Health Care Marketing Discussion Essay Response

Health Care Marketing Discussion Essay Response

Instructions/Descriptions

Health Care Marketing Discussion Essay Response

Two large multispecialty medical groups have recently asked you to conduct audits using the BCG matrix. For the first group, your analysis reveals the following distribution of services:

Cash cows—65 percent;

Stars—10 percent;

Problem children—20 percent;

Dogs—5 percent.

In the second group, the distribution is:

Cash cows—20 percent;

Stars—60 percent;

Problem children—15 percent;

Dogs—5 percent.

Provide your analysis to each group and how you reached your analysis.

Student Response;

The Boston Consulting Group developed a way to determine if companies need to create new services or products to promote growth through relative market shares and rate of sales called the BCG Matrix (Berkowitz, 2017).

Multispecialty medical groups can take care of patients dealing with several illnesses or health concerns. Determining strategies to make sure they are growing while providing patient-centered care can be a task being that some strategies make work for others, and some may not. A formula to determine what is needed is crucial to the practice’s success.

Note: A reply of 450 words required for below student post. students must support their assertions with at least 2 peer reviewed citation. one course text citation, and one biblical principle. Should be in APA format.

First Group

The multispecialty groups can provide supplies based on the specialty. For example, if they offer physical therapy, they can offer supplies to help with the process or a medication that will lower inflammation that promotes healing. This is what I consider to be the cash cows at 65 percent. There will be an influx of cash that is coming in from medication alone that can be a part of the patients’ treatment plan.  Stars are 10 percent which means there needs to be a service or a product that will increase the market share and growth. A strategy this medical group should consider is providing a service where all specialties represented can see the growth in their department. Dog percentage of the first group is at a low percentage which is not a bad thing because that means they do not provide services or products with low shares and growth (Berkowitz, 2017). Having a low dog percentage means the business is focusing on growth and omitting what is needed to move forward. Overall, the business needs to make a few changes that will increase the overall growth rate

Second Group

The cash cows for this group are 20 percent which means there is room for growth. They have developed a strategy where their services and products have a high market share, and they will continually grow. For example, most patients will get their medical supplies from another location whereas this multispecialty medical group provides everything they need in the office.  They can provide great products that usually cost them more elsewhere by packaging them into a bundle if they purchase directly from them. The 15 percent is for products/services they offer is a low market share but has a high growth rate (Berkowitz, 2017). This shows that they are headed in the right direction. The second group is doing well based on the 60 percent cash cows which means they have found a way to continually grow.

Of the two groups, the second group is doing well based on cash cows which means they have found a way to continually grow while making the necessary changes.

Reference:

Berkowitz, E. (2017) Essentials of Health Care Marketing. Fourth Edition

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