Econ Principles Milestone 1
Southern New Hampshire University
IHP-620-Q1591 Economic Principles- healthcare 22TW1
The primary teaching facility for the Leonard M. Miller School of Medicine at the University of Miami is the accredited, non-profit Jackson Memorial Hospital. Jackson Memorial Hospital, which has more than 1,550 licensed beds, serves as a referral facility, attracts researchers, and is the location of the Ryder Trauma Hospital, the only adult and pediatric Level 1 trauma center in Miami-Dade County. The primary teaching facility for the Leonard M. Miller School of Medicine at the University of Miami is the accredited, non-profit Jackson Memorial Hospital (Jackson et al., 2002). Jackson Memorial Hospital, which has more than 1,550 licensed beds, serves as a referral facility, attracts researchers, and is the location of the Ryder Trauma Hospital, the only adult and pediatric Level 1 trauma center in Miami-Dade County.
Patients bear a significant financial burden due to lower insurance payments. In addition, COVID-19 pandemic victims and their families are being compelled to pay extra for even simple and commonplace services due to job loss or layoffs. The patient is now the third-largest payer, after Medicare and Medicaid, according to Jackson Hospital’s vice president of revenue cycle; therefore, the financial risk these developments posed to Jackson Hospital had to be addressed.
The management aimed to implement contemporary methods to involve patients early in discussions about financial obligations, payment alternatives, and agreements (Jackson et al.,2002). To improve patient collections, Jackson Hospital looked for effective ways to convey patient balances and payment choices for services provided. Among the objectives were lowering collection expenses and raising patient satisfaction. A $1.2 billion, not-for-profit, independently run acute care hospital, Jackson Hospital is located in a working-class neighborhood with blue-collar residents (Tookes et al., 2015). Their population’s payer mix is 56% Medicare, 11% Medicaid, and 6% self-pay, and their patients’ average credit scores are under 600. From the financial statements available, this organization has no notable spike in revenue attributable to increased injuries and accidents related to the ice duri
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