IHP 620 9-1 Final Paper Submission Policy Research and Organizational Analysis
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Policy Research & Organizational Analysis Report
Southern New Hampshire University
Belkisa Alic
IHP 620
April 28, 2024
2
Policy Research & Organizational Analysis Report Introduction This paper aims to conduct a policy analysis focusing on the importance of the Children's
Health Insurance Program (CHIP) to Lurie Children's Hospital and the broader availability of healthcare. The report examines how CHIP policies impact the program's effectiveness and the organization's ability to provide comprehensive healthcare services to needy children. The scope of the analysis includes evaluating CHIP policies and their implications for Lurie Children's Hospital, assessing the program's alignment with the hospital's mission and objectives, and exploring the significance of CHIP in improving access to healthcare for children and families served by the hospital. Furthermore, the report will highlight the importance of policy analysis in understanding the challenges and opportunities associated with CHIP implementation, identifying areas for improvement, and advocating for policies that support the program's goals and objectives. By conducting policy analysis, this report aims to provide insights into how CHIP policies impact the program and Lurie Children's Hospital, ultimately contributing to informed decision-making, strategic planning, and advocacy efforts to improve healthcare access and outcomes for children in the community. This paper analyzes Lurie Children's Hospital, examining its mission, services, financial performance, and organizational structure. It also delves into the hospital's revenue, profitability, and status as a non-profit institution, focusing on fiscal year 2022.
Economic Theories and Principles
Economic Disparities
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Understanding economic disparities within healthcare requires an analysis of how the financial well-being of the industry impacts the availability of healthcare services. According to market theory, the availability of healthcare services is driven by supply and demand dynamics. As demand for healthcare services increases, healthcare providers may respond by expanding services to meet the population's needs. However, factors such as market competition and regulatory constraints can affect the ability of providers to respond effectively to changes in demand. Moreover, market failures, such as the organization's control, pricing, insurance coverage, or information asymmetry, can exacerbate economic disparities in healthcare access (Arrow, 1963). The healthcare market structure can significantly impact the availability of healthcare services. For example, the patient will have more access to care in areas with more choices of hospitals, clinics, and doctors than in rural areas with only one hospital for miles to come. With fewer options, patients face barriers in accessing healthcare services, leading to higher mortality rates, higher percentages of disease, and higher disparities as well. The relationship between the availability of healthcare and the financial well-being of the healthcare industry, particularly in Chicago with Lurie Children's Hospital, is multifaceted. The availability of healthcare services often correlates with demand. More people are likely to seek medical care if healthcare services are readily available, which can lead to increased revenue for healthcare providers like Lurie Children's Hospital. The financial well-being of healthcare institutions can also be influenced by the extent of insurance coverage among the population they serve. Hospitals may face financial challenges due to uncompensated care in areas where much of the population is uninsured or underinsured.
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Government funding and healthcare policies can significantly impact the financial stability of healthcare institutions. Changes in reimbursement rates, healthcare legislation, and funding for programs like Medicaid and Medicare can affect the revenue streams of hospitals like Lurie Children's. The availability of healthcare can also affect the overall health of the community. Hospitals that actively engage in community health initiatives and outreach programs may see improved population health outcomes, potentially reducing the financial burden of treating preventable illnesses and chronic conditions. Competing healthcare providers in the area can influence hospitals' financial performance. (cms.gov)
Competition may drive innovation and quality improvement efforts but can also lead to pricing pressures and market saturation. Hospitals must continually invest in infrastructure, technology, and talent to maintain quality care and remain competitive. These investments can impact financial performance both in the short and long term. In the case of Lurie Children's Hospital in Chicago, its financial well-being is likely influenced by reputation, quality of care, and strategic partnerships within the healthcare ecosystem. As a children's hospital, its financial stability may also be influenced by pediatric healthcare trends, specialty services, and research initiatives.
Economic Theories
Market theory provides insights into the functioning of healthcare markets by elucidating the
role of supply and demand in shaping prices and access to healthcare services. (Wikipedia.com) For instance, in regions with limited competition among healthcare providers, prices for medical procedures may be inflated due to reduced pressure to lower costs. Policymakers can leverage market theory to implement regulations or incentives that foster competition, enhancing affordability and quality of care. Similarly, these principles can be utilized to promote healthier
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lifestyles and encourage adherence to medical treatments. For instance, healthcare organizations can employ strategies informed by behavioral economics, such as framing health messages to resonate with individuals' emotions or offering incentives for adopting healthy behaviors like regular exercise or medication adherence.
In healthcare, patients often struggle to make informed decisions due to a lack of information
regarding the quality and costs of healthcare services. Information economics can address these challenges by promoting transparency and empowering patients to make informed choices. (Wikipedia.com) For example, giving patients access to quality ratings of healthcare providers or
estimates of medical procedure costs can facilitate more informed decision-making regarding their care.
The health production function approach considers various factors, including medical care, lifestyle choices, and environmental conditions, that influence health outcomes. Policymakers can utilize this approach to prioritize interventions that effectively improve population health and
reduce healthcare disparities. For instance, investing in preventive care and public health initiatives can mitigate underlying factors contributing to poor health outcomes, ultimately reducing the need for costly medical treatments and enhancing overall community health.
Use of Economic Principles
Organizations use economic principles to guide strategic decision-making for several reasons, short-term and long-term. One of the basics of decision-making within economic principles is supply and demand. (Economicprinciples.com) With the demand and bringing in supply, organizations can assess the need for services and budget and allocate equipment, staff, and outpatient resources. Every aspect of the organization must be considered, including costs,
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benefits, payroll, and malpractice. By applying economic analysis, organizations can prioritize investments, optimize resource utilization, and maximize value for stakeholders (Folland et al., 2016). To address the short-term examples, healthcare organizations regularly assess the immediate demand for services to ensure adequate staffing, equipment, and resources are available to meet patient needs. For example, during flu season, hospitals may increase staffing levels and stock up on flu vaccines to accommodate the higher demand for medical care. In the long term, healthcare organizations use supply and demand analysis to strategically invest in infrastructure, such as building new facilities or expanding existing ones, to meet projected future demand. By anticipating population growth, demographic changes, and shifts in healthcare needs, organizations can align their resources with long-term demand trends. Economic principles enable organizations to evaluate the cost-effectiveness of strategies, interventions, and operational practices. By conducting cost-benefit analyses and considering marginal returns, organizations can identify opportunities to reduce costs without sacrificing quality or outcomes (Cutler, 2004). Being able to manage and assess any risks involved in decision-making, organizations utilize different decision-making processes, and with each process, they can adapt to changes, market conditions, challenges, financial burdens, pandemics, and much more for the long-term success of their facility. Short-term: Healthcare organizations conduct cost-benefit analyses to evaluate the financial implications of short-term decisions, such as purchasing new medical equipment or implementing a new technology system. Organizations can make informed decisions about resource allocation by weighing the costs against the anticipated benefits. Long-term: Cost-
benefit analysis also informs long-term strategic planning by assessing the potential return on
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