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Study Group Essay

985 words - 4 pages


Healthcare Business Basics

     

Concept of a business Legal forms of business For-profit versus not-for-profit ownership Organizational goals Financial goals Taxes


Concept of a Business  A business is an entity that
 raises money in the capital markets,  invests these funds in assets (land, buildings, equipment, inventories, and so on),  uses these assets to create products or services, and  sells these products or services to sustain itself.

 A pure charity is different. Why?


Legal Forms of Business  There are four major categories of business organization (legal forms of business):
    Proprietorship (sole proprietorship) Partnership ...view middle of the document...

 However, in the health services industry, a significant proportion of businesses, particularly hospitals, are organized as not-for-profit corporations. How much does ownership influence the practice of healthcare finance?


Investor-Owned (For-Profit) Corporations
 Investors become owners by purchasing shares of common stock.
 Primary market transactions
 Initial public offerings (IPOs)  New common stock sales

 Secondary market transactions
 On exchanges  In the over-the-counter market

 Stockholders have:
 right of control, and  claim on residual earnings and residual liquidation proceeds.

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Not-For-Profit Corporations  If a business meets certain requirements, it can qualify as a not-for-profit (nonprofit) corporation.  These corporations:
 generally have no shareholders and, hence, do not have a single clientele to which managers are responsible;  receive various tax exemptions; and  can be thought of as being owned by “the community.”

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Organizational Goals  The primary goal of for-profit corporations is shareholder wealth (stock price) maximization.

 The primary goal of not-for-profit corporations is generally expressed in a mission statement, often in terms of service to the community.
 What is the primary goal of proprietorships and partnerships?

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 All businesses have stakeholders, who are parties that have an interest (often financial) in the business.  Stakeholders include owners (if for profit), managers, employees, suppliers, patients, and even the community at large.  Not-for-profit managers must satisfy all stakeholders.  For-profit managers are primarily concerned with satisfying owners.

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Discussion Items What responsibilities do for-profit businesses have to stakeholders other than owners? Should for-profit businesses behave ethically? If so, why?

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Financial Goals
 The primary financial goal of investor-owned corporations stems from their organizational goal: shareholder wealth (stock price) maximization.  The primary financial goal of not-for-profit corporations is to ensure the financial viability of the organization.  Does the difference in financial goals lead to different behavior?

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Tax Laws  Some understanding of tax laws is necessary because taxes...

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