IHP 610 Financial Need of Stakeholders

Overview

All hospitals serve patients, employ physicians and nurses, and adhere to the rules and regulations defined by the legal framework for clinical services. Although nonprofit and for-profit hospitals are fundamentally similar, there are significant cultural and operational differences, such as the purpose or mission for running the hospital, strategic approaches to scale, financial strategies, and operational discipline. The culture at for-profit hospitals is business driven, and at nonprofit hospitals, it is service driven. For balanced healthcare services, both are important.

This assignment will help you explore for-profit and nonprofit hospitals, including their purpose, strategy, and services. You will identify one for-profit hospital and one nonprofit hospital in the United States. You will conduct research and compare these identified for-profit and nonprofit hospitals to analyze the strategic similarities and differences between these two categories of hospitals. This assignment will prepare you for Project Two by helping you develop skills to analyze hospitals’ financial needs and their impact on health policies and laws.

Prompt

To complete this assignment, you will create an analysis report that includes a comparison table for for-profit and nonprofit hospitals. You will research for-profit and nonprofit hospitals, collect information about their financial strategies and malpractice guidelines, and then compare these two categories and analyze their similarities and differences. Then you will summarize your analysis findings. Last, you will recommend an appropriate justification for the need for both for-profit and nonprofit hospitals in the U.S. healthcare system.

You are required to cite a minimum of three sources overall to support your claims. However, your submission must cite at least two outside sources from your own research. You may cite no more than one source from the module resources in your submission. For additional help with completing this assignment, refer to the Shapiro Library Guide: Nursing – Graduate item in the Start Here module. You may also use the Online Writing Center, located in the Academic Support module.

Use this hospital comparison table template to help you complete this assignment: Module Six Activity For-Profit and Nonprofit Hospital Comparison Table Template

Specifically, you must address the following:

1. Business Objective: Describe the business objectives or purposes of for-profit and nonprofit hospitals, including their general mission and vision. Consider the following in your response:
   1. What are the core objectives of for-profit and nonprofit hospitals, and how do these influence their financial needs?
   2. What are the key differences in the mission and vision of for-profit and nonprofit hospitals?
2. Financial Strategy: Analyze the financial strategies of selected hospitals, explaining if their financial needs are key influencers for their business objective. Consider the following in your response:
   1. How does tax status impact for-profit and nonprofit hospitals?
   2. Are the financial needs of for-profit hospitals and nonprofit hospitals different?
3. Provision of Uncompensated Care: Describe the concept of provision of uncompensated care. Consider the following in your response:
   1. What is uncompensated care?
   2. Is there any difference in the provision of uncompensated care in for-profit and nonprofit hospitals?
4. Liability for Malpractice: Analyze liability guidelines for malpractice and its financial impact on for-profit and nonprofit hospitals. Consider the following in your response:
   1. Are liabilities different for for-profit and nonprofit hospitals?
   2. What is sovereign immunity law, and how does it impact liability limits for malpractice in for-profit and nonprofit hospitals?
5. Recommendation: Using your analysis findings to support your claim, share your recommendation about the need for both for-profit and nonprofit hospitals in the United States. Consider the following in your response:
   1. What are the key strategic differences between for-profit and nonprofit hospitals?
   2. How do the financial needs or objectives of for-profit and nonprofit hospitals impact the policies and laws?
   3. Is there a need for both for-profit and nonprofit hospitals in the U.S. healthcare system? Share your recommendation with appropriate justification.

Guidelines for Submission

Your submission should be a 3- to 5-page Word document, including your completed comparison table from the provided template. You must also include an APA-style title page. Use 12-point Times New Roman font, double spacing, and 1-inch margins. Sources should be cited according to APA style.