Impact on Organizations and Recommendations
Introduction
The University of Miami’s Leonard M. Miller School of Medicine is a constituent college (Miller). The University of Miami provides excellent patient care because it is home to the region’s best doctors, supported by extensive research conducted by the School of Medicine. The healthcare system integrates patient care, innovative research, and education, a critical approach to providing healthcare services (“About Us – Jackson Health Foundation,” 2021). Patients can participate in clinical trials within the Uhealth system and benefit from innovations quickly implemented from the laboratory to the bedside. Every patient receives cutting-edge medical treatment from the health system, which includes over 1800 providers and specialists.
Jackson Memorial Hospital, a central research area for medical studies, and a referral center are all affiliated with the university. The facility, which has over 600 doctors and over 1550 beds, provides clinical practice and admits patients for medical care. The hospital is part of the Jackson Health System, supported by donations from the general public, people of goodwill, the government, and other institutions. The facility also provides subsidized and funded medical care to the community.
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Nonprofit or Profit?
Jackson Health System, a nonprofit academic medical organization, provides excellent care to everyone who walks through its doors. Jackson Health System ensures that all Miami-Dade County residents, regardless of their ability to pay, receive the same high standard of care. The Jackson Health System is governed by the Public Health Trust, a group of citizen volunteers who work on behalf of the Miami-Dade County Board of Commissioners (“Jackson Memorial Hospital | 24/7 Emergency Services in Miami”, 2021). Jackson Health Foundation is the philanthropic fundraising arm of South Florida’s most comprehensive healthcare system, Jackson Health System (JHS). The Foundation, established in 1991 by a volunteer board of directors, is dedicated to charitable endeavors supporting JHS’s medical programs and services. The Foundation helps to fill programmatic gaps and address programmatic needs in large capital projects not covered by public bond financing. This is accomplished through the generosity of generous donors.
Market, Financials, and Demand
Theory of Demand
According to Goldberger (2019), the demand theory states that the quantity of products or services consumers demand directly impacts the market prices for those products and services. When there is a high demand for a product, the supply of that product may be limited. The prices of the products or services will rise due to this effect. When demand is low, however, the supply of products and services may be abundant, resulting in price decreases. This is also happening in the medical sector, where disease outbreaks and general chaos increase demand for specific types of medicine and medical services. This is expected to generate more revenue for a health facility than the other working periods.
When comparing the 2021 audited accounts of the Jackson Health System to the FY 2019 report, the hospital system raised more revenues during the pandemic outbreak. The Jackson Health Foundation Inc. reported total revenue of $14,635,358 in FY 2021, compared to the audited accounts financial information reported in FY 2019, which showed total revenue of $11,088,938. (Andrea Suozzo, 2022). This indicates that during the COVID-19 pandemic, the demand for medical services increased, resulting in very high revenue for the facility.
Market Behavior Influence
Several factors influence market behavior, including the political climate, health issues, and the availability of medical services. On the other hand, market behavior cannot be controlled and can only be addressed after it has occurred. Looking at the Jackson Health System, the emergence of Covid-19 was a health crisis that had not been anticipated. Because the pandemic was a natural occurrence, there was no preparation. This resulted in a shift in how medical services were provided. With the demands of social distancing, movement restrictions, and the need to sanitize frequently, the firm altered its interactions with its patients (“Jackson Health System – 2021 Report To The Community”, 2021). The Foundation created an online portal through which doctors could virtually interact with patients. As a result, the hospital continued to operate and generate more revenue, as evidenced by its financial records.
Economic Legislative Amendments
Legislative Amendments
Many of the Jackson Health System’s beneficiaries are Medicaid patients; the health system, on the other hand, is the largest Medicaid provider. The health care system’s facilities must pay their workers who assist in serving the community, which amounts to $150 million annually. Early in the fiscal year 2022, lawmakers cut $71 million in additional “critical care” funding for Jackson Health System (Gorchow, 2022). This means that the facility will be financially constrained in its ability to provide medical services to the community. This will most likely impact the community’s healthcare delivery because the facility will be forced to reduce its workforce or the amount of subsidy it provides to patients on their medical billing. As a result, unfavorable legislative changes will hurt the firm.
