COMPREHENSIVE HEALTH CARE STRATEGIES: RAMSAY HEALTH CARE LIMITED
Ramsay health care was established in Sydney, Australia, in 1964, and the health care core founder was Paul Ramsey. Ramsay health care is ranked among the best healthcare in the world, providing primary and acute attention to a patient. It provides both primary healthcare services and complex services in approximately eleven countries in the world. Ramsay health care has core values, which include respect and upholding integrity when providing services to their customers. The health care also aims at building positive relationships with their clients to enhance a positive outcome. Moreover, Ramsay’s health care is guided by the slogan “People Caring for People.”
Strategic Issues Facing Ramsay Health Care
According to the Ramsay Australia workforce report (2018), the employee turnover rate is estimated at around 9.4%; this has led to a reduction in the available workforce for health care. Although the turnover rate being considered slightly below the standard threshold of 12.4%, the turnover can be attributed to the hierarchical needs demonstrated by Maslow’s theory. This includes self-recognition, which enables the employee to progress in their career development. According to Abraham Maslow’s theory, lack of social needs is other contributors to employee turnover; the turnover may be due to lack of recognition in the services offered. To achieve an appropriate workforce, there is a need to reduce employee turnover by achieving these needs. Age structure is also a determinant in the workforce. An aging workforce demonstrates a negative relationship with production, the working population in the health care should range between 15 years to 64 years, and however, the health practitioner allows a maximum of 10 years for specialist. An aging population structure affects Ramsay health care due to the retirement of skilled workers, which reduces the workforce.
Economic Factors
Ramsey is universal health care providing services across the globe; therefore, there is a wide disparity in the economic practices in the countries Ramsay health care provider services Prang (2018). The difference in economic factors limits the growth of the facilities. Firstly, a countries level of gross domestic product limits the growth of Ramsay health care. Countries with low growth in the GDP will slow the growth of the facility. The rate of unemployment in a country also affects Ramsay health care since; a country with a high rate of unemployment will have a high demand for employment opportunities, therefore, reducing the cost of labor. The interest rate is a determinant of the Ramsay growth rate. The high-interest rate in a country results in an increased rate of investment, which results in increased growth of Ramsay health care. Ramsay health care preferably invests in countries with a stable currency, a good level of stability determine attracts Ramsay health care limited.
Technological Factors
An efficient level of technology is associated with maximum profits and better performance. Duplication of technological ideas by competitors affect Ramsay healthcare. It is significant to determine the ease and the rate at which competitors copy can copy Ramsay’s technology. The adoption of unique and complicated technology is efficient for Ramsay since the competitors cannot quickly adopt their idea. Ramsay should also consider the effect of the advancement of technology in profit maximization and satisfaction of customer utility. Ramsay health care limited ought to adopt technological advancement that will increase their profit margins and maximize on the provision of better services to their clients.
Social factors affecting Ramsay are how to effectively promote and market their services and products to low-class level market, medium class level market, and high-class level market. Demographic distribution across the country also affects Ramsay health care; this includes the difference in age and sex, which affects the taste and preference for goods and services.
Strategic Approaches to Their Competitors
Potential competitors in the industry, such as sonic health care deal with the economic problem through penetration of market or countries with a high rate of unemployment, this helps them reduce the cost of production and increase their profit margins. Moreover, competitors are doing market research and definition of the target market; this has enabled them to offer services to their clients by their social classes effectively. There is also the adoption of efficient technology, which helps them improve their level of efficiency and reduce the cost of production in offering their services. Sonic health care has invested in countries with high amounts of gross domestic product, which has facilitated its fast growth.
Business Model
Ramsay health care limited requires a model that can explain how they create or add value to their clients to produce excellent results. The model should also portray their potential for dealing with the challenges of their clients, the probability of finding an appropriate solution. The business model should show how they deal with the problem, the cost required for solving the problem, and how they are better compared to other firms in the industry. I would propose Ramsay health care limited to use a two-sided business model that will enhance the satisfaction of the consumer.
Appropriate Strategy
Ramsay health care should integrate technological advancement that will help them in minimizing cost and maximize their customer’s satisfaction. This will increase their clients in the market and reduce competition from potential competitors in the industry. They should develop internet services such as the recently developed Ramsey mobile app that will enhance client satisfaction and help the employees in offering quality services.
Recommendations
Ramsey health care should collaborate with appropriate organizations to enable them to provide quality services across the globe. Moreover, they should improve on their number of clients encounter per day and explore new markets by setting new facilities to provide health care services. They should develop innovative models and technology that will ensure quality services are delivered to their clients. Finally, they should reduce employee turnover by becoming the best health care employee to their staff by providing better pays to their team and helping them in achieving their goals.
.References
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