Follow up discussion | Management homework help

  Further the dialogue by providing more information and clarification. Consider how the other student’s chosen organizations compare and contrast to the organizations you chose. Are their missions and services similar or different? Do they use the factors of production in the same way or differently? 

i attached my work so you can compare and contrast and give information and clarification on the other work. 

one paragraph 2 citation and reference 

my work 

In the healthcare realm, there are nonprofit and for-profit school institutions. The John Hopkins Medicine is the name given to one of the healthcare organizations that provide individuals with free medical care in the US. The mission of John Hopkins Medicine is to improve the world and community’s health through setting excellent standards in clinical care, education based on medicine and research. HCA Healthcare is a for-profit organization within the healthcare field (Zimmerman et al., 2021). HCA Healthcare’s mission is to be committed to human life care and improvement. These mission statements are almost similar given that they are all stating about caring for people.

By conducting medical researches, medical students at JMH can become professionals and through the multi-faceted methodology, it can mitigate barricades to idyllic health. Because research is part of its mission, JHM achieves this through the use of technology. Even as a for-profit organization, HCA Healthcare is one of the best healthcare organizations as it employs analytics in ensuring financial success and in inpatient facilities. These two organizations have been exchanging ideas on medical research matters. For instance, after HCA Healthcare established a data research initiative based on COVID-19, it included John Hopkins to help in the research (Drees, 2021).

References

Drees. J (2021). HCA taps AHRQ, Johns Hopkins & more for new COVID-19 data research consortium. Becker’s Health IT. Retrieved from https://www.beckershospitalreview.com/data-analytics/hca-taps-ahrq-johns-hopkins-more-for-new-covid-19-data-research-consortium.html

compare it with this work 

A not-for-profit organization is an organization that exists to achieve some goal other than the usual business goal of profit (Gitman et al, 2018). For-profit profit organizations on the other hand are organizations that are in business primarily to make profit. David Cutler (2000), in his writing on the changing hospital industry in which he compared Not-for-profit and For-profit institutions, brought out some important points about these two types of business organizations. An example of a Not-for-profit hospital in my community is Cedars Sinai Hospital. According to their mission statement, this hospital is a nonprofit, independent healthcare organization that is committed to improving the health status of the communities that they serve. They achieve this through leadership and excellence in delivering quality healthcare services, expanding the horizons of medical knowledge through biomedical research, and educating and training physicians and other healthcare professionals. An example of For-profit hospital in my community is Corona Regional Medical Center. Their mission is to serve their communities as the healthcare partner of choice for patients, staff, and physicians. The mission statement of both hospitals is similar- they both focus on providing quality healthcare to members of their community. So how do they differ?

One distinguishing factor of these two hospitals is profit. No organization whether For-profit or Not-for-profit can survive without money. Both businesses need money for the day to day running of their organization. The difference is that while the For-profit hospital strive to maximize profit so that the managers, directors, and investors will be rewarded handsomely, the Not-for-profit hospital is not legally allowed to do that. The loophole that Not-for-profit hospitals use to spend profits is to frequently use profits to finance activities that managers or boards of directors consider important (Cutler, 2000). Another difference between the two hospitals is access to financing. According to Cutler (2000), For-profit firms have access to different sources of financing such as equity financing while Not-for-profit firms do not have access to such financing. The third difference between For-profit and Not-for-profit firms is in the provision of care to patients. For-profit firms might be more frugal on caring for patients when compared with Not-for-profit firms if cutting cost raises profits without harming business (Cutler, 2000). Not-for-profit firms have less incentives to skimp on care because they do not have shareholders who demand the highest possible returns. Finally, Not-for-profit and For-profit hospitals may differ in their willingness to provide public goods. While Not-for-profit firms embrace public goods, For-profit hospitals are unlikely to value public goods directly, at best, the relationship would be indirect-provide public goods if needed, but minimize the amount of provisions if possible (Cutler,2000).
  
References

Cutler, D. M. The changing Hospital Industry: Comparing Not-for-profit and For-profit institutions. A National Bureau of Economic Research Conference Report. Chicago, Ill: University of Chicago Press. 2000. eBook. https://chamberlainuniversity.idm.oclc.org/login?url=https://search.ebscohost.com/login.aspx?direct=true&db=nlebk&AN=220071&site=eds-live&scope=site (Links to an external site.)

Gitman, L., McDaniel, C., Shah, A., Reece, M., Koffel, L., Talsma, B., Hyatt, J.C. (2018). Introduction to Business. OpenStax Textbook. https://chamberlain.instructure.com/courses/77090/modules/items/10872466