Comparative Summary
FINANCIAL ENVIRONMENTS WORKSHEET.
Financial Environments Worksheet
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For-Profit Organizations |
Not-for-Profit Organizations |
Government Organizations |
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Specific Examples |
1. Mt. Sinai Medical Center- Miami Beach Florida. 2. Cleveland Clinic Hospital-Weston, Florida. 3. Edward White Skilled Nursing Unit-St. Petersburg, Florida.
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1. St. Anthony’s Hospital- St. Petersburg, Florida. 2. Regents Park Sunrise-Sunrise, Florida.(Nursing Home) 3. Mercy Hospital, Inc.-Miami
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1. Alexander Sander Nininger State Veterans’ Nursing Home-Pembroke Pines, Florida 2. Jackson memorial –Miami, Florida. 3. Brown ward General Hospital-Ft. Lauderdale Florida. |
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Similarities between Environments |
· All of them follow the same health regulations as set by the health governing body and other relevant authorities. · All these entities must follow ethical regulation in their duty of delivering their services · All these entities must recruit employees with the same training which help them provide their services to their esteemed customers. (Horwitz, 2012). · The activities of governments and not for profit entities are governed by their budgets and not by the market since they cannot deliver their services beyond their budgets. · Whether it is nonprofit, for- profit or government health facilities, they offer community benefits services. For example, parenting education, health education, stop smoking programs etcetera. · Nonprofit and government environment works solely for the public interest. (Nursing Home Rank, 2012). |
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Differences between Environments |
1. They are owned by private investors or people with private equity interest who provide services with a sole purpose of making profits 2. They have an obligation of paying taxes to IRS 3. They trying making money for their investors by making the hospitals feel and look more comfortable. They even pay their staff more than in not- for- profit and government entities.
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2. Such entities enjoy the benefit federal, income and profit tax exemptions because of their charitable acts 3. Have a different way of making money as their incomes are not recognized by the legal obligations, but mostly they are earned through contributions and donations, charges incurred, fees etcetera
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1. They are public corporations, owned by the government, and they are mostly political in the appointment of their managerial positions 2. They enjoy the benefit of income and property tax exemptions. 3. Mostly they get their funds from the government allocations. Government may not focus on the competition posed by for- profit entities and therefore, may allocate less funds. |
REFERENCES
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Horwitz, J. (2012). Health Affairs. Making profits and providing care: Comparing non-profit, for-profit, and government hospitals. Retrieved from http://content.healthaffairs.org/content/24/3/790.full.html
Nursing Home Rank, (2012). What is a Veterans nursing home? Retrieved from http://www.nursinghomerank.com/nursing-home-care-in/veterans-nursing-home.php
Walker, D, (May 26, 2005). Non-profit, for-profit and government hospitals. Uncompensated care and other community benefits. Retrieved from http://www.gao.gov/new.items/d05743t.pdf