* Diverse products Diverse products and revenue should help shield the business from shocks in any one part of their business. Different products have different characteristics. Those characteristics do not always match; therefore, a company can lower their risk by investing in a business with low correlations with other products. This lowers risk and increases the value of the business over the long-term. WEAKNESS: * Company size "Company Size" will have a long-term negative impact on this entity, which subtracts from the entity's value.
A marginal analysis will offer insight into the benefits of procuring physicians in rural or low income urban areas compared to the additional costs of having them provide services (Investopedia, 2014). This tool can help an organization maximize the profits associated with bringing in a new physician (Investopedia, 2014). By analyzing economic expansion, population growth, the work effort of physicians, and the services provided by mid-level providers such as physician assistants and nurse practitioners a manager or administrator will get a complete picture of the benefits and financial risks associated with a new physician (Cooper, Getzen, McKee, & Laud, 2002). By investigating these four trends, an organization can contemplate the need for more physicians in their area and whether or not their long-term needs will be met by a new
If other things change, then one cannot directly apply supply/demand analysis. Sometimes supply and demand are interconnected, making it impossible to hold other things constant (Colander, The Limitation of Supply/Demand Analysis, 2010). “In supply/demand analysis, you would look at the effect that fall would have on workers’ decisions to supply labor, and on business’s decision to hire workers. However, there are also other effects (Colander, The Limitation of Supply/Demand Analysis, 2010). “For instance, the fall in the wage lowers people’s income and thereby reduces demand.
At Bounce Fitness, we tie worker productivity directly to the health care issue. We believe that traditional approaches to the current health care crisis are misdirected. Bounce Fitness contends that by helping employees change their behaviour patterns and choose healthier lifestyles, the health care costs to corporations will be considerably reduced through increased staff productivity, reduced absenteeism and turnover, reduced worker’s compensation claims and a healthier, motivated staff. Current economic and demographic changes will make health care issues worse. The environmental factors and the local competitive situation is a clear message to Bounce Fitness.
In contrast, clearly defined goals for the EMR system, organizational and individual user commitment to the process, and enthusiastic leadership by an individual or a core group ensure the greatest opportunity for achieving desired results (Wager, Lee, White, Ward & Omstein, 2000). If, according to W. Edward Deming, the basics of quality are built into a service during its conception and each cycle of its application, the outcome would be reduced costs, increased profits, and greater consumer loyalty and satisfaction. These tenets are applicable to the delivery of health care. As information technology provides the tools, the delivery of health care will become higher in quality. As experience has shown, quality medical care is the most cost effective medical
Economic Issues Simulation Paper The economic issues simulation refers to the use of managed care firms that wish to supply health insurance to companies and individuals. The managed care firms incur costs in providing health care services to enrollees, but earn profits or revenue from providing health insurance. In this paper we will discuss the economic issues simulation which focuses on the planning and decisions made by a health maintenance organization (HMO). HMOs can choose to provide or deny coverage to companies and individuals in order to maximize revenues and reduce risks to the organization (University of Phoenix, 2004). About the Company Castor Collins Health Plans (CCHP) is a regional HMO that was founded
The significance of a high-deductible health plan is that it covers catastrophic losses, while the savings account pays out-of-pocket, non-covered or medical expenses. Therefore, consumers will be less inclined to use money for minor medical issues and make informed choices, which will help keep cost down. HEALTH REIMBURSEMENT ACCOUNT: Health reimbursement accounts (HRAs) are plans that reimburse employees for qualified medical expenses, which are usually funded by the employer. A health reimbursement account reimburses you for qualified medical expenses up to an account balance. ( Valerius et al, 2014).
However, financial factors are extremely important reasons to carefully choose which care a person will receive. Additionally, managed care organizations are trying to eliminate unnecessary costs for insurance companies, doctors and physicians, and the patients who receive the medical bills. It is easy to imagine how difficult it would be balancing all of these things while making everyone happy. However, it makes the most sense to me, that only those who actually need the specialty services should be the ones who receive
Consumers realize medical providers are gaining a better way to manage the medical information, which will help improve the health care industry, and provide positive medical care. Electronic medical records has become a replacement for paper charting, the main reason for EMR is to provide better and accurate care, in a faster and safer manner. It also allows all providers in the same system to manage patient information faster. EMR offers many beneficial changes in how patient care is manage, and fewer errors, yes there is still glitch that has to be corrected in the system, but the overall purpose of
Some examples of technological revolutionary applications in healthcare that allow us to make better decisions, are the use of computers and other electronic devices. Electronic devices make it easy for you, your doctor, and other health care providers such as, hospitals, labs, and X-ray facilities to store, share and access your health information in a fraction of the time that use to take, prior to the digital and electronic revolution. Health information technology can improve the quality of care by decreasing medical errors and assuring that all health care providers have accurate and timely information. With more accurate information and access, consumers have the opportunity to view all their information, analyze and discus treatments with physicians, even from the convenience of their own home. Patients can also have multiple opinions on diagnosis and treatment, by simply forwarding their medical files to other providers, without the need of additional expensive test; therefore, giving patients around the globe the opportunity to obtain the best informed care.