HP 626 Week 6 Journal Entry For-Profit versus Nonprofit Who Does It Best

Sample Answer

For-profit and nonprofit ownership, despite their differences, play a major role in service provision for the population. For example, for for-profit organizations seek to provide services to consumers and profit from the services, while nonprofit organizations provide services with no intention of earning a profit.

Secondly, for-profit organizations look for investors to fund them and keep them growing, while nonprofit organizations seek funding from donations and fundraising. