Econ Hospital Industry

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Industrial Analysis: The Hospital Industry NAICS NAME: General Medical and Surgical Hospitals NAICS CODE: 622110 Introduction The hospital industry mainly consists of known and licensed establishments such as general medical and surgical hospitals. These establishments provide complete medical care to inpatients with varieties of medical conditions, ranging from diagnostic services, to surgery, to continuous nursing care. Some hospitals specialize in the treatment of the mentally ill, cancer patients, or children. Hospital-based care may be on an inpatient or outpatient basis. The mix of workers needed varies depending on the size, geographic location, goals, philosophy, funding, organization, and management style of the institution. In addition to inpatient services provided by hospitals, outpatient services, anatomical pathology services, diagnostic X-ray services, clinical laboratory services, operating room services for a variety of procedures, and pharmacy services are also provided. As hospitals work to improve efficiency, care continues to shift from an inpatient to outpatient basis whenever possible. Many hospitals have expanded into long-term and home health care services, providing a wide range of care for the communities they serve. History Historically hospitals functioned as places for visitors or strangers, but over time they started being used as institutions for the care of the sick. There exists documentation of the early development of hospitals in many regions of the world. For example, some of the earliest documented institutions aiming to provide cure to illness were ancient Egyptian temples. Other references mention a hospital dated back to 300 BC in Ireland; a hospital in India established in 252 BC that treated humans and animals; and Mihintale Hospital in Sri Lanka established in 853 BC and is perhaps the oldest hospital in

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