How does the role of nonprofit healthcare organizations differ from that of for-profit healthcare organizations? Which entity is better suited to meet the growing demand for health services by the aging population, and why?
ROLE DIFFERENCES OF FOR-PROFIT AND NON-PROFIT HEALTHCARE ORGANIZATION: Although nonprofit and for-profit hospitals are fundamentally similar to each other but have some cultural and operational differences. They includes:
a) For-profit healthcare organizations pay for property and income taxes which cuts into their profit margins while non profit healthcare organizations enjoy tax-exempt status from property and income taxes from donors.
b) It limitlessly invest hospital funds to raise capital payment while non profit donot depend on profits from any real status.
c) It has the ability to invest and upgrade the facilities provided by the healthcare organizations such as medical equipments and in innovations of technological systems while the other promote only service based culture than business mode.
d) For-profit sacrifices quality of care over profitability but non-profit has a direct impact on the quality of care on healthcare organizations.
e) For-profit healthcare organizations respond faster than non-profit to make changes in the law and governmental funding sources.
WHICH ENTITY IS BETTER FOR AGING POPULATIONS:
Non-profit healthcare organizations are better good for geriatric patients because of high profit margins and have no tax payment on property, federal or state and on sales. Moreover, it is designated to provide charity care and commmunity benefit.
How does the role of nonprofit healthcare organizations differ from that of for-profit healthcare organizations? Which...
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