The physician created the mission statement for the practice and proceeded to implement it with his staff. The effectiveness of past marketing efforts was discussed at length. The Office Manager indicated the practice would be able to handle the anticipated increase in patient volume in the physician's daily schedule of appointments without the need to hire additional employees. Management Technology Resources MTR) did an independent practice analysis to address infrastructure issues, weaknesses and deficits.
A SWOT Analysis (Strengths/Weaknesses/Opportunities/Threats) revealed the practice was innovative and performing cutting-edge procedures in two first class facilities. The staff was highly trained and skilled in all aspects of patient care. The workers' compensation reimbursement rates were excellent for each state and it was decided that the goal was to capture a larger segment of that market.
The fact that the practice was new to one state/city and its public image in the medical community was not known was a primary weakness. Further, it was determined that most workers' compensation patients were traveling 90-minutes away to a major city for treatment.
There was a competing pain management practice considered to be ingrained in the community network. However, research revealed that no other pain management practice in the area was aggressively marketing to employers, self-insurers, and other workers' compensation representatives. A plan to aggressively market directly to these groups was implemented.
After the practice was assessed internally, it was time to look externally in order to better understand and gain insight into the communities the practice serves.
A demographic study utilized current patient zip codes to determine patient geographic draw. Further, this analysis helped to determine if the practice was drawing patients from all directions (except toward the major city 90-minutes away). Marketing efforts were directed at drawing patients to the local physician.
Since workers' compensation was the target market, extensive research was conducted to learn more about the employers in the area, employment and unemployment rates, new businesses and those moving into the area, as well as businesses closing and/or leaving the area. Further, the demographic analysis provided other information about the area's population such as median income per household and cost of living.
A specialty analysis provided the practice with a better understanding of how pain management fit into their community. It was determined that pain management was in demand in the area due to the large numbers of manufacturing, transportation, and maritime employers.
A competitive analysis defined the services offered by other pain management practices and specialties within local practices (e.g. physiatry, orthopedics). Although the primary competitors offered services to workers' compensation patients, it did not provide cutting-edge musculoskeletal and interventional pain management procedures. Upon review of the competitive analysis, the practice was confident that workers' compensation was a viable opportunity on which to capitalize.