For any business to thrive, some key factors need to be put into consideration. The business has to conduct a business research and identify the weaknesses and strengths that it faces. One of the major elements to consider when starting a business is the market availability. Before one can start a business, it is important to conduct a survey to know what others are offering and what is not being offered but is in demand. It is also important for an individual to know the population, majority age groups, majority gender, and also the economic status. In the establishment of healthcare systems, the market segmentation is critical. A great need for understanding the market before setting up a health facility is imperative. This paper provides a demographic analysis of Ft Lauderdale area zip code 33026 with the aim of finding potential healthcare needs that are not or are poorly addressed.
The demographics statistics of Pembroke Pines area indicate that the total population in the area as of 2013 was estimated at162, 329 (The US census Bureau, 2015). An estimated 53% of the general population in this area are women while men occupy 47%. Again, the largest part of its population is persons aged less than 18 years who make up 23.70% of the population (The US census Bureau, 2015). Following them closely are the elderly who are aged above 65 who count for 14.80% of the population.
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The area is mostly occupied by whites who accounts for 67.30% of the total population. Closely following are the Hispanic at 41.40%. The African Americans follow at a distant third with a population amounting to 19.80% while the Asian population closes the rank at 4.90% (The US census Bureau, 2015).
Economically, the average household income is $62,133 with very few people living below the poverty line. An estimated 74.40% of the general population own their homes, and their standards of living are above average. A good number of the population is also educated with a 32.40% percentage of the people being holders of bachelor degrees (The US census Bureau, 2015).
The area has a good number of healthcare facilities that can serve the community efficiently. They all provide a broad range of health services most of which have tapped into the large populations like women and children below 18 years. However, after a precise analysis, it was noticeable that no facilities offer programs that are aimed towards the high number of seniors aged above 65 (Caring, Inc., 2016). This population requires a great care so as to ensure that their health is well maintained.
As a result, the introduction of nursing homes in the area would be a significant step. The nursing homes will provide a place where the elderly can be taken care of and efficiently monitored to ensure that stay fit and healthy. A nursing home is a place where families can be advised on what measures that could see their loved ones in old age maintain good health practices. This will see an increased life span to most of them as they will receive professional care and will be protected from ailments that are associated with old age.
The nursing homes will be established as part of a new health organization. The organization will be an independent entity that only focusses on the provision of care to the elderly. This is so as to prevent the coalition of interests with other institutions that are most focussed on providing child and women care programs.
The elderly, as earlier seen are at an estimate of 14.80% of the population. This percentage represents an estimated number of 25, 000 persons. With such a population, it is of great importance to come up with a program in which they can fit in. Senior citizens are vulnerable to various diseases like stroke; hence, they need a great care. In many occasions, the essential care they require is rarely provided, and if any, it is done by individuals who have little or no knowledge about health care for the old. The number of old people visiting hospitals is also increasing, and most of the time no one attends to them (U.S. News & World Report L.P., 2016).
With a population of 25,000, people the market size is quite vast and appealing. It was established by calculating the market volume and market value which were consistent figures of the penetration rate of the service offered. The first approach was to identify and estimate the target customer numbers which were the elderly.
Market Needs
The old need to be taken care of. Old people are not characteristically active. As they age, their bodies become less and less active. This means that they need to have someone by their side to offer them care. In many cases, the people given such responsibilities are family members who are at times inefficient in delivering the kind of care and service required. They have busy schedules, and with this sort of divided attention, the elderly end up getting less attention.
As a result, establishing nursing homes will provide a place where they can be taken care of on full-time basis. A team of health care professionals will be available to attend to them. Further, medical check-ups will be done from time to time to make sure that they do not develop any life threatening ailments. Proper diets will also be provided to them.
Trends that may impact the introduction of nursing homes in Pembroke Pines
For a long time, the technology world had forgotten the old generations (Wakefield, 2015). Most of the innovations made were for the young people and the next generation after them. However, in the recent past has seen some inventions that are geared towards the elderly. Gadgets to improve their visual and hearing capabilities have been developed (Wakefield, 2015). Incorporating such tools in the nursing homes will be a great way of ensuring that their stay is enjoyable. Others have also received robots and artificial creations for companionship and company.
Swot Analysis
Strengths
The first strength of the service is that there is a readily available market. An estimation of 25, 000 senior citizens is quite an appropriate and market reliable number. Since most of the families of the elderly are working people with busy schedules, most of them will opt to bring them to the nursing homes. They will feel much safer knowing that their loved ones are under professional care. This means that many elderly people are likely to enrol.
Secondly, there is no competition. Most of the health facilities in the region have not tapped into the market. They are concerned mostly with women and child programs. This provides an opportunity for the nursing homes to establish themselves as the sole providers of the service in the region. That means that all old people will be referred to the built homes only.
Thirdly, according to the demographic report, most people in this region are financially stable. This means that a large percentage of the population can effectively afford to pay for health services provided. As a result, they will not have a hard time paying for their elder family members to receive professional care.
Weaknesses
The setting up of the nursing homes is going to be costly. This is because it requires putting up of new structures and purchase of equipment. Again, the professional caregivers also need to be paid. Also before the nursing homes can become stable enough, funds will be required to sustain the operations of the business.
Threat
Lastly, the only threat is that other health facilities could start offering the care services in the future. This could mean that there is a potential competition future ahead. Most might find the market quite appealing and introduce this program in their facilities. This could affect the service providence as most people could go to the other hospitals because of familiarity and earlier gained trust.
Conclusion
With such market strength, nursing homes are bound to thrive in the area. This is an untapped market whose potential is great. With the right mechanisms and approach put in place, there is assured return and outcome from the provision of these services. It is therefore of great importance for one to survey the market before they can engage in the delivery of any product or service (Healthcare Improvement, 2016).
References
The US census Bureau. (2015). Quick facts: Population estimates. Census . Retrieved from http://www.census.gov/quickfacts/.
Caring, Inc. (2016). Nursing Homes near Pembroke Pines, Florida. Retrieved from https://www.caring.com/local/nursing-homes-in-pembroke-pines-florida.
Wakefield, J. (2015). The generation that tech forgot. BBC . Retrieved from http://www.bbc.com/news/technology-32511489.
Healthcare Improvement. (2016). One size does not fit all: think segmentation. Retrived from http://www.ihi.org/resources/Pages/ImprovementStories/OneSizeDoesNotFitAllThinkSegmentation.aspx.
U.S. News & World Report L.P. (2016). Memorial Hospital Pembroke, Pembroke Pines, FL. Health care. Retrieved from http://health.usnews.com/best-hospitals/area/fl/memorial-hospital-pembroke-6390765.
