Financial Environments Worksheet HCS/577 Version 6
Financial Environments Worksheet HCS/577 Version 6 Jason Parkhill 1
Identify three specific examples of entities with for-profit, not-for-profit, and government financial environments in the health care industry. Compare the similarities and differences between the for-profit, not-for-profit, and government financial environments.
For-Profit Organizations
Specific Examples: 1. Cancer Treatment Centers of America 2. North Shore Medical Center in Fort Lauderdale 3. Methodist Hospital in San Antonio
Not-for-Profit Organizations
Specific Examples: 1. Kaiser Foundation 2. Catholic Health Initiatives 3. Mayo Clinic Health Systems
Government Organizations
Specific Examples: 1. U.S. Department of Veterans Affairs 2. U.S. Department of Health and Human Services 3. Centers for Medicare and Medicaid Services
Compare the similarities and differences among these financial environments.
Similarities include they all have a source of revenue to sustain operations, provide services for community health and wellbeing, create and maintain financial budgets, track income and expenses, recruit and train employees, and maintain financial balance sheets. Key differences are that for-profit entities pay taxes, benefit private owners or investors, are funded by revenues and research grants, and answer to shareholders. Not-for-profit organizations are tax-exempt, benefit the public, are funded by revenues, donations, and government grants, and do not answer to shareholders. Government organizations are also tax-exempt, benefit the public, are funded by taxpayers, and do not have shareholders to answer to.
References
- HHS.gov
- Loria, K. (2020). Basu takes the reins at CTCA. Managed Healthcare Executive, 30(4), 19-20.
- Medicare.Gov: Hospital Compare (n.d.)
- U.S. Department of Veterans Affairs
- U.S. Department of Health and Human Services
- Centers for Medicare & Medicaid Services
- Author, A. (Year). Title of scholarly article. Journal Name, volume(issue), pages.
- Author, B. (Year). Title of scholarly book. Publisher.
- Author, C. (Year). Title of credible internet source. Website Name. URL.
- Author, D. (Year). Title of peer-reviewed article. Journal Name, volume(issue), pages.