SWOT (Strengths, Weaknesses, Opportunities, Threats) is an analytical tool used to evaluate the external competitive environment as well as internal capabilities. This process is intended to utilize those things identified to create the basis for establishing short and long-term strategies and goals.
Strengths are internal (meaning they are completely in your control) to your individual practice and, if utilized, would provide you with a competitive advantage. They are often referred to as distinctive core competencies. One of the keys is distinctive, which would be unique to you and your practice. An example might be, “available 24 hours a day”.
Weaknesses are also internal and identify where you have shortcomings and, where possible, how you can eliminate or avoid them. An example might be, “do not have a good understanding of technology”.
Opportunities are external (meaning they are not directly controllable by you), but do offer opportunities. An example might be, “the rapidly changing regulations as they apply to the use of online counseling”.
Threats are external and are generally environmental factors that hinder in achieving objectives and goals. An example might be, “insurance does not cover online counseling in my state”.
|Location||Not Much Competition|
|Schedule Flexibility||Growing Demand for Testing in General|
|Insurance Accepted||Growing Demand for Testing Earlier for Children|
|Title/Specialty (allows for testing)|
|Attention to Client|
|Insurance NOT Accepted||Medicaid Being Cut|
|MCOs Not Paneled With||Testing Not Being Covered|
|One Qualified Tester||Testing Not Being Covered|
|Translation||Loss of Referral Source|
|Carol Inability to Work||Expenses Increasing|
|Loss of Employees|
|Location||Centrally Located to Multiple Cities||Yes||Continue to market the ability to offer testing with flexibility in locations|
|Schedule Flexibility||Have the ability to schedule during normal office hours & after hours||Yes||Continue to market the ability to offer testing with flexibility in time|
|Insurance Accepted||Paneled with Medicaid, BCBS, & CIGNA||Yes||Possibly pursue getting credentialed with other insurance companies such as AETNA, United Healthcare, etc.|
|Title/Specialty||Specialty allows for testing where others do not||Yes|
|Attention to Client||Focus on the client and their needs and attempt to personalize with each client||Yes||Continue and expand environment of personalizing with each client and their family|
|All Ages||Can do all ages; children, adolescents & adults||Yes|
|Staff||Have a trained staff to assist with scheduling, testing assistance, report writing & billing||Yes||Continue to support staff|
|Office Appearance||Have office setup for children & adults. Have multiple offices to do simultaneous actions||Yes||Possibly look into office space in Mt. Airy|
|Insurance NOT Accepted||Insurance Companies NOT Paneled With||Yes||Pursue Credentialing with Other Insurance Companies|
|MCOs NOT Paneled With||Only Paneled with Vaya and Partners||Yes||Pursue Paneling with Cardinal|
|One Qualified Tester||Carol is Only Person That Can Test||Yes||Pursue Finding a 2nd Person with Testing Credentials|
|Translation||Do not have Spanish speaking employee||No||Although could be a potential problem, it has not been a limitation yet|
|Carol Inability to Work||When Carol is unavailable cannot move forward with testing||Yes||Pursue Finding a 2nd Person with Testing Credentials|
|Loss of Employees||Do not have “backup” in some categories||Yes||Look at additional employees and/or cross training existing employees|
|Not Much Competition||Very few therapists qualified to do testing||Yes||No required|
|Growing Demand for Testing||Demand for testing to identify issues & qualify for benefits||Yes||Contact agencies to inform of testing services|
|Growing Demand for Testing Children Earlier||Demand for testing children to identify issues & corrections at an earlier age||Yes||Contact schools to inform of testing services|
|Medicaid Being Cut||Continued possibility of federal government reducing Medicaid funds||Yes||Continue to monitor and adjust focus of testing outside of Medicaid funds|
|Testing Not Being Covered||Possibility of testing services not being covered by insurance||Yes||Low likelihood. Continue to monitor|
|Competition Coming In||New testing practitioners or agencies||Yes||Continue to monitor|
|Loss of Referral Source||Having referral services go out of business or stop referring||Yes||Continue relationships with current referral sources & expand referral sources|
|Expenses Increasing||Unexpected increase in expenses such as rent||Yes||Continue to monitor|
The SWOT analysis begins with asking questions.