hospitals also have medical colleges associated with it and it is a great source of research experience. Many private hospitals counters this by poaching the experienced physicians with high remuneration. The Private players also looking to various methods to reduce cost including economies of scale and scope so that more people can be treated with better facilities. 2.2 (g) Bed occupancy rate remains high for the last 5 years despite increase in number of beds. Also the growth of inpatient volumes in line with addition of beds are also increasing.
Microeconomic factors significantly affect a business, especially global expansion. Therefore, some factors to analyze and monitor are the price elasticity of goods, competition in the market and the economy state. The state of economy determines consumer spending trends. An economic downfall will lead to a decrease in consumers spending and an increase in the economy state, will escalate consumer spending. There is no doubt that competition in the U.S. is robust and is the same in China, however, Nordstrom must have the ability to choose their competitive advantage as a global expansion strategy regardless if it is suited for success in the Chinese market.
Healthcare is made up of many factors. Among those factors is the financial aspect such as provider reimbursement and the different types of financial methods used by the patients to acquire healthcare services. Provider reimbursement is important and necessary in order to maintain the continuation of healthcare. Like every organization, the healthcare industry also requires funds in order to pay for expenses accrued and to purchase the supplies needed to aid in rendering services. With that said, this is why there are many financial methods in existence today that are utilized by individuals to pay for their healthcare needs such as, Medicare, Medicaid, PPO plans, HMO and many others.
In some cases, this reform has led to higher staff productivity, better performance, and more enforcement of payment policies. However, disruption in supply often occurs during Central Medical Store transition phases. Increased integration of commodities, including contraceptives and vaccines, has also been noted. In some cases, it has decreased the amount and reliability of data collected on logistics, creating problems for needs estimation and for tracking of consumption (Vian and Bates 2003). Another trend is the increasing use of private transporters and contracting out for transportation management.
Introduction In 21st century, the healthcare sectors have been growing fast and moving towards advanced technology generation. The awarenessof patient’s right in healthcare treatment and services have also gradually created over the world, thereby citizen have better knowledgesabout treatment and services from hospital, clinic, nursing home and so forth. Apparently, higher demands on the services of healthcare. Moreover, theworking environment in healthcare setting became even harsh when medical expenditures are increasing. Besides, the population of the country have increase as the mortality rates decreased.
Shifts and some changes in the healthcare industry can affect every sector including outpatient clinics, acute care hospitals, long-term care facilities, and so on. Something like the well published health reform implementation present challenges for providers on a variety of levels be their financial, operational, or otherwise. Those healthcare which absence of strategic planning actually is the best way for an organization to ensure a negative outcome. A lack of financial sustainability resulting from a ‘trial and error’ approach rather than a due diligence focused healthcare strategic planning process. To establish the sustainability of their health or medical services organization, they did not properly vet their plans or even once prepare a valid financial feasibility
Furthermore, the increasing complicity and costs of health care have only served to add strain to the public’s ability to empathise with criticism targeting the industry. Such negative perceptions fuelled by the unscrupulous marketing strategies pharmaceutical companies employ has hampered reasonable progress in the industry (Archie, 2009).
Private hospitals are one of the fastest growing business industries in Sri Lanka. By the year of 2030, it is expected to have doubled the over-65 year population to about 18% compared to 9% in 2013 and public sector will required significant expansion of public health facilities, but the capex on healthcare has only 4% over the past years it will not be able to provide sufficient public healthcare service. Therefore the supply-demand gap of public sector will boost private sector healthcare and will play a major role in near future. Personal care and health expenses have increased to 5.3% and increased per capita income would make people to seek more private healthcare. People tend to be more health conscious and expected skilled professionals;
However, this would be largely unsuccessful considering the nature of the price elasticity of demand during a recessionary period. As most people have low confidence in the macroeconomy, this suggests that their demand for products would more likely be price inelastic. In this case, the fall in prices of goods and services has little effect in raising firms’ revenue, as the quantity demanded by consumers drops by an even greater proportion. Additionally, firms and producers are likely to resort to reducing their production costs by laying off workers, and thus the US economy saw at least 13 million people unemployed by the end of
Globalization trade, technological improvements in manufacturing and communications areas, customer expectations and preferences, as well as the growing demand for social and notably environmental responsibility are changing the international competitive landscape. As a consequence, companies are changing their business processes. Due to the intense international competition there is a need from European manufacturing companies to investigate all the best possibilities regarding cost reduction, quality and efficiency improvement. As a result, managers are becoming really aware that the largest part of their end product cost exists to the raw materials and services purchased from suppliers. For this reason, companies try to reconsider their core activities by developing and offering a special value proposition to their focused customers and increasingly outsourced to specialized suppliers.