SWOT Analysis Insights-Defining Threats and Assessing a Units Vulnerabilities
In a SWOT analysis, threats encompass anything that has the potential to cause damage to the organization, venture, or services. AlMarwani (2020) affirms that no practice is immune to threats, but too often, management misses, ignores, and fails to contain these threats. Within the cardiac telemetry unit that I am attached to, one of the emerging threats is stiff competition from other healthcare facilities that offer the same services at relatively low costs. Subsequently, this has caused a low volume of patients visiting the facility as most prefer to visit competitors offering the same service.
Even though some positive attributes have accompanied competition, such as the enhancement in the quality of services provided to the patient, the stiff competition has also been accompanied by multiple demerits (Tisdell & Seidl, 2019). One demerit pertains to the reduction in market share alongside the customer base. Furthermore, the competition has also forced healthcare organizations to lower service costs, thereby significantly affecting the revenue cycle of not only the CTU but the organization as a whole. Consequently, the organization has embarked on restructuring, which has resulted in many staff being laid off to cut down on operational expenses such as staff salaries.
Other than diminished revenue, the unit also continues to face high turnover rates from the clinical staff attached to the Cardiac Telemetry Unit. The turnover rates are primarily attributed to the better incentives that competitors offer, including competitive salaries and opportunities for growth, alongside sponsored holidays. Of concern is that the facility has spent substantial resources, including time and capital, searching for, recruiting, and training qualified staff for replacement reasons. Additionally, the high turnover rates also demoralize the other staff in the organization as they feel that they are not getting what they deserve, which, in turn, has affected the quality of care provided to patients.
References
AlMarwani, M. (2020). Pedagogical Potential of SWOT Analysis: An Approach to Teaching Critical Thinking. Thinking Skills and Creativity, 11(22), 100741. https://doi.org/10.1016/j.tsc.2020.100741
Tisdell, C., & Seidl, I. (2019). Niches and economic competition: implications for economic efficiency, growth, and diversity. Structural Change and Economic Dynamics, 15(2), 119-135.
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Question 
As part of your SWOT analysis, which is due in week 7, provide a brief description of your assigned unit or agency and define the meaning of the letter “T” in a SWOT analysis. State one threat you identified and why you see this as a threat.
SWOT Analysis Insights-Defining Threats and Assessing a Unit Vulnerabilities
Discuss the following: (Rubric Category – Contributions)
Define the meaning of the letter “T” in a SWOT analysis
State one threat you identified
Discuss why you see this as a threat