Your milestone two is due this week. Now that you’ve introduced your facility you’re going to go in and analyze several elements. This milestone is the hardest of them all. This Milestone is a GENERAL discussion of all the topics. Please discuss the topics as to how they relate to healthcare in general and have healthcare examples. In other words, how will a hospital in general react to the concept for each section? Do not relate the information to your facility as that will happen in Milestone 3.
Economic Theories and Principles
Economic Principles
If you remember from our readings, economic disparities are a difference in measures of economic well-being among individuals within the community. What does your community reflect? Analyze the relationship between your community’s health care disparities and the financial well-being of the healthcare industry in the area and availability of healthcare. In other words, how much healthcare is available based on a community's wealth? You can either generalize the discussion or use a specific geographical area as your example. For example, I could discuss the topics generally on a federal level. Or, I could discuss this information based on my home town.
Economic Theories
Look at your top 1-2 economic theories that can be applied to the healthcare industry and then the rationale why. Provide a Health-related example. Apple Inc is not a healthcare organization. Examples include supply/demand, scarcity, and opportunity cost. There are quite few to use in your book too!
Use of Economic Principles
How do hospitals use strategic planning to make short- and long-term goals? What is the process!
For-Profit and Nonprofit
Financial Differentiation
Logically analyze the differences between for-profit and nonprofit healthcare organizations financially. What are some specific characteristics that make the organizations different? Keep for-profit and nonprofit in separate paragraphs. Be sure to show characteristics that are similar and different.
Economic Differentiation
Utilizing an economic policy, state how non and for profit react to it. For example, how would a non-profit facility react to the newest CHIP legislation? How would a for-profit react to the newest CHIP legislation. You can use your legislation from your SWOT.
Policy, Changes and Disparities
Economics Policy and Disparities in Care
Using current research from the last five years analyze the relationships/connections and differences. Explore the connections/relationships and differences. How are healthcare economic policies and healthcare disparities connected? What connects these two areas? You can use a health-related example.
How are these entities different? What doesn’t connect? You can use a health-related example.
Policy Changes
What impact can recent legislative changes have on the economic policy in healthcare in general? Using the legislation from your SWOT, briefly explain what the legislation is supposed to do and then state how your legislation has impacted healthcare in general.
Disparities Planning
How are disparities of care factored into health care strategic planning for various healthcare organizations? In other words, how do hospitals use strategic planning to pay for healthcare disparities?
APA: No need for an intro or conclusion for this milestone. Please be sure to cite the majority of the sentences. Do not use 1st person. Do not use direct quotes. Double space, Times New Roman, 12 font. 4-6 pages. Please keep each main heading and sub-headings separate. Do not combine areas.
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IHP 620 Milestone Two Guidelines and Rubric
Prompt
In the �rst part of the course, we have applied foundational economic principles to the healthcare industry. For the �rst part of your �nal project, you will analyze these same microeconomic
and macroeconomic principles and their impact on healthcare markets, healthcare service, and organizations. In this milestone, you will apply the knowledge you have gained through the �rst
half of the course, as well as research current economic environments and legislative changes to gauge the impact on the healthcare industry through a policy research report.
In Milestone Two, you will submit your draft of the policy research report. Based on instructor feedback and direction, you will revise your policy research report for the �nal submission of the
policy research and organizational analysis report in Module Nine.
Your policy research report should address the following elements:
I. Economic Theories and Principles:
A. Economic Disparities: Analyze the relationship between the �nancial well-being of the industry and availability of healthcare, in consideration of market and demand theories.
B. Economic Theories: What economic theories are most useful when applied to the healthcare industry and why?
C. Use of Economic Principles: Why do organizations utilize economic principles to guide strategic short-term and long-term decision making?
II. For-Pro�t and Nonpro�t:
A. Financial Differentiation: What differentiates for-pro�t and nonpro�t healthcare organizations �nancially? What characteristics of each type of healthcare organization make the
organizations different?
B. Economic Differentiation: What differentiates for-pro�t and nonpro�t healthcare in terms of economic policies and legislation? What key recent and current economic policies
impact each?
III. Policy, Changes, and Disparities:
A. Economic Policy and Disparities in Care: Using current research and information (within the last �ve years), analyze the relationship between economic policy and disparities in
care. How are they connected? How do they differ?
B. Policy Changes: What impact do recent legislative changes have on healthcare economic policy in general?
C. Disparities Planning: Why are disparities of care factored into healthcare strategic planning? Explain your reasoning and provide examples for support where appropriate.
What to Submit
Your report should be in APA format and all resources and references should be cited appropriately. A well-written, concise report will fall within the range of 4–6 pages, not including
references and title page.
