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Reply to the below prompt using 2 sources and 1 biblical reference:
The textbook says that efficiency is seen as becoming a more important objective for decision makers. Efficiency is defined as the ratio of outputs to inputs, not focusing on the quality but on the lowest cost of production. This is used in decision making in healthcare organizations by looking at the ability to achieve the best outcomes while using the least amount of resources. Effectiveness is concerned with the goals achieved during the production of outputs, not focusing on the relationships between outputs and costs. Our textbook tells us that the measurement of effectiveness is more difficult than efficiency because the objective and goals are not usually stated quantitatively. This causes there to be less of an emphasis on effectiveness and more on efficiency(Cleverley, 2017).
Not-for-profit healthcare entities are owned by the community and typically do not pay federal income or state and local property taxes(For profit vs. Nonprofit, 2019). Not-for-profit organizations are expected to provide community benefit like uncompensated care, and setting lower prices in exchange for the favorable tax treatment. For-profit organizations are owned by investors or shareholders. Hospital management of for-profit organizations have to balance their responsibilities to the owners of the company and their own mission of providing quality healthcare to the community(Cleverley, 2017). Although some non-profit healthcare organizations spend money on marketing, For-profit organizations allocate more resources to advertising and marketing their institution(For profit vs. Nonprofit, 2019).
Out textbook describes governmental healthcare organizations as public corporations usually owned by the state or local government that operate for the benefit of the communities that they serve. Public benefit organization is a type of governmental HCO where the assets and earning belong to the public or the beneficiaries the trust was organized to serve. Unlike other not-for-profit HCOs, governmental HCOs sometimes have access to an additional source of revenue through taxes. Like other not-for-profits, governmental HCOs cant raise funds through equity investments and they are exempt from income and property taxes(Cleverley, 2017).
Sole proprietorships are unincorporated businesses that are owned by one individual. An example of sole proprietorships would be a solo practitioner physician. The benefits of sole proprietorships are that they are easy and inexpensive to set up, there are no special income taxes, few government regulations, and they are easy and inexpensive to dissolve(Cleverley, 2017). The two main disadvantages of sole proprietorship is unlimited liability and the limited access to capital. In limited partnership, or LP, at least one general partner who has unlimited liability for the debts and obligations of the LP. These offer limited liability to the limited partners and tax flow-through treatment. The disadvantage to LPs is the requirement of a general partner who is fully liable for the LPs debts and obligations(Cleverley, 2017). Limited liability companies(LLCs), also known as limited liability partnerships(LLPs), are business entities that combine tax flow through treatment characteristics of partnership with the liability protection of a corporation. An advantage of LLCs is that they are flexible and permit owners to structure allocations of income and losses any way that they desire as long as tax allocation rules are followed(Cleverley, 2017).
Financial information in healthcare is one of the best ways to analyze and report. This helps providers to improve their care quality. Accurate financial information allows hospitals or care providers to make critical financial decisions to improve their operations which improves care quality and patient engagement systems(Shah, 2023).
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