Waterbury Hospital vs. Value Care Alliance and Griffin Hospital

Waterbury Hospital
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Institution Affiliation
With several American hospitals poised to join large and more powerful chains, a group of six medical centers has announced to expand their network of ambulance services(Asad, 2012). The first core competitor for Waterbury Hospital is the Value Care Alliance, which intends to provide baby boomers with the fastest and safest ambulance services in the coming months. Waterbury Hospital’s second competitor is Griffin Hospital of Derby, which is one of the most renewed medical centers of the United States. It aims to increase the number of its ambulances and to expand the routes to nearby villages and cities by establishing emergency centers in almost every area. I have selected the Value Care Alliance and Griffin Hospital because they are among the best medical centers of the country.
According to Porter's Five Forces Framework, it is possible to determine how competitive an industry is by looking at the threat of new entrants, the threat of substitutes, bargaining power of customers, bargaining power of suppliers and competitive rivalry (Asad, 2012).
1 The threats of new entrants -- In order to stay in the competition, Waterbury Hospital will have to attract new and new customers and must deal with existing barriers to entry perfectly and efficiently.
2 The threat of substitutes -- A substitute product uses a whole new technology for solving the same economic problem. In the case of Waterbury Hospital, the management should address all the issues of substitutes while providing patients with the best treatment facilities.
3 Bargaining power of customers -- There is a strong need to give patients and their families with the power to bargain, even when they want to put Waterbury Hospital under pressure because of its expensive treatment options.
4 Bargaining power of the suppliers -- The bargaining power of s...