SWOT Analysis for RAS Medical SWOT

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SWOT Analysis: RAS Medical Systems

History

RAS Medical Systems, Inc. is a small, independent distributor of physical rehabilitation equipment and supplies in the New York, New Jersey and Connecticut area. The company was founded by Richard Silverstein in the 1980s, employs a dozen workers, and has introduced a number of new and innovative devices into the rehab market over the years, including Outcomes based Modalities such as OmniSound U.S./P.E.N.S. and Low Level Laser Therapy. Since 1989, RAS Medical Systems has been a Medicare participating partner helping to provide patients with the state-of-the-art equipment and third party billing to Medicare as well as many other insurance companies. Since 2009, RAS Medical has also been accredited by the Compliance Team (RAS Medical Systems, 2018).

Strengths

· Family-owned business: strong values, principles, and mission with a community-friendly approach to business

· Strong geographical location with high traffic input

· Customer satisfaction: customers do say they like the service and give positive word of mouth by recommending the company to others

One of RAS Medical Systems’ main strengths is its organization as a family-owned business with ties to the community that go back for generations. In an era of globalization and corporate takeovers, RAS provides a traditional solution to customer needs in the rehab market. Its values reflect the principles and expectations of the community and in this regard it has what could be called a strong corporate social responsibility policy to serve the interests of “social, environmental and economic environment in which” RAS operates (Castka, Bamber, Sharp, 2005, p. vii). Its performance in the community is at a high level with visibility resulting from an optimal location, excellent customer service, and a strong reputation that stems from its family-oriented approach to business.

Weaknesses

· The staff works in silos: everyone works individually instead of working as a cohesive, organized unit.

· Outdated technology: an inefficient record maintenance system is in place.

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· Lacks the budget for marketing: RAS does not pay much attention to marketing and is dependent wholly on word-of-mouth and website traffic.

Because the small staff works in silos, with everyone operating individually and away from one another, there is a lot of disorganization where there should be structure, cohesion and communication (Quirke, 2017). Many claims are denied due to late submissions of documents or incomplete documentation, which stems from the staff’s disorganization and lack of effective communication. Additionally, the staff relies on outdated technology that is not attuned to the Digital Age and lacks a budget to effectively market itself. Thus, it remains in a mid-tier range in terms of market performance and is not poised to grow in the near future.

Opportunities

· Experience and reputation as the foundation for growth: RAS has decades of experience in the rehab market and could use its knowledge of the field to take the business to the next level.

· Internet as a marketing tool. Take advantage of the increasing use of social media for marketing.

· Increasing demand for products or similar merchandise.

· Bring in new technology: a more efficient ERP system or patient management system.

· Partner with local hospitals and doctors.

RAS has a strong reputation among customers and clients and a lot of years of experience in the industry. It can use this to grow to the next level. To get there, it can embrace the Internet as a marketing tool and utilize social media platforms to expand its brand visibility. The market is growing and RAS is in a prime position to capitalize on the increasing demand for the types of products it distributes. New technology and a better….....

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