Economic and Market Impact Report: Johns Hopkins Hospital

Economic and Market Impact Report: Johns Hopkins Hospital
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Economic and Market Impact Report: Johns Hopkins Hospital
Economics is the study of scarcity and its implications on producing goods and services, resource utilization, growth of production, and welfare over time. The public health system is among the critical societal sectors where scarcity of resources can significantly impact human life. Thus, economic principles and theories are a mainstay in shaping health care decisions and strategies because they capture the scarcity problem. For instance, in the United States, the economy shapes the complex and dynamic relationship between health coverage, costs, financial access to care, and health outcomes. Since hospital organizations are part of the system, they are also affected by the underlying forces of the said interaction between economics and healthcare. The current paper is a SWOT analysis of Johns Hopkins Hospital (JHH) to determine whether the organization can influence the economics in Maryland based on the interaction between health care and economics.
About the Organization
JHH forms part of the more prominent Johns Hopkins School of Medicine as a teaching hospital and a biomedical research facility. The organization was founded in 1889 by Johns Hopkins. The hospital is considered the birthplace of existing medical traditions, including residents & house staff and rounds. Additionally, exemplary medical procedures such as child psychiatry, neurosurgery, and cardiac surgery were developed here. Located in Baltimore, Maryland, the hospital is considered one of the greatest globally, ranked 1st for 21 consecutive times by the U.S. News & World Report. The hospital's mission is to advance patient care, education, and research to modernize medicine and healthcare. The core values that drive this mission include excellence & discovery, leadership & integrity, diversity & inclusion, and respect & collegiality. Figure 1 below summarizes the hospital's key statistics that will form part of this analysis.


Figure  SEQ Figure \* ARABIC 1: JHH's Key Stats, Courtesy
SWOTT Analysis of JHH
SWOTT Analysis is the configuration of the contemporary SWOT analysis, which looks at an organization's strengths, weaknesses, opportunities, and threats. An additional feature in SWOTT is trends that look at the market or economic trends that impact the internal assessment outcomes.
Business Strengths
Some of the key strengths at JHH include innovation, availability of resources, global reputation (brand), and a robust community partnership. Innovation remains a crucial feature of the JHH brand. It is a biomedical research facility and a teaching hospital responsible for some of modern medicine's most critical procedures and processes. Some of the critical innovations include penis and scrotum transplant (2018), single blood test screening for eight common cancer types (2018), and a safer way to access skull-base tumors (2010) (JHH, 2021). Figure 1 above provides an overview of resources at the hospital. There are over 1,162 licensed acute care beds and 2,593 full-time attending phy...