Policy Changes and Their Implications
Jackson Health System is a nonprofit organization dedicated to making affordable health care accessible and manageable. One of the positive effects of the form on the community has been to accept as many community members as possible who are interested in providing healthcare services. Because of inflation and supply chain issues, the company’s operating costs are rising, forcing it to operate on a shoestring budget. The consequences of eliminating “critical care” funding will force the company to look for alternatives that will allow it to continue operating. To manage fund deficits, the company has set a goal of adding more paying patients to the system. This hurts service delivery because paying patients will be prioritized.
Statement Influence
Jackson Health System’s initiative to provide nonprofit medical services is a bold step that has improved the quality of life for many community members. This is in terms of disease prevention and treatment and providing employment opportunities for many students enrolled in health sciences academic programs. The federal government’s “critical care” funding is one of the key pillars or support systems for the continuation of this program. The elimination of funding will result in rising costs for healthcare systems, reducing profits. As a result, the company’s expenses will rise, resulting in an “unhealthy” financial report.
Disparities that could exist
Nonpaying patients must be reduced while paying patients are added for the health system to be sustainable. This will hurt the provision of accessible, affordable medical care because the facilities will shift their focus to paying customers to raise funds needed to sustain the facilities operations. Potential disparities in healthcare service provision preferences will harm the community as a whole, particularly for patients who come from vulnerable homes and do not have health insurance or are unable to pay their large medication bills.
References
Jackson Health Foundation, Inc. The Jackson Health Foundation (2021). https://jacksonhealthfoundation.org/about-us/ (accessed October 6, 2022).
B. Andrea Suozzo (2022). ProPublica’s Nonprofit Explorer profile of Jackson Health Foundation Inc. Retrieved from https://projects.propublica.org/nonprofits/organizations/650077727 on October 6, 2022.
L. Bender (2020). Theories and Applied Principles in Economics CLANRYE International, New York.
A. S. Goldberger (2019). A review of consumer demand theory’s functional form and utility. Routledge, 9780429044144, https://doi.org/10.4324/9780429044144
J. Gorchow (2022). Jackson Health System is in financial jeopardy after “critical care” funding was cut. Cbsnews.com. Retrieved from https://www.cbsnews.com/miami/news/jackson-health-system-critical-care-funding-eliminated/ on October 6, 2022.
L. Hicks (2020). Health and Medical Care Economics Jones and Bartlett, Burlington, MA.
C. A. Jackson, K. P. Derose, J. Chiesa, and J. J. Escarce (2002). Uninsured Hospital Care in Miami-Dade County Patient Travel Patterns and Hospital Finance SANTA MONICA, CA. RAND CORP.
Jackson Health System – 2021 Community Report Issuu.com. (2021). (2021). https://issuu.com/jacksonhealthsystem/docs/annual-report-2021/retrieved October 6, 2022.
Jackson Memorial Hospital in Miami offers 24-hour emergency services. Jackson Medical Center (2021). https://jacksonhealth.org/locations/jackson-memorial-hospital/ (accessed October 6, 2022).
T. Rice and L. Unruh (2015). Rethinking the Economics of Health. Health Administration Press, Chicago.
H. Tookes, C. Diaz, H. Li, R. Khalid, & S. Doblecki-Lewis (2015). A cost analysis of injection drug-related hospitalizations at a county safety-net hospital in Miami, Florida. e0129360 in PloS one.
QUESTION
A key piece of the policy research and organizational analysis report you submitted in Module Nine was to make a few general recommendations for your selected organization that will help it plan for and mitigate negative economic impacts and disparities.
In this final discussion topic, present those recommendations here for your classmates. Be sure to describe your chosen organization to provide the context and defend your recommendations.