Evaluation of Australia’s Medical Industry for Medical Facility Development

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An Emergency Medical Centre

Executive Summary:

There exists a dire scarcity of sufficient medical facilities in spite of the presence of large number of hospitals both government aided and private. The tertiary medical facilities can enter the market to lessen the pressure of immense number of patients on these hospitals. This would also reduce patient fatalities due to lack of medical facilities. However, the firms before entering the market should conduct detailed secondary and primary research of the Australian medical industry.

Table of Contents

Introduction:

Customer Problem Solution (CPS):

Problem:

Solution:

Environment interaction framework and elements:

Ecosystem diagram, assumptions and risks:

Actors:

Risks:

Risk table:

Overview of the research:

Conclusion:

References:

Bibliography:

Introduction:

 The hospital and medical centers play very important roles in ensuring wellbeing of people. Australia has one of the most advanced medical treatment infrastructure in the world. The system in spite of having armed with strong government backing and skillful medical staff members faces challenges due to increase in population and cost cutting pressures (The Conversation.com, 2018). The government hospitals which treat a majority of the population of Australia are under continuous pressure to treat the ever increasing number of patients. This patients including the ones with serious ailments have to wait for hours which escalates the chances of their health conditions deteriorating. This has created demands for small emergency centers within the existing medical facilities, especially government medical facilities which would provide patients with emergency situations like fractures with emergency medical attention. These small emergency medical facilities on one hand would enable patients with emergency but not life threatening medical situations like fractures get prompt medical attention. These facilities on the other hand enable hospitals, especially government hospitals treat patients suffering from more serious medical conditions. The paper would delve into one such medical emergency center which would be associated with the Saint Vincent Hospital, Melbourne which is an existing government medical facility (Svhm.org.au, 2018). The name of the facility would be Saint Vincent Emergency Centre and provide patients with medical services like fracture treatment, physiotherapy and counselling services.

Customer Problem Solution (CPS):

Problem:

 The customers approaching medical centers face the problem of waiting for hours in order to obtain treatment. The long hours of waiting and delay in obtaining medical prompt medical attention are often responsible for worsening the health of patients. There have been reports of incidences when the patients had died in the hospital corridor due to dearth of sufficient beds available for their admission and start of treatment (BBC.com, 2018). The patients in require of elective surgeries are in greater risk of dying due to their critical medical conditions. This issue which customers are facing stem from the increasing number of patients and numbers of beds available in hospitals which are far less than the required numbers. Moreover, the high treatment costs in private hospital force most of the middle and lower class people depend on the government in spite of the uncertainty of treatment opportunities (Myaccount.news.com.au, 2018).

Solution:

 The solution of to this serious gap between the required number of beds and the actual number of beds available in the government hospitals would be establishment of small emergency units which would enable hospitals to manage this issue to some extent. Saint Vincent Emergency Centre would provide fracture treatment services to patients suffering from fracture. The system would also provide medication, physiotherapy and counselling of patients. Saint Vincent Emergency Centre would provide solutions both to the patients and to the Saint Vincent Hospital. First, the emergency center would enable the patients suffering from fracture gain immediate medical attention. Secondly, the center would reduce the number of patients waiting in the lobbies of the Saint Vincent Hospital, thus enabling the hospital to manage its patients better. The fourth outcome would be, the patients suffering of more serious health problems like respiratory issues get prompt medical help due to reduced number of waiting patients. Thus, Saint Vincent Emergency Centre would enhance overall treatment conditions and wellbeing of patients.

Figure 1. CPS daigram of Saint Vincent Emergency Centre

(Source:Author)

Environment interaction framework and elements:

 The environment interaction framework shows how the particular environments interact with the resources and utilize them to meet emergency situations. The framework has government on the top and grass roots, places where challenges exist below. The profile of resources consists of social capital, financial capital, human capital, strategy and specialists. The system shows that the government uses the resources profile to create value at the gross root levels where the problems exist.

 As far as the Saint Vincent Hospital is concerned, the hospital is funded by government which sits at the helm of its environment interaction framework. The patients in need of treatments are at the grass root level. The problem that exists in the system pertains to lack of sufficient number of beds available in the hospital which leads to suffering or even death of patients. In other worlds the gap between the available number of beds and the number of patients waiting for treatment is the problem or challenge. The limited number of doctors and medical assistants like nurses available are the human resources of the hospital while the limited amount of government funding is the limited financial resources. It is evident from the discussion that this scarcity of available resources compared to the needs of the patients inhibits the hospital from value to the patients. Thus, Saint Vincent Emergency Centre provide emergency services to the patients suffering from fractures, thus enabling the government hospital treat more critical patients. Thus, the emergency center would enable the Saint Vincent Hospital expand its value creation channel.

