Last we looked at the business model of Amway, this time we will look at the SWOT analysis of Fortis Healthcare.
With 45 healthcare facilities throughout the country, Fortis Healthcare is the leading integrated healthcare service provider in India. Since the pandemic, Fortis Healthcare has done its best to help India fight Covid-19 by providing services to its patients and opening vaccination centers.
The company has made its brand image by its efficient services and proper digital marketing, in the pandemic the company created its strong image. Digital marketing is an essential part of the growth of any business, if you want to learn more about digital marketing check out Free Digital Marketing Masterclass by Karan Shah the founder and CEO of IIDE.
Strategic planning is very important for the successful growth of a healthcare organization. In the last year, the market has seen a rising net cash flow of Fortis Healthcare. To know further about its growth, you need to understand the strengths, weaknesses, opportunities, and threats of Fortis Healthcare, but before we dive into the SWOT Analysis, let’s get to know a little bit more about the company.
About Fortis Healthcare
Fortis Healthcare Limited is an IHH Healthcare Berhad Company headquartered at FMRI hospital in Gurgaon. It is a company that is amongst the leading healthcare delivery chains in a country that currently embraces both hospitals and diagnostics business.
This company aims to deliver quality healthcare services to its patients in modern facilities using advanced technology. These hospitals include multi-specialty and super-specialty centers that provide tertiary and quaternary healthcare to patients in almost every area possible like cardiac care, orthopedics, neurosciences, oncology, renal care, gastroenterology, and mother & child care.
Fortis began its healthcare operations in Mohali and now manages an Indian multinational chain of hospitals.
This company, which has recently been awarded the “Economic Times Healthworld Hospital Awards, 2020”, is located in India, UAE, and Sri Lanka. Fortis Healthcare Ltd. is listed in the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) of India plus doing very well in the market and showing a promising future.
Quick Stats about Fortis Healthcare
|Founder||Shivinder Mohan Singh and Malvinder Mohan Singh|
|No. of Employees||23000 (2020)|
|Market Cap||18783 Cr (2021)|
|Annual Revenue||193585 Cr (2021)|
|Net Income/ Profit||430.61 Cr (2021)|
Services Provided by Fortis Healthcare
- Diagnostic Centers
- Medical Services
Competitors of Fortis Healthcare
- Max Healthcare
- Manipal Hospital
- Apollo Hospitals
Now that you have gained an insight into the company and its beliefs, let’s look at the SWOT Analysis of Fortis Healthcare.
SWOT Analysis of Fortis Healthcare
SWOT Analysis helps to review a company’s strengths, weaknesses, opportunities, and threats concerning its competitors. It is a systematic help method used to see where a company rises or falls, helps compose countermeasures, and determines how the company may grow.
Let’s dive into the SWOT Analysis of Fortis Healthcare.
1. Strengths of Fortis Healthcare
A company gets its competitive advantage from the various strengths that it possesses. Let’s look at the strengths of Fortis.
- Improvement– Fortis Healthcare believes in continuous improvement and invests in methods that can help them enhance the brand and its services. It tries to keep developing its services in various specialty areas such as medicine. Fortis Healthcare also makes a huge investment in Research and Development which has proven to help the company in implementing high-quality healthcare services.
- Employees– Fortis Healthcare has a highly qualified staff recruited by a thorough system of the human resources team. They even provide regular training to their team of doctors and support staff, so they can specialize in their areas. This helps them develop a remarkable work ethic that improves the delivery of patient care.
- Patient Care– Fortis Healthcare realizes that patient care is of utmost importance to achieve its vision. So, their staff provides a range of services along with emergency and trauma care. They aim to give each patient proper attention and make them feel comfortable.
- Quality Accreditations- The facilities and systems of Fortis Healthcare match industry benchmarks. This is how they achieve certifications such as NABH. Thereby, promoting standardization when it regards qualified professionals fulfilling services.
Along with this, Fortis Healthcare has many branches which add to its strengths.
2. Weaknesses of Fortis Healthcare
Weaknesses are drawbacks a company has, it needs to consistently work on them to remove them.
Shifting Brand Focus– Fortis Healthcare has decided to shift its brand focus to India only and not pursue global recognition. They did this as they believe India is highly dedicated to increasing their healthcare system which will help their company grow. But, this situation is likely to change in the future and affect Fortis’s delivery.
Expensive Services – Fortis Healthcare has been on the top of the list of hospitals that provide services at high prices. There have been complaints that the expenses are better suited for international clients. Due to their expensive services, local patients are not able to get proper care and get buried under debt.
3. Opportunities of Fortis Healthcare
Opportunities are factors that help in the growth of any organization if identified and worked upon at the right time. Let’s see some opportunities for Fortis Healthcare.
Growing Health Concerns- The Internet today, has aided information that has made people more anxious about their health. Especially after the pandemic, people are putting more effort into taking care of their health and looking for professionals who can help them. This is an opportunity for Fortis and its team of specialists.
Medical Tourism – India has gained the status of medical tourism. The country is recognized globally for providing quality services by trained professionals at cheaper rates. Thus, making this an opportunity for Fortis Healthcare.
4. Threats of Fortis Healthcare
Threats are harms that can hinder the growth of any organization if not worked on properly. Let’s look at some of the threats to Fortis Healthcare.
Competition– To gain a competitive advantage, Fortis Healthcare needs to strategize to deal with its competitors. Apollo hospital is their biggest competitor and now, even local hospitals like Narayan Healthcare pose strong competition.
Prohibitive Healthcare Costs – The delivery of services is being highly affected by the rising healthcare costs. It’s getting hard for people to afford quality healthcare and difficult for healthcare service providers to reduce costs in fear of losses.
Fortis Healthcare has been gaining popularity in the market, especially after its services and support to beat Covid-19. It has become an important player to look out for.
Despite facing strong competition, Fortis Healthcare has been able to keep a hold of its market share due to its investments, specifically inpatient care, but the company needs to strategize to its services more affordable for the local class. Only then, the company will be able to achieve its vision of becoming the World’s Most Trusted Healthcare Provider. Other than that, Fortis Healthcare’s growth seems very promising.
The company can improve its visibility furthermore by using digital marketing as after the pandemic everything has shifted online. If you want to learn about digital marketing, IIDE offers short-duration certified courses which can be completed in little as 5 days.
If you liked the blog and want to learn about more such companies and their analysis, do check out the IIDE Knowledge portal.
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