Uncategorized

2 Final Project Milestone One: Propose Organization for Analysis Erica Ricks Southern

Posted by

admin

On August 4, 2024

Comments Off

Final Project Milestone One: Propose Organization for Analysis

Erica Ricks

Southern New Hampshire University

Economic Principles – Healthcare

Dr. Karen Myers

5/30/2024

Proposal

Concerning the final project, it is suggested to examine Mayo Clinic from a financial perspective. Mayo Clinic is a non-profit healthcare system that is mainly confined to the hospital and medical research industry subgroups. As a large and respected health care center, Mayo Clinic has numerous hospitals and clinics that offer a variety of health care services and cutting-edge programs for treatment. This organization has a sound financial condition, and annual revenues have been derived from revenue-generating activities such as providing services to patients, research grants, and donations. From sources such as DB Hoovers, it has been identified that Mayo Clinic practices steady revenues with modest increases at different times, which correspond with its expansions and improvements in medical offerings.

The first factor that greatly influences Mayo Clinic’s financial operations and reporting is company structure; Mayo Clinic is a nonprofit firm. Unlike normal organizations, whose revenues can be utilized in business or distributed to shareholders, Mayo Clinic uses any extra income to operate, achieve breakthroughs, and serve the public. These reinvestments are evident in their financial statements as steady improvements continue to be made regarding newly acquired medical developmental technologies, facility enhancements, and research and development projects.

The operations of Mayo Clinic are closely related and largely driven by factors within the field of economics, such as demand and market behavior effects. The operations of healthcare may experience fluctuations or oscillations due to client demands depending on the period of which services, such as flu treatments in the winter or elective surgical procedures during other periods. Another anchor: consumer behavior, involving the usage of specialized sources from Mayo Clinic, also influences financial results. Referral, which involves attending mainly doctors, uptakes service more from other regions, which can increase the hospital’s revenue from the different regions. These dynamics are also illustrated by changes in the organization’s financial reports, where fluctuations in patient revenue are associated with the corresponding needs in healthcare services as well as the season.

Reference

Andrea Suozzo, A. G. (2013, May 9). Mayo Clinic – nonprofit Explorer. ProPublica. https://projects.propublica.org/nonprofits/organizations/416011702

Blog