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Econ Principles Milestone 1
Precious Teasley
Southern New Hampshire University
IHP-620-Q1591 Economic Principles- healthcare 22TW1
Dr. Scott
September 6,2022
The primary teaching facility for the Leonard M. Miller School of Medicine at the University of Miami is the accredited, non-profit Jackson Memorial Hospital. Jackson Memorial Hospital, which has more than 1,550 licensed beds, serves as a referral facility, attracts researchers, and is the location of the Ryder Trauma Hospital, the only adult and pediatric Level 1 trauma center in Miami-Dade County. The primary teaching facility for the Leonard M. Miller School of Medicine at the University of Miami is the accredited, non-profit Jackson Memorial Hospital (Jackson et al., 2002). Jackson Memorial Hospital, which has more than 1,550 licensed beds, serves as a referral facility, attracts researchers, and is the location of the Ryder Trauma Hospital, the only adult and pediatric Level 1 trauma center in Miami-Dade County.
Patients bear a significant financial burden due to lower insurance payments. In addition, COVID-19 pandemic victims and their families are being compelled to pay extra for even simple and commonplace services due to job loss or layoffs. The patient is now the third-largest payer, after Medicare and Medicaid, according to Jackson Hospital’s vice president of revenue cycle; therefore, the financial risk these developments posed to Jackson Hospital had to be addressed.
The management aimed to implement contemporary methods to involve patients early in discussions about financial obligations, payment alternatives, and agreements (Jackson et al.,2002). To improve patient collections, Jackson Hospital looked for effective ways to convey patient balances and payment choices for services provided. Among the objectives were lowering collection expenses and raising patient satisfaction. A $1.2 billion, not-for-profit, independently run acute care hospital, Jackson Hospital is located in a working-class neighborhood with blue-collar residents (Tookes et al., 2015). Their population’s payer mix is 56% Medicare, 11% Medicaid, and 6% self-pay, and their patients’ average credit scores are under 600. From the financial statements available, this organization has no notable spike in revenue attributable to increased injuries and accidents related to the ice during the winter season.
References
Jackson, C. A., Derose, K. P., Chiesa, J., & Escarce, J. J. (2002). Hospital Care for the Uninsured in Miami-Dade County. Hospital Finance and Patient Travel Patterns. RAND CORP SANTA MONICA
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Healthcare Economics
Precious Teasley
Southern New Hampshire University
IHP-620-Q1591 Economic Principles- healthcare 22TW1
Dr. Scott
September 24,2022
Economic Theories and Principles
A.
Economic Disparities
The provision of healthcare requires financial resources. A healthcare organization needs to be financially stable for it to offer the needed healthcare services to its patients (Hicks, 2020). Jackson Memorial Hospital, despite being a non-profit organization, is financially stable and this implies that the facility can afford to offer the best quality healthcare services as well as research opportunities. When the facility is financially healthy, there is a demand of investing the excess money into new healthcare services so that patients can access more and better services. According to the demand theory, when there is more disposable income, there is an increased demand for more goods and services. In other words, the financial well-being of an organization affects its demand for services.
B.
Economic Theories
One of the most useful economic theories in the healthcare industry is the theory of demand and supply. According to this economic theory, the demand for a product will decline if the price goes up (Bender, 2020). Conversely, when the prices are high, the supply of a product is boosted but when prices drop, the supply is diminished. This theory is relevant to the field of healthcare, especially in chronic illnesses. For instance, if the supply of medicine for a particular disease decreases but the demand persists, then the price of the medicine will go up. The proponents of this theory argue that the level of demand and supply affect the prices of commodities in the market until the point of economic equilibrium is reached. This is true in the healthcare industry because there are situations where there is a shortage of particular drugs or services while the demand is high. This makes them expensive and inaccessible to many patients who require the services.
C.
Use of Economic Principles
Economic principles are important to organizations because they help in making informed decisions especially financially. For an organization to operate, it needs to invest in various areas where it intends to provide goods and services to its clients. In such cases, economic principles must be applied to determine the cost-benefit analysis of the potential investment. This helps to tell whether or not there will be a reasonable return on investment in whichever project an organization takes. If there is an indication that investment will be successful, resources should be provi
IHP 620 Final Project Milestone Three Guidelines and Rubric
Prompt: In Milestone One, you selected an organization to analyze from the U.S. Securities and Exchange Commission’s EDGAR database and received approval
and feedback from your instructor on your proposal. In Milestone Two, you submitted a draft of the policy research report and received feedback. Now, for
Milestone Three of your final project, you will apply the economic principles you have examined through the first seven weeks of the course to your chosen
organization by submitting a draft of the organizational analysis report.
Based on instructor feedback and direction to this milestone, you will revise your organizational analysis report for the final submission of the policy research
and organizational analysis report in Module Nine.
Your analysis of your chosen organization must address the following elements:
I. Organizational Impact and Recommendations:
A. Organization Introduction: What organization is the focus of your report, the sub-industry or type of organization it belongs to (home care,
hospital, etc.), and what is the financial background of the organization?
B. Nonprofit or For-Profit: Is the organization you selected a nonprofit or a for-profit? What differences will this make in terms of economic policy
impact?
II. Financials, Market, and Demand:
A. Demand Theory: Explain how demand theory is reflected in the organizational financial statements.
B. Market Behavior Impact: Explain how and why market behavior affects the financial statements at various times throughout the calendar year
for your organization.
III. Economic Legislative Changes:
A. Legislative Changes: Considering the economic and legislative changes you researched, what changes are most likely to impact your
organization, and why?
B. Policy Changes and Impact: Considering the legislative changes and type of organization you have selected, what possible organizational policies
may result? Discuss the possible resulting policy changes that may occur within the organization. What is, or will be, the impact of these policy
and legislative changes on your organization?
C. Statement Impact: In what ways would you expect to see the financial statements to be impacted because of these changes, and why?
D. Potential Disparities: Would the legislative changes cause disparities in care that could further impact your organization, or that your
organization could plan to combat? How would you recommend planning for these?
Guidelines for Submission: Your report should be in APA format and all resources and references should be cited appropriately. A well-written, concise
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