Why should patients select your hospital? What advantage do you enjoy over your competitors? What is it about your services that compels physicians and patients to make you their healthcare choice, if indeed a choice is available? Most importantly, what does your hospital offer that translates into an unbeatable competitive advantage?
The exploration of these questions is the essence of strategic planning. It involves gaining a clear awareness of your position in the market, identifying your advantages and crafting a series of actions to leverage them. How well a hospital is positioned to attract and secure market share--its ability to “capture” customers and dissuade them from switching to another provider--reflects its competitive advantage. As healthcare markets evolve from highly-regulated systems to open arenas of competition, healthcare leaders should view strategic planning through the prism of competitive advantage.
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