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This paper focuses on the description of one of the most successful healthcare organizations in the United States Hackensack University Medical Center. It is the biggest organization specialized in the delivery of outpatient and inpatient services in New Jersey. The Center can place up to 780 inpatients; it is a hospital that has some of the most prestigious teaching and research programs in the country (Hackensack University Medical Center, n.d.).
Company Background
Hackensack University Medical Center was founded 128 years ago; initially, it presented a small hospital with 12 beds only and was the first hospital that operated in Bergen County (HackensackUMC, 2016). Over the years, the hospital grew into a massive hub of healthcare recognized everywhere in the United States and well-known around the globe. Today, the Medical Center is one of the largest and most influential employers in the American healthcare industry with more than seven and a half thousand employees. The Center runs powerful academic, clinical, and research programs and is affiliated with The University of Medicine and Dentistry of New JerseyNew Jersey Medical School (HackensackUMC, 2016). Moreover, the Center is the Hometown Hospital of such renowned sports teams as the New York Red Bulls and the New York Football Giants. Also, Hackensack University Medical Center annually hosts such events as Healthy Heart, Life & Liberty, and versatile health fairs and fundraising events.
Services Provided
Hackensack University Medical Center has a very wide variety of services to offer to its clients. The Center provides emergency services (pediatric and trauma), medical services (such as endocrinology, diabetes, cancer services, internal medicine, and home health), hospital services (pulmonary rehabilitation, physical and occupation therapy, pathology, speech therapy, pastoral care, nutrition and food management, radiology), surgical services (orthopedic, plastic and reconstructive, ambulatory, bariatric, neurosurgery, and organ transplant), and specialized services (the organization includes centers for geriatric medicine, stroke center, wound care, pancreas center, dentistry center, pain care).
Market and Legal Structure
Hackensack University Medical Center is operating within a market that has a monopolistic competition structure. In this type of market structure, multiple service providers compete with one another for the client base. The top of the competition is represented by the organizations with the services of the highest quality and the most appropriate pricing. In terms of its legal structure, Hackensack University Medical Center is a non-profit healthcare organization.
Competitive Position
In the country of Bergen, the New York metropolitan areas, and the North of New Jersey, Hackensack University Medical Center is the largest provider of healthcare services (Hackensack University Medical Center, n.d.). In other words, the organization is at the top of the competition in its geographical region. The major competitors of this organization in the area are Robert Wood Johnson University Hospital, Valley Hospital, Jersey Shore University Medical Center, and Morristown Medical Center.
Financial Statements
Hackensack University Medical Center is a transparent organization that allows open access to its balance sheets and statements of cash flows. According to the latest published information by PwC (2015), the total current assets of the organization comprise 914,952 dollars (including cash and cash equivalents, investments, prepaid expenses, and inventories); the total current liabilities estimate 291,969 dollars as of 2015; and total net assets involve 674,792 dollars. Total expenses of the organization comprise 1,545,921 dollars (PwC, 2015).
References
HackensackUMC. (2016). About HackensackUMC. Web.
Hackensack University Medical Center. (n.d.). Web.
PwC. (2015). Hackensack University Health Network. Web.
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