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Efficiency techniques in hospitals to maximize profits

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How do efficiency techniques differ in the short- versus long-run when attempting to maximize profits? What specific incentives are used in a hospital to promote efficiency? What conflicts may exist between a firm's desire to maximize profits and its ethical obligations? Can you give an example from a hospital setting place of work?

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The solution examines efficiency techniques in hospital to maximize profits. The conflicts the may exist between a firm's desire to maximize profits and its ethical obligations is determined.

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The term efficiency techniques are generally used for those approach / steps which are applied in various organizations to ensure optimum utilization of resources and thereby maximize profitability. The techniques differ from short term to long term. For example short term techniques to maximize profitability may include increasing the selling price, cost control etc, whereas long term techniques will include, exploring a new market, developing and launching a new product etc. The ...

Solution provided by:
Sonia Agarwal, CA
Education
  • Chartered Accountant (Equivalent to CPA in US), Institute of Charted Accountants of India
  • Bachelor of Commerce, West Bengal University
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