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Product Definition
Our Reconstructive Surgery Center has recently launched a new product – Botox – both for cosmetic and medical purposes. As a nurse manager and director, I realize the importance of introducing a specific strategy for enhancing the revenues and increasing performance to sustain a competitive advantage over other outpatient centers.
In this respect, the introduced service of Botox injection has a number of benefits in comparison with products. In particular, Botox is highly popular among our clients because it can remove wrinkles in the most problematic zones; it is also effective in treating auxiliary hyperhidrosis (Talarico-Filho et al., 2007).
Importantly, Botox injections require introducing specialized equipment insuring impeccable quality and safety of health care delivery. In fact, the business plan must be supported by an effective innovation program aimed at supporting patient-driven care in all environments (Manion, 2005).
In order to make the service less stressful for our patients, the warmer beds will be introduced to make patients feel comfortable during post-operative period.
Botox has reimbursement codes and rates insuring quality of patient care. In this respect, the product at issue should bring in significant revenues.
Market Analysis
Market analysis is an inherent component for successful development of a business plan because finance manager should be able to track the slightest shifts in prices, demands, and currency fluctuations at the market. These factors have a potent impact on revenues and operation expense within the organization (Finkler et al., 2007).
Hence, while analyzing the market size, it should be stressed that Botox has lost market share by almost 10 %, but this market share refers to neurotoxin use for eliminating wrinkles (Alazraki, 2011).
Nevertheless, numerous research studies have approved effective use of the substance for a number of medical conditions, including migraines treatment (Alazraki, 2011). In addition, it has been discovered that customer demands are quite steady and, as a result, our organization expects a steady growth of revenues.
While analyzing market profitability and industry cost structure, the organization has already established favorable relationships with Botox suppliers and it should not create serious problems. Judging from the revenues we have received during these three months, our patients are satisfied with the results and, therefore, some of those are our regular customers.
Detailed Operations Plan
Effective implementation of a business plan can be carried out through effective strategic management. Identification of possible variations in prices, as well as presentation of viable solutions can foster the results and increase the organization’s profitability.
Judging from the break-even analysis, gross margins, revenues, and operational costs, specific emphasis should be placed on variable costs and operational expenses because they largely influence net income index. The operations plan will be aimed at:
- Introducing a combined approach to treating patients;
- Re-conceptualizing the product in the context of innovation;
- Implementing new technologies to daily operations.
I realize that Botox has firmly established at the market and, therefore, in order to sustain a competitive advantage and attract more customers, we plan to introduce an innovative approach to managing daily operations.
Such a strategy can both meet the established standards of information management and the support the image of state-of-the-art technological center. In particular, the introduction of I-pad system of information exchange among nurses can significantly optimize the workflow and provide nurses with up-dated information concerning recent research related to Botox therapy and application.
References
Alazraki, M. (2011). Is Botox Really Recession-Resistant? Daily Finance. Web.
Finkler, S. A., Kovner, C. T., & Jones, C. B. (2007). Financial Management for Nurse Managers and Executives. US: Elsevier Health Sciences.
Manion, J. (2005). Strategies for Financial Success.
Talarico-Filho, S., Do Nascimento, M., De Macedo, F., & De Sanctis Pecora, C. (2007). A Double-Blind, Randomized, Comparative Study of Two Type A Botulinum Toxins in the Treatment of Primary Auxiliary Hyperhidrosis. Dermatologic Surgery, 33, 44-50.
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