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  • Subject area(s): Marketing
  • Price: Free download
  • Published on: 14th September 2019
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  • Number of pages: 2

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Abstract

The dorsaVi product is pervasive in technology and is a fundamental extension device to the expertise of our physical therapists within our organization. Our association with the physicians, athletic trainers, and sports affiliates is priority and is important to achieving strong relationships.

EXECUTIVE SUMMARY

Select Medical has been able to keep a solid relationship with reputable orthopedic physicians for over 20 years. Technology is pervasive and touches all elements of our lives and we believe offering our clients the best of what technology can deliver to improve their physical health and well being is essential now and in the future (Business Wire, 2015). Our company has managed to stay informed on the latest technology that fellow orthopedic practices used in addition to new and advanced too that will help us provided better patient, education and prevention on sports and personal injuries.

Our company's mission statement (Physio, 2017) is “to enhance the quality of life and exceed the expectations of those we touch through clinical leaders providing evidence based-physical rehabilitation and innovative solutions within the healthcare continuum. “  As one of the nation's biggest providers of outpatient rehabilitative services, the company has been synonymous with providing physical therapy, industrial rehabilitation, sports medicine and orthotics and prosthetic services to millions of patients each year (Healthcare Finance, 2013).

In effort to ensure that the clinic moves in the right direction, the company's should continue to focus on the company's alignment with the operational structure and current financial performance. Providing high-quality treatment remains our top priority of our patients (Healthcare Finance, 2013).

CUSTOMER BASE

Since 2015, DorsaVi has seen continuing growth from three key geographical locations across the country. These geographical locations include the United States, UK and Australia. Data shows that customer revenue increased by $608, 000, representing the best performing quarter to date and achieving up to 24% from prior sales (Dorsa, 2015). For 2017, sales revenue went up 33.8% to 1.73m compared to the $1.29m in the previous corresponding period.

COMPETITION

DorsaVi's competitors include Agenix Limited, and Starphama holdings Limited. All competitors are strong in the market by sharing innovative biotechnological products to serve medical sectors. Agenix Limited and Starpharma are both respectable companies that offer new opportunities in biomedical products.

DORSAVI  SWOT ANALYSIS

STRENGTHS

DorsaVi products have become a contemporary standard of care in monitoring movement in the workplace and clinical environment.  This shows a high growth rate and the growing potential to operate in skilled workforces (dorsaVi limited, 2015). There's a rapid implementation of products that are continuing to show strong growth as the company expands customer base and convert higher value contracts into the healthcare sector (dorsaVi limited, 2015).

Products are being used in national association such as NFL, NBA and other international associations overseas. Because the business is trending domestically with big customer contracts, labor force is in good standing.

WEAKNESSES:

Impending cost structure

Future profitability

OPPORTUNITIES:

Invest on venture capital funding. The company is currently funded by Starfish ventures, a leading Australian Venture Capital Fund.

THREATS:

Cash flow

To add to the SWOT analysis, technological factors are presented as the biggest threat to the company. With trending new innovations, inventions and developments, the company would be required to develop and adapt to the newest trends in technology. The encouragement of developing new methods of manufacture, distribution and logistics will be necessary to enhance the relationship with the customers.

MARKET SEGMENTATION

The company has looked into variables to segment marketing needs. With such a divers market in healthcare technology, dorsaVi continues to market in clinical segment to enhance high-quality products, in addition to promoting independent clinical validation. Driven by the ability to connect with the modern trends of healthcare, fitness, messaging, and socialization, wearable technology ecosystem is attracting significant level of interests (M2 Presswire, 2017).

Marketing forecasts suggest that wearable devices will continue to increase through the course of years until 2030. The forecasts are further segmented into submarkets, vertical market, and countries. The marketing forecast is based on the following categories:

Vertical Submarkets

Consumer, Healthcare, Sports, Fitness, and others

Regional Markets

PRODUCT

To gain traction in the US market, dorsaVi will continue to invest in new product development totaling $714k for the half year. This strategy will include the launch of an innovative work place product Visafe, a self-monitoring device comprised of mini-sensors, an app and reporting dashboard that allows management to view risk in the workplace, identify high risk injuries in order to reduce the risk of injury. In the clinical market, the company will also lunch the clinical application, ViPerform AMI (Athletic Movement Index) to modify movement patterns in sports based injuries.

PRICING

The company focuses on the use of reimbursement codes for billing. To keep cash flow, it is suggested to access the portability of reimbursement codes to support the continued growth in the clinical markets. For the workplace, contracts are established to keep customer revenue steady in addition to grants and capital raising. The pipeline remains strong in the annuity revenue from an occupational standpoint thus, projecting the company will continue to increase in commercial and value moving forward.

DISTRIBUTION AND MANUFACTURING

dorsaVi has managed to seal contracts under a 12-month distribution agreement. The minimum committed value of the agreement is $140,000. Regulatory expenses for the 2016 fiscal year $212, 405. The prior year included expense incurred in receiving FDA clearance and the increased push to promote products incurred extra costs due to state regulatory and compliance laws.

Future consideration is to build distribution models on a state by state basis in the United States in addition to partnering with organization that understand the market and the opportunity in using the company's products. Organizations that understand the product and the value proposition will translate in sales.  With the implementation of this strategy and received grants, it will fast track the plans to improve manufacturing and distribution options.

PROJECTIONS

Projection shows that dorsaVi products are positively better in sharemarkets than last year. To continue this raising sales and shares, the plan is to continue gaining a series of new client deals to bosst the company's share price. The recommendation of the products from other partnering companies will help increase sales to introduce the products at a higher level.

CONCLUSION

With the likely new developments that are sure to follow, the company can expect to see increase in revenue growth and stream. The company expects to be subjected in increased competition if potential competitors develop new technologies that compare or compete with dorsaVi products (DorsaVi Analysis, 2016). In the medical sector, the company will see improvement in reimbursement option for billing services.

 Economic conditions, inflation and exchange rates from the international market will change the future income of the company therefore, dorsaVi's push strategy to acquire more business deals will guarantee a successful commercial roll out in effort to raise additional capital. Additional capital is deemed as necessary due to slump in sales from prior years. To stay marketable and profitable, the company will raise additional capital through the use of the company's service offering and client base.

In addition to the acquirement of our company merging with one of the largest operators of specialty hospitals and rehabilitation facilities in the United States, we plan to introduce the application in the first 3 months starting in 2018. The plan will be to introduce the product across 18 sites, ahead of the planned rollout of 10 clinics. For the first 12 months, the initial pilot program will introduce dorsaVi wearable sensors to assess our sports medicine patients. This continuum of healthcare should promise vitality and see repeat business within our organizations.    

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