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Milestone Two Rubric
Criteria Exemplary (100%) Pro�cient (90%) Needs Improvement (75%) Not Evident (0%) Value
Economic Disparities Meets “Pro�cient” criteria and
analysis demonstrates strong
analytical skills through
nuanced comparison of
theories
Accurately analyzes the
relationship between the
�nancial well-being of the
industry and availability of
healthcare, using market and
demand theories as support
Analyzes the relationship
between the �nancial well-
being of the industry and
availability of healthcare, but
without market and demand
theory support or with gaps in
accuracy
Does not analyze the
relationship between the
�nancial well-being of the
industry and availability of
healthcare
12
Economic Theories Meets “Pro�cient” criteria and
the quality and detail of the
conclusions evidences keen
insight into the application of
economic theory within the
healthcare environment
Determines what economic
theories are most applicable to
the healthcare industry and
explains conclusions in detail
Determines economic theories
that are applicable and explains
why, but lacks detail or
accuracy
Does not determine economic
theories that are applicable and
explain why
12
Use of Economic Principles Meets “Pro�cient” criteria and
explanation evidences keen
insight into the economic
impact of organizational
planning
Logically explains why
individual organizations utilize
economic principles for short-
term and long-term strategic
planning
Explains why individual
organizations utilize economic
principles for short-term and
long-term strategic planning,
but with gaps in logic or detail
Does not explain why individual
organizations utilize economic
principles for short-term and
long-term strategic planning
12
Financial Differentiation Meets “Pro�cient” criteria and
comparison evidences keen
insight into the �nancial needs,
requirements, and impacts on
and for the two types of
organizations
Accurately differentiates
between for-pro�t and not-for-
pro�t healthcare organizations
in terms of �nances and
organizational characteristics
Differentiates between for-
pro�t and not-for-pro�t
healthcare organizations, but
not in terms of �nances and
organizational characteristics,
or with gaps in accuracy
Does not differentiate between
for-pro�t and not-for-pro�t
healthcare organizations
10
Economic Differentiation Meets “Pro�cient” criteria and
comparison evidences keen
insight into the nuanced
relationships between the type
of organizations and economic
policies and legislation
Accurately differentiates
between for-pro�t and not-for-
pro�t healthcare organizations
in terms of economic policies,
legislation, and recent changes
Differentiates between for-
pro�t and not-for-pro�t
healthcare organizations, but
not in terms of economic
policies, legislation, and recent
changes, or with gaps in
accuracy
Does not differentiate between
for-pro�t and not-for-pro�t
healthcare organizations
10
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Criteria Exemplary (100%) Pro�cient (90%) Needs Improvement (75%) Not Evident (0%) Value
Economic Policy and
Disparities in Care
Meets “Pro�cient” criteria and
analysis evidences keen insight
into the nuances of and varied
in�uences on the relationship
between economic policy and
care
Accurately analyzes the
relationship between economic
policy and disparities in care,
using current data
Analyzes the relationship
between economic policy and
disparities in care, but with
gaps in accuracy, or without
using current data
Does not analyze the
relationship between economic
policy and disparities in care
12
Policy Changes Meets “Pro�cient” criteria and
determinations provide a broad
view of healthcare economic
policy within the current
environment
Accurately determines the
impact recent legislation
changes have had on economic
healthcare policies in general
Determines the impacts recent
legislation changes have had on
economic healthcare policies,
but with gaps in accuracy or
detail
Does not determine the impact
recent legislation changes have
had on economic healthcare
policies
12
Disparities Planning Meets “Pro�cient” criteria and
description effectively ties the
explanation to the real world
using examples and relevant
sources for support
Accurately describes why
disparities of care are factored
into healthcare strategic
planning with examples for
support
Describes why disparities of
care are factored into
healthcare strategic planning,
but with gaps in accuracy or
support
Does not describe why
disparities of care are factored
into healthcare strategic
planning
10
Articulation of Response Submission is free of errors
related to citations, grammar,
spelling, syntax, and
organization and is presented
in a professional and easy-to-
read format
Submission has no major errors
related to citations, grammar,
spelling, syntax, or organization
Submission has major errors
related to citations, grammar,
spelling, syntax, or organization
that negatively impact
readability and articulation of
main ideas
Submission has critical errors
related to citations, grammar,
spelling, syntax, or organization
that prevent understanding of
ideas
10
Total: 100%
,
2
Milestone One
Deanna Buchanan
SNHU
IHP-620-Q5565
Based on the data in the sources, the topic of this study is Memorial Health System, a healthcare organization (Memorial Healthcare System, 2023). Well-known healthcare organization Memorial Health System provides various medical services to its neighborhood. When the business's sub-industry is examined, a hospital or healthcare system offering full medical treatment might be identified as the organization. With a significant presence in the healthcare industry, the company will likely face the financial possibilities and risks of doing business in this vital and dynamic area.
According to the material gathered during Module Two's investigation, Memorial Health System is a nonprofit organization. Memorial Health System was identified as a nonprofit hospital for Financial Assistance, according to a report by Romano (2022), which affirmed the facility's nonprofit status. Nonprofit enterprises, like Memorial Health System, often provide services to their local communities and invest any profits into the business to enhance its operations, facilities, and patient care.
Economic concepts like demand and market/consumer behavior can greatly impact Memorial Health System's financial statements as a healthcare provider. For instance, the company could see a rise in sales throughout particular seasons or times of the year. For instance, the rise in injuries and accidents caused by ice and other weather-related mishaps during the winter may result in a jump in income. Additional elements, including demographic changes, population health, and healthcare policy, may also impact the organization's financial accounts. For Memorial Health System to efficiently manage its resources, create budgets, and maintain financial stability, it is essential to comprehend and respond to these economic concepts. As a notable hospital serving its community, Memorial Health System is a nonprofit healthcare institution.
References
Memorial Healthcare System. (2023). Leadership and Board of Commissioners. Memorial Healthcare System. https://www.mhs.net/about/leadership#:~:text=Memorial%20Healthcare%20System%20is%20a,board%20appointed%20by%20the%20Governor.
Romano, L. (2022, July 6). Memorial Health named as a nonprofit hospital for Financial Assistance. NowDecatur.com. https://nowdecatur.com/2022/07/06/memorial-health-named-as-a-nonprofit-hospital-for-financial-assistance/