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Memorial Hermann Hospital

Economics, Microeconomics - Year 3

Describe market trends of Memorial Hermann Hospital.

Address the following topics in your analysis:

a. Prices
b. Technology
c. Productivity (consider the law of diminishing marginal productivity)
d. Cost structure
1) Wages and benefits
2) Fixed and variable costs
e. Price elasticity of demand

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The response addresses the queries posted in 1042 words with references.

//Before analyzing the market trends of any Organization, it is necessary to gain knowledge about the background of the given Organization, that is Memorial Hermann Hospital.

One should know about the operations, as well as, management structure of the Organization to understand it in a in-depth manner.//

Memorial Hermann Hospital

Memorial Hermann Hospital is one of the largest not-for-profit organizations in Houston. The Memorial and the Hermann, two different health care systems joined together and formed the Memorial Hermann Hospital. Memorial Hermann hospital started its work from 1907.Memorial Hermann health Care System includes nine hospitals( in which one is children's hospital also), one retirement community and there are three long term nursing facility. Hermann Health Care system is providing its services not only in Houston city but also in the rural areas within 150 miles of the Houston area. About 16, 500 employees are working in this organization.

//Above is the discussion of background and operations of Memorial Hermann Hospital. Now as per the instructions, I will move towards the explanation of market trends of Memorial Hermann Hospital.//

Market trends of Memorial Hermann Hospital

The main aim of Hermann Hospital is to provide best quality services to patients rather than to earn profits. It is a not-for-profit organization based on the goal of providing faster services by upgrading technology, to ensure greater accuracy and improved outcomes, so that they would be enabled to improve the health of people and to ensure fast recovery. Memorial Hermann Hospital is providing services to patients on affordable prices. Memorial Hermann-Taxes Medical center got Thomson's Health care's2006 Performance improvement leader award ...

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