Figure 2. Diagram showing environment interaction framework of the Saint Vincent Hospital

(Source: Author)

Ecosystem diagram, assumptions and risks:

Actors:

Figure 3. Ecosystem diagram of Saint Vincent Emergency Center

(Source: Author) 

 The ecosystem diagram above shows that actors which would contribute towards the fracture treatment service provision of Saint Vincent Emergency Centre and lead to creation of value for the patients suffering from fractures and ultimately for the hospital. The three actors which would form component of the Saint Vincent Emergency Center, the new business venture are suppliers, the center itself and the customers. The suppliers would include suppliers of medical supplies (blue arrows) as well as logistics firms which would contribute towards timely availability of medical supplies to the firm. The next component of the ecosystem consists of the center which provides fracture treatment to the patients (marked in green arrows). The third component consists of the patients who are the consumer here. They receive treatment from center and make payment for the cash. The cash then would flow from the medical emergency facility to its suppliers (marked in orange arrows). It has been assumed that the ecosystem of the Saint Vincent Emergency Centre would consist of only three actors namely, suppliers, the center itself and the customers.

Risks:

 Saint Vincent Emergency Center would face a number of risks while establishing its business in the market. The first risk which the venture would face is lack of financial resources resources. This is because the facility being new would not be able to borrow business loans of large amounts from banks. However, it can borrow equipment loans and approach other small scale industry financing companies to provide it with financial help. The second risk which the emergency would encounter is lack of medical supply resources which would tantamount to supply chain risks. The third risk which the emergency center would face in the market would be human resource risks due to lack of medical specialists. This would be due to the scarcity of financial resources as well as medical supply resources at the initial stage. The fourth risk which the medical facility would face would revenue risk because owing to its limited availability of medical supplies and trained fracture treatment experts, it would be able to serve less number of patients. This would as a result cause revenue risks for Saint Vincent Emergency Center. The fifth risk which the emergency center would encounter while operating in the market would risk of fire due to use of highly advanced medical equipment. The sixth risk which the medical practitioners at the center would face is risk of injury due to working with sharp medical instruments which tantamount of WHS risks. The seventh risk which the medical center might face is legal risks due to aggrieved patients filing legal cases of compensation against the center.

Risk table:

 The following risk table of Saint Vincent Emergency Center would show the risks the emergency center is likely to face during operations in the market.

Risk

Type

Level

Priority

Who to test

How to test

Dependencies

1. lack of financial resources resources

Financial

High

High

Management

Accounts books, bank statements

NA

2 Lack of medical supply

Supply chain risks

High

High

Supply manager

Inventory records

1

3. Lack of trained staffs

HR risks

High

high

HR manager

Staff records

1,2

4. Risk of lower revenue

Financial risks

High

Medium

Finance manager, admin

Account books/bank statements

1,2,3

5. Risk of fire

WHS risks

Medium

High/very high

Safety manager

WHS regsiter

1,2,3

6. Risks of injuries from sharp medical equipment

WHS risks

Medium

Medium

Safety manager

WHS register

1,2,3

7. Risks of patients filing compensation cases

Legal risks

Low

High

Legal experts

Legal records of  the center

1,2,3

Overview of the research:

 The detailed discussion above shows that Saint Vincent Emergency Center should take into account several assumptions. The first assumption is that the center would get financial assistance and incubation support from start up financing companies. Secondly, the risk table assumes that the center would face seven risks most of which would require high priority treatment in the initial stage. However, the firm would gain stronger base in the market, its HR risks or risk of limited human resources would go down to moderate. Similarly, it would be assumed that the firm would gain greater risk management strength with rising revenue. Finally it would also be assumed that the feasibility test result would be positive.

 The management of the Saint Vincent Emergency Centre should conduct secondary as well as primary research to gain information about the medical industry. Moreover, the management should conduct research about the macroeconomic conditions of Australia.

 Finally, the discussion has transpired into five main findings. First, there is dire need of more medical facilities in Australia. The medical emergency facilities should work in close association with hospitals, particularly government hospitals. The third finding from the discussion is that establishment of tertiary medical facilities would contribute towards reducing patient fatalities due to lack of medical facilities. Fourthly, though there is strong need of tertiary medical facilities, the new medical centers have to face several risks in the market due to lack of resources. The fifth finding is that the firm should approach venture financing firms for financial help.

Conclusion:

 The discussion on Saint Vincent Emergency Centre projects shows that there is strong need to establish tertiary medical facilities like fracture treatment centers. However, the discussion does not cover certain salient aspects which the medical emergency center should take into consideration. First, Saint Vincent Emergency Centre is legally a different body for the Saint Vincent Hospital. The center right from its inception should aim to curve a niche for itself in the Australian medical industry. Secondly, it must also aim to work in association with other government hospitals as well in the long run.

References:

Bibliography:

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