RT Journal Article
SR Electronic
T1 "In The Final Analysis": The Utilization of PESTLE Analysis in the Nuclear Medicine Workplace
JF Journal of Nuclear Medicine
JO J Nucl Med
FD Society of Nuclear Medicine
SP 2053
OP 2053
VO 62
IS supplement 1
A1 Michaud, Jean-Paul
A1 Thompson, Kevin
A1 Kohanzad, Sabrina
A1 Meshekow, Jared
A1 Gerard, Perry
YR 2021
UL http://jnm.snmjournals.org/content/62/supplement_1/2053.abstract
AB 2053Introduction: "In The Final Analysis": The Utilization of PESTLE Analysis in the Nuclear Medicine WorkplaceBackground: As major trends in healthcare cause shifts in the way that care is delivered, Nuclear Medicine practices must re-evaluate their management strategies to adapt. In the process of developing management goals, Nuclear Medicine practices must not only understand their mission, vision, and values, but also the internal and external factors that affect their practice. Here we provide a useful framework for Nuclear Medicine practices to understand the macro environmental factors that may impact their strategic plans. Objectives: •Discuss the changing landscape of healthcare and the factors that require Nuclear Medicine practices to reassess their strategic plans, including changing reimbursement models and practice consolidation•Highlight the importance of management strategies on practice performance, including their ability to improve the performance of underperforming practices or sustain top performing practices. •Discuss best practices for the development of robust management strategies, including when to consider the effects of macro environmental factors•Explain the PESTLE analysis, which analyzes the Political, Economic, Social, Technical, Legal, and Environmental factors that can impact Nuclear Medicine practices•Provide an example of a PESTLE analysis, as well the factors within the analysis that may impact Nuclear Medicine practices. Results: Development of a strong management strategy can help Nuclear Medicine practices navigate through complex and continuously changing circumstances. Utilization of a PESTLE analysis can help practice leaders to better understand the external factors that may affect their practice and to develop business strategies that consider their unique circumstances. Using the results of a PESTLE analysis to inform management strategies can help Nuclear Medicine practices achieve their performance goals and prepare for upcoming changes in healthcare delivery. Conclusions: Utilization of the PESTLE analysis by Nuclear Medicine practices can help practice leaders understand the external factors of their practice environment, and helps develop robust management strategies that align with their unique values and circumstances. Resources: 1.Bauer JC. 2017 Annual Meeting of the American College of Radiology—Moreton Lecture: Forecasting the Futures of Radiology. Journal of the American College of Radiology. 2017;14(12):1524-1529. doi:10.1016/j.jacr.2017.08.0202.Kaplan RS, Norton DP. 2008. Mastering the Management System. Harvard Business Review. Available at: https://hbr.org/2008/01/mastering-the-management-system3.Ho, JKK. 2014. Formulation of a Systemic PEST Analysis for Strategic Analysis. European Academic Research. 2014; 2(5): 6478-6492.4.Sammut‐Bonnici T, & Galea D. 2015. PEST analysis. Wiley Encyclopedia of Management, 1-1.