Research Paper on Health Credit Cards: Pay Now, No Interest Later

Introduction

A credit card concerning health issues is a card made for an individual's health and needs. These needs involve treatment costs and medical costs that a patient may undergo monthly during treatment. The credit card users pay a specific price during the treatment period, and the rest of the fee paid in future with no interest rate. Most of the health providers like doctors, dentists, and surgical centers have embraced this method of card payment worldwide (Papanicolas, Woskie, & Jha, 2018).

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In America, federal medical credit is a company that aims to help people during the application of medical credit by financing their healthcare process (Papanicolas, Woskie, & Jha, 2018). United medical credit involves many medical practices such as dentistry, fertility, and cosmetics. Despite federal medical credit being able to provide a card for payment of medical bills, in entails other strengths, weaknesses, opportunities, and threats that it faces in its marketing process.

Strengths

United medical credit is competitive in its market. It is the eighth-ranked among its main competitors, like my medical loan, united finances, and loan now (United medical credit, 2019). They have a competitive lending ability hence are reliable in loan provision. The medical credit entails creating networking, which is made possible by the healthcare lending partners, thus providing the society with many financing options.

Also, federal medical credit is innovative in new product creation, which makes them more competitive in the market. In the recent past, united medical credit company updated its ability to conduct plastic surgery for both individuals with good and bad credit records. The ability helped them gain more consumers from the market, given that most of the medical credit lending companies offer limited card credit opportunity to an individual with a poor history of credit record (United medical credit, 2019).

Besides, the update of both consumer and dentists list is a strength for federal medical credit since in the past. In May 2013, the company updated its list of the preferred dentists in the organization. The update of dentists list was a result of the increased number of consumers who helped in finance provision. Most of the Americans had issues in financing their medical bills related to dental problems. With the help of united medical credit, most of the people in the country now find treatment easily (United medical credit, 2019).

Lastly, the federal medical credit can serve its consumers from existing sites like internet or manually by visiting the company directly. The health care lending partners after conducting their analysis of the application and the applicant give quick response to the consumer (United medical credit, 2019).

Weaknesses

The policies of the federal medical credit are never stable (Van, Scholten, & Wijk, 2012). The theories of the company change after a short duration of time like a weak. Policy change for a company could lead to considerable losses in the organization as the consumers and staffs try to adjust to the new policies. Frequent adjustment of laws and policies should be avoided; instead, firm plans should be made to serve the company for an extended period.

The federal medical credit lacks detailed plans for their organization (Van, Scholten, & Wijk, 2012). The organization does not have benefits in its healthcare business. Employees in the organization face a lot of challenges like pressure due to excessive work. The employees are not many enough to cover all the needs of the consumers. The management provides credit cards to people in need, but rarely do they increase the number of employees. The organization hence faces the problem of losing its consumers in the market as they strive to look for a less populated organization.

Besides, the united medical credit has a limited budget. The company offers fewer fees and interest rates to the society but instead incur high charges for them to make real money. They aim to get many people in need of loans to make more profit, but this always has a disadvantage.The organization's provision of a credit card to people with poor credit records could be a massive risk in future to the organization(Van, Scholten, & Wijk, 2012).

Lastly, the organization has insufficient management cover and unskilled staff. The new management of federal medical credit undergoes a lot of defaults in its governance due to defaults of the organization's past administration. To take control of the situation, the company should seek training of its staff from other experts. These will help the company run smoothly (United medical credit, 2019).

Opportunities

United medical credit can come up with new products given the new upcoming technology for more information and research (Papanicolas, Woskie, & Jha, 2018). Since the organization is among the most competitive companies in the world, with the new upcoming technology, it can expand its registration of the credit card worldwide hence more demand for the loans from consumers. New methods of using credit cards could be both beneficial to the consumers and the organization in time management.

Besides, the organization could also take advantage of many and new experts and specialists in the world (Papanicolas, Woskie, & Jha, 2018). In most parts of the world, education is most valued, and due to the increased number of population, many are left jobless. The federal medical credit could employee new staff who are experts in their specific areas like IT, instead of training the current teams.

Also, the organization should moderate its prices and financing as it is already famous and among the most competitive. United medical credit has many consumers who, by taking a small but stable risk would not cause a lot of harm to the organization. Increasing the interest rates of loans would help the company make more profits, which they can use again in investment by loaning to more people (Papanicolas, Woskie, & Jha, 2018).

Lastly, the united medical credit should take advantage of the new markets in the world (Papanicolas, Woskie, & Jha, 2018). Through the internet, the organization can be able to access the upcoming world market, mostly in developing countries. Most people in developing countries lack enough capital to finance their medical and treatment bills. The federal medical credit can diversify information of their credit card provider to these upcoming new market opportunities.

Threats

United medical credit can face shifts in market demand leading to considerable losses in the organization (United medical credit, 2019). The organization could control changes in market demand by keeping track of the market trends. The new movement made by the organization's competitors could lead to the shift of consumers towards the better offer of loans. The federal medical credit should be ready to change its policies in favor of its consumers.

Also, a competitor's innovation of products and services could be a considerable threat to federal medical credit (United medical credit, 2019). The company should always look out for any new development from its competitors in terms of good deals in finance provision. These could include low-interest rates or no interest rates at all but with collateral.

Loss of central staff and associates could be a massive threat to the management of federal medical credit. Teams could be lost due to underpayments from the company hence looking for better-paying companies. As a result, the company can undergo high losses before it gains its stability in staff management (United medical credit, 2019).

Finally, new competitors in the market could cause a threat to united medical control (United medical credit, 2019). A new company or an existing company could provide better services in credit cards compared to the services of other organizations. These could be services like additional financing for significant health issues like cancer, which is a substantial financial issue to the world.

Prioritized Strengths and Weaknesses

The organization should maintain the competitive nature of the unified medical credit. Consumers demand services from the organization that is made possible because of the excellent reputation of the organization of offering finances with low-interest rates to individuals with both good and bad credit records. Contrary, the organization should avoid frequent policy changes as it results in instability of the organization as the staffs try to adjust to the new changes. The changes could also lead to loss of central teams and associates, which would lead to management instability (United medical credit, 2019).

Conclusion

In a nutshell, federal medical credit being one of the primary providers of finance to consumers for medical services in the United States it should ensure that the consumers are not discriminated in the market. It should ensure that the consumer secures the optimal financing terms for their health care procedure. As an organization, it should ensure that it is moving towards higher profits with no losses.

References

Papanicolas, I., Woskie, L. R., & Jha, A. K. (2018). Health care spending in the United States and other high-income countries. Jama, 319(10), 1024-1039.

United medical credit. (2019). United Medical Credit Updates its Ability to Offer Plastic Surgery Financing for Those with Good or Bad Credit, Amazon, Wiley Publishers. https://www.prnewswire.com/news-releases/united-medical-credit-updates-its-ability-to-offer-plastic-surgery-financing-for-those-with-good-or-bad-credit-300950820.html

Van Wijngaarden, J. D., Scholten, G. R., & van Wijk, K. P. (2012). Strategic analysis for health care organizations: the suitability of the SWOTanalysis. The International Journal of health planning and management, 27(1), 34-49.