Applied economics: funding running and managing a company in the healthcare sector

Summary of Findings

• During the procedure the patient is sedated in the radiology department, with the presence of an anesthesiologist.
• The procedure lasts 30 minutes.
• Admission is required for overnight observation.
• There is not the need of other particular diagnostic exams.
• No specific drugs are required.
• The cost of the procedure is 178€ + iva 22% = 217,16€.

The resources written above have a cost for the hospital of 800€, making the procedure worth the price, also for the reduction in patient's need of drugs.

The Founding of a Company and the Role of Stakeholders

The funding of a company has nothing to do with the accountants nor with the managers, but there is the need to have one or more founders that have an idea of business, then sponsors who finance the company should be found and the business can start.

Whatever the reasons, founders want their company to be successful and be able to survive.

Objectives

are set by the founders and they are made public through the following statements:

• The vision is what the company intends to provide to clients (in the case of a hospital, it is created in order to cure patients)
• The mission is how the vision is realized (a sort of operating guide for that vision)
• The set of values are fundamental principles according to which the vision and the mission are pursued.

Example 1: Coca cola company In its website is possible to find the purpose and the vision of this company:

• Purpose: "Refresh the world. Make a difference"
• Vision: to craft the brand and choice of drinks that people love, to refresh them in body and spirit. Create a more sustainable business and better share future that makes a difference in people's lives, communities and our planet.

Example 2: Johnson & Johnson "The values that guide our decision-making are spelled out in Our Credo. Put simply, Our Credo challenges us to put the needs and

well-being of people we serve rst. Robert Wood Johnson, former chairman from 1932 to 1963 and a member of the Company’s2 of 5fi fi fi fi fifounding family, crafted Our Credo himself in 1943, just before J&J became a publiclytraded company. This was long before anyone ever heard the term “corporate socialresponsibility”. Our Credo is more than just a moral compass. We believe it’s a recipe forbusiness success. The fact that J&J is one of the only handful companies that haveourished through more than a century of changes is proof of that.”

Example 3: Mayo Clinic

• Mission: inspiring hope and promoting health through integrated clinical practice, education and research.
• Vision: transforming medicine to connect and cure as the global authority in the care of serious and complex diseases.
• Primary value: the needs of patients come rst.
• Value statement: these values are an expression of the vision and the intent of our founders, the

• Respect: treat everyone in our diverse community, including patients, their families and colleagues, with dignity.
• Integrity: adhere to the highest standards of professionalism, ethics and personal responsibility, worthy of the trust our patients place in us.
• Compassion: provide the best care, treating patients and family members with sensitivity and empathy.
• Healing: inspire hope and nurture the well-being of the whole person, respecting physical, emotional and spiritual needs.
• Teamwork: value the contributions of all, blending the skills of individual staff members in unsurpassed collaboration.
• Innovation: infuse and energize the organization, enhancing the lives of those we serve, through the creative ideas and unique talents of each employee.
• Excellence: deliver the best outcomes and highest quality service through the dedicated effort of every team member.
• Stewardship:

sustainable and reinvest in our mission and extended communities by wisely managing our human, natural, and material resources. Example 4: Humanitas Values: - Excellence: give patients the best treatment and assistance. - Innovation: invest money in research and modern technologies to find new treatments. Form a new generation of doctors in an international way. - Responsibility: be a team of doctors that works together to reach set objectives. - Passion: work with creativity and energy, treating every detail. Make patients feel at home. Running the company 3 of 5 Once the goals are shared and fixed, the company needs to be run and managed in order to guarantee its survival and success. A successful company should: - Guarantee long-term investments and plans - Foster professional development and growth - Give the opportunity to use the latest innovative tools - Attract talents - Create

Success depends on the stakeholders. They are a group of people that have interest in the company, which can be of different kinds:

• Investors (shareholders, banks)
• Clients
• Suppliers (pharmaceutical companies, etc.)
• Employers

The satisfaction of all the stakeholders implies that the company has to foster success in all aspects of the company life:

• Investors will be satisfied if the economic/financial aspects meet the budgets
• Creditors will be satisfied if they will be fully paid in time (if they are not fully paid in time they can apply for the debtor's bankruptcy if the company is private)
• Employees like to be paid regularly, to work in a safe place, to attend training courses
• Clients are the ones who buy the company's products or services, so their satisfaction is crucial.

In other words, a company's success depends both on economical/financial issues and on the satisfaction of the stakeholders.

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