Jackson Health System has over a bed capacity of 2500. It has enormous strengths and weaknesses as reflected in the system’s strategic direction concerning the provision of products and services. Also, it has a better market and legal structures that offer it a wider geographic footprint and financial backing as outlined in the subsequent paragraphs.
Company background
Jackson Health System is a teaching hospital for the University of Miami and is affiliated with the Leonard M. Miller School of Medicine. The institution has over 1000 fulltime faculty members and about 600 doctors that are engrossed in clinical practice and admit sick clients to the Jackson Memorial Hospital. The health system operates independently from the University of Miami and has fully integrated services and programs; hence, is tertiary care of utmost importance for the entire region and the community.
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Products and services
Further, Jackson Health System is a trauma and a regional referral center, which offers adult and pediatric level 1 services. Therefore, it offers specialized care with a bed capacity of 66 in addition to other Intensive Care Units for Neonatal services. Finally, it also offers transplant operations, specializing in rehabilitative care that covers both adults and children, especially those with spinal cord wounds.
Market and legal structure
Jackson Health System’s legal structure is clearly stipulated in its newly revised memorandum of 2018. The memorandum states that the Trust has powers to purchase real property under the name of Miami-Dade County. The operating control shall be held in trust under Chapter 25A of the Code (Price-Williams, 2018). Additionally, Jackson Health System’s strategic plan provides for the expansion of its ambulatory care network across the entire county to facilitate access to healthcare. Further, the resolution of section 6 of the Resolution of the Board of County Commissioners of the Miami-Dade County designates property to the Health System. Therefore, the Trust operates, maintains and governs the real property based on the provisions of Chapter 25A of the Code (Price-Williams, 2018). Again, the contracts concerning sales and purchases require title insurance and environmental assessment to ascertain that the title of the purchased property is good, marketable, and insurable.
However, Jackson Health System’s market involves both local and global advertising to gain economic benefits that fulfill the customers’ needs for greater effectiveness. Notably, the Trust has realized that its markets are primarily the local people. Therefore, it expands its footprints into the local communities to avail adequate healthcare services and increase access to health programs. Similarly, Jackson Health System focuses on the production of global brands, global products, and markets. Hence, they appeal to the patients by addressing their challenges in the right way.
Competitive position
The Miami-Dade County Code § 2-8.5 gives much of the priority to local businesses that have valid occupational licenses issued by the institution. The preference is given to local businesses whose operations contribute to the overall financial performance and overall wellbeing of the Miami Dade County (Jackson Health System, 2016). Therefore, the preference gives the firm a competitive advantage as it provides the best and final offers that meet market requirements. Again, the Health System provides local VBE preference of 5%, which rank’s Jackson the top-ranked institution based on the previous technical portion of the evaluations. In addition to its compliance with the certification requirements pursuant to section 295.187 of the Florida Statutes, Jackson Public Health Trust is quite distinct from its competitors. This is because it has also integrated electronic health records into the system.
Conclusion
Jackson Health System aims at diversifying its local operations to meet global needs. It has greater competitive advantages and has currently shifted its efforts from competition to collaboration. Therefore, the System creates new links overseas with other health systems to make it a global force operating in both philanthropic and commercial ways. Still, the focus on global products, brands, and markets is a precursor to its operating control requirements under Chapter 25A. Hence, it will continue offering its topnotch products and services covering ambulatory, neonatal, and other related services.
References
Jackson Health System. (2016). Public Health Trust of Miami-Dade County, Florida. Financial Statement, Required Supplementary Information, and Schedules September 30, 2016 and 2015. Retrieved, February 23, 2019, from http://www.miamidade.gov/govaction/legistarfiles/Matters/Y2017/171562.pdf
Price-Williams, A. (2018). Clerk of the Board of County Commissioners of Miami-Dade County, Florida. Memorandum: Agenda Item No. 11(A)(11). Retrieved February 23, 2019, from http://www.miamidade.gov/govaction/legistarfiles/MinMatters/Y2018/181350min.pdf
Appendix A
Financial Statement-1
Income Statement
September 30, 2017
Operating revenues
Net patient service revenue $ 1,208,158,987
Managed care revenue 92,899
Other revenue 189,175,445
Grants and other 24,211,424
Total operating revenues 1,421,638,755
Operating expenses
Salaries and related costs 1,074,259,426
Contractual purchased services 410,036,330
Supplies and other 296,465,222
PMAFT(1) 13,270,703
Depreciation and amortization 60,097,898
Total operating expenses 1,854,129,579
Operating loss ( 432,490,824)
Non-operating revenues (expenses)
Miami-Dade County funding 175,413,000
Sales tax revenue 255,902,851
Investment income 1,231,496
Interest expense (12,673,700)
Other income 42,680,372
Total non-operating revenues, net 462,554,019
Income before capital contributions 30,063,196
Capital contributions 78,711,119
Change in net position 108,774,314
New position, beginning of year 282,867,710
Net position, end of year $ 391,642,024
Source: KPMG. (2017). Public Health Trust of Miami-Dade County, Florida. Financial Statements, Required Supplementary Information, and Schedules. Retrieved, February 24, 2019, from http://www.miamidade.gov/govaction/legistarfiles/Matters/Y2018/180474.pdf
Appendix B
Financial Statement-2
Balance Sheet
September, 30, 2017
Assets
Current assets $ 627,018,993
Net capital asset 654,319,348
Other assets 73,018,104
Total assets $ 1,354,356,445
Liabilities
Current liabilities $ 478,593,728
Long-term-liabilities 312,025,413
Net pension liability 149,318,969
Total liability $ 994,607,921
Net position $ 359,748,544
Source: KPMG. (2017). Public Health Trust of Miami-Dade County, Florida. Financial Statements, Required Supplementary Information, and Schedules. Retrieved, February 24, 2019, from http://www.miamidade.gov/govaction/legistarfiles/Matters/Y2018/180474.pdf
Appendix C
Financial Statement-3
Statement of Cash Flow
September, 30, 2017
Operating activities
Cash received form patients and tenants $ 1,453,688,867
Cash payments for interfund services used (35,446,282)
Cash paid to suppliers (686,364,148)
Cash paid to employees for services (1,92,506,280)
Net cash used (360,627,843)
Non-capital financing activities:
Funds contributed by Miami-Dade County 175,413,000
Funds contributed from sales tax revenue 255,720,396
Funds contributed by federal state 42,468,160
Net cash from non-capital financing activities 473,601,556
Capital and related financing activities
Principal payments on long-term debt (8,175,000)
Refunding of bonds (92,597,619)
Issuance of long-term debt 92,451,761
Interest paid (15,842,575)
Contribution from Miami-Dade County 78,923,331
Purchases of capital assets (109,336,961)
Net cash used in capital and related financing activities (54,577,063)
Source: KPMG. (2017). Public Health Trust of Miami-Dade County, Florida. Financial Statements, Required Supplementary Information, and Schedules. Retrieved, February 24, 2019, from http://www.miamidade.gov/govaction/legistarfiles/Matters/Y2018/180474.pdf
