mission as a factor. It is evident that the hospitals within the Oakville County that are offering MRI services use Closed MRIs, but the one that the Oakville hospital is initiating is an Open MRI. This makes the Oakville Hospital’s MRI unique in the area. On the other hand, other hospitals have the Open MRI facilities but they do not offer them in Oakville County. It therefore follows that, Oakville Hospital has a unique ground point in ether the location, or type of MRI it is operating. I have therefore considered this uniqueness in the mission statement so as to make it appealing and clear.

6.         The message the mission statement wants to send

            Any mission statement has a message that it is supposed to portray. The mission statement of Oakville Hospital’s Open MRI Clinic is aimed at indicating the endeavors that the hospital will undertake so as to attain its vision. Because this is the message that the mission statement is supposed to send, I have considered this when drafting the mission statement.

7.         Looking at other missions

            When conscripting a mission statement it is necessary to look on other missions, either of the organization or, of the other competitors. Observing other mission statement of the organization will enable you not to be ambiguous or to fall out of the organization’s overall vision. At the same time, considering the mission statements of competitor will give you an insight into drafting your mission statement. When drafting the mission statement of Oakville Hospital’s Open MRI clinic, I have looked at the hospital’s mission statement as well as the mission statements of the competitors.

8.         Brevity

            A mission statement is not supposed to be wordy.  Instead, it should be brief and to the point, showing only the services and endeavors of the organization in summary. Brevity was considered in the writing of the mission statement for Oakville Hospital.

  1.                              II.            My response to part B:

This section identifies the SWOT Analysis for the Open MRI Clinic

a)      Strengths:

ü  The clinic is well endowed with radiology, neurology, and diagnostic imaging health care.

ü  The doctors and the hospital are reputable and respectable in the medical community

            There are available rooms for extension of services in future

ü  Availability of advanced high tech equipment accredited in advance of 2012 MIPPA deadline (Kluwer, 2010)

ü  Patients have short waiting time.

b)      Weaknesses:

ü  The streams for income for Magnetic Resonance Imaging (MRI) are not available because of the many cases of imaging procedures being referred to other hospitals.

ü  Competitors of the MRI are already well established in Oakville, but they are not offering Open MRIs.

c)      Opportunities:

ü  The addition of the open MRI will be highly competitive following its integration with our well established Radiology and Neurology facilities.

ü  Collaborate with other providers of Open MRI outside of Oakville. The location is close and could absorb the patients of Oakville who do not want to wait for the facilities away from their home.

ü  The hospital is located in a well served area by a network of transport and communication facilities.

ü  Patients visiting the Neurological and radiological facilities will want to be operated with the open MRI facility incase they are nervous of noise. This will be after the product has been advertised and oriented into the hospital.

ü  The hospital is open 24 hours a day, for 7 days in a week for emergencies; Because MRI requires special examinations, such an examination can be carried out in the evenings.

d)      Threats:

ü  Hospitals providing Closed MRIs in Oakville reduce business opportunity.

ü  The signing of the public private partnership (p3s) bill will mean that the public hospitals will be advantaged because they will get funding from the government. This will mean that Oakville hospital being a private hospital will have to invest more in order to compete with the public hospitals.

ü  More time is required in the operations of an Open MRI operation than is required for the Closed MRI operation. This has the effect of demanding more staff time. This can also mean that the clients to whom time is an issue will not attend the Hospitals MRI facility.

ü  More queues are likely to develop because of the time required to complete one Open MRI operation.

  1.                            III.            My response to part C:

            Dr. Hughes has the options of operating the proposed MRI clinic as a Closed MRI Clinic, or as a free standing Open MRI Clinic or as an Open MRI clinic within the Oakville Hospital clinic. Each of the options has associated advantages as well as disadvantages.

a)      Operating as a closed MRI clinic

            If Dr. Hughes opts to operate a Closed MRA he will have an advantage of not having to sell the brand and technology to the people. The Closed MRIs are already established in Oakville and patients have gotten used to them. This will mean an easy entry into the market system for Dr. Hughes.

            Another advantage that Dr. Hughes will obtain from operating a Closed MRI is the time required for an operation. An operation with the Open MRI requires significantly lesser time than when an Open MRI is used. When Dr. Hughes clinic operate on the Closed MRI, it will mean less operational time. The minimized operational time will require less staff time and fewer queues of patients.

The Closed MRIs have already been established in Oakville County. This will mean that if Dr. Hughes operates will open a Closed MRI Clinic, he will face competition from the already established ones.

            On the part of the comfort of the clients, many patients prefer Open MRI operations than the closed ones. This is because there is less noise associated with the Open MRI, there is less body part cover by the machine and in overall, the patients are more comfortable when operated in Open MRIs. It is thus evident that if Dr. Hughes chooses a Closed MRI, he will have a disadvantage in obtaining more customers.

b)      Option of operating as a free standing Open MRI Clinic

            A free- standing hospital has the advantages of offering quality healthcare in rural areas as well as building a sense of community control of healthcare facilities. In the event that Dr. Hughes chooses to operate as a free-standing Open MRI, he will gain the advantage of providing quality care in the rural area of the location of the clinic. Another advantage that Dr. Hughes on opening a free-standing Open MRI Clinic is that the community will have ownership of the facility, thus saving him the burden of selling the product himself.

            Another notable advantage of a Free-standing business is the fact that there is a specialization of services offered. When Dr. Hughes decides to operate a free-standing Open Clinic, the services of MRI offered by the clinic are specialized. On the other hand, operating a Free-standing Open MRI clinic will mean that Dr. Hughes will spend a much more capital than it could have been had opted for operations within the hospital. A free- standing clinic requires installation of all the necessary facilities.

c)      Open MRI clinic within the Oakville hospital

            Opening an Open MRI Clinic within Oakville hospital will results to the advantage of Dr. Hughes utilizing the popularity of the hospital in other operations. It is evident that Oakville Hospital has gained a considerable reputation. Following the appropriate reputation of the hospital, the clients are likely to welcome a new idea. This has an advantage to the idea of the Open MRI Clinic. While as the existing clients are likely to welcome the idea of an Open MRI Clinic, opening the clinic within the main hospital will result to increase in queues within the hospital and competition over the common facilities.

  1.                           IV.            My response to part D:

            Strategies for the promotion of the Open MRI service

This section outlines two strategies that can be employed by the clinic to promote the Open MRI service.

a)      Opening up a free-standing Open MRI clinic in an entirely different location

            Oakville hospital can open up a free-standing Open MRI clinic in a location different from the main hospital. This will mean that the hospital will equip the new facility to be wholly independent of the main hospital. Oakville hospital can achieve this by scheduling the operations that require specialty to be carried out in the evening and this way the hospital can utilize its surgeons in both centers.

b)                 Opening up a free-standing Open MRI clinic but shift some other operations from the main hospital to the new clinic.

Oakville Hospital can also open up a new clinic, but shift some operations such as Computer Tomography (CT) to the new clinic so that the surgeons can operate full time at the two clinics. This way the hospital will be able to attain specialty and maintain its reputation.

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