Overview
Prepare a TOWS matrix (1–2 page grid) that summarizes a health care organization’s threats, opportunities, weaknesses, and strengths. Then, write a 4–5 page analysis highlighting key findings from the TOWS matrix. Finally, create a 1–2 page draft strategic plan that describes four strategies for the organization to pursue, based on your findings from the first two assessments.
Note: Each assessment in this course builds upon the work you have completed in previous assessments. Therefore, you must complete the assessments in the order in which they are presented.
An essential element in evaluating a health care organization’s overall strategy entails examining the company’s resources and competitive capabilities. Are they sufficient to allow the organization to pursue the best market opportunities, while minimizing external threats?
The most widely used tool in conducting this evaluation is a TOWS matrix. A well-executed TOWS analysis provides the basis for crafting the organization’s strategic plan. A key difference needs to be addressed here. SWOT (strengths, weaknesses, opportunities, and threats) analysis has been a popular way to display pertinent external issues and internal strengths and weaknesses. This type of analysis involves listing the organization’s strengths and weaknesses and perceived external opportunities and threats. SWOT, however, does not provide much insight into what strategy decisions might result from the list of strengths and weaknesses and opportunities and threats. As a result, the TOWS matrix (threats, opportunities, weaknesses, and strengths) was developed to provide a better way to develop and evaluate specific adaptive strategic alternatives.
This assessment provides an opportunity for you to complete a TOWS matrix and corresponding analysis, as well as draft a high-level strategic plan based on your TOWS matrix.
By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies and assessment criteria:
- Competency 1: Analyze organizational structure, design, culture, and climate in relation to environmental forces.
- Competency 2: Develop a strategic organizational plan that provides human and financial resources to support targeted organizational outcomes.
- Competency 3: Recommend an organizational structure and design to optimize a strategic plan.
- Competency 4: Communicate in a manner that is scholarly professional, and consistent with expectations for professionals in health care administration.
- Incorporate methodologies from the knowledge-economy management approach in a strategic plan.
- Integrate recent strategy management research findings into a strategic plan.
- Synthesize operational and financial components into a strategic planning process.
- Determine the organizational structure that best facilitates a chosen strategy.
- Create a clear, concise, well-organized, and professional TOWS matrix analysis and strategic plan draft.
- Apply proper APA formatting and style guidelines to citations and references.
I have attached the previous assignment, and additional material
Expert Solution Preview
Introduction:
As a medical professor, it is essential to develop and evaluate strategies for healthcare organizations. In this scenario, we are tasked to prepare a TOWS matrix for a healthcare organization that summarizes its threats, opportunities, weaknesses, and strengths. Subsequently, we need to write a detailed analysis of the findings of the TOWS matrix and draft a strategic plan based on the assessment.
Answer:
A TOWS matrix is a vital tool for analyzing the strengths, weaknesses, opportunities, and threats of an organization. In this scenario, the TOWS matrix helps in identifying the external threats and opportunities faced by a healthcare organization and its internal strengths and weaknesses. After preparing the TOWS matrix, a comprehensive analysis is required to identify key findings that will shape the strategic plan for the organization.
Based on our TOWS matrix analysis, we identified that the organization has several internal strengths that can be leveraged to exploit external opportunities and mitigate potential threats. The organization’s strengths include a highly skilled and experienced workforce, a strong focus on patient experience, and a robust technological infrastructure. However, the organization faces several external threats, such as regulatory changes, evolving patient preferences, and cybersecurity risks. Additionally, the organization needs to address its internal weaknesses, such as inadequate financial performance, limited geographic reach, and poor brand recognition.
To address these challenges, we propose the following strategic options for the healthcare organization:
1. Expand the organization’s service offerings: The organization should consider expanding its service offerings to address new and emerging patient needs. This can be achieved by investing in new technologies and expertise, expanding to new geographic locations, and forging partnerships with other healthcare providers.
2. Improve financial performance: To improve its financial performance, the organization should focus on reducing costs and increasing revenue. This can be achieved by streamlining operations, optimizing the supply chain, and introducing new revenue streams.
3. Enhance brand recognition: The organization should develop a robust marketing and branding strategy to enhance its brand recognition in the market. This can be achieved by leveraging patient testimonies and partnering with influencers in the healthcare industry.
4. Strengthen cybersecurity measures: With the increasing risks of data breaches and cyberattacks, the organization needs to take measures to improve its cybersecurity posture. This can be achieved by investing in robust cybersecurity technologies, conducting regular audits, and training employees on best security practices.
By pursuing these strategies, the healthcare organization can position itself to exploit market opportunities, mitigate external threats, and create a sustainable future. It is crucial to note that the growth and sustainability of healthcare organizations rely heavily on their ability to adapt to the constantly changing healthcare landscape. Therefore, it is paramount to implement the proposed strategies with agility and flexibility, embracing shifts in healthcare trends to ensure long-term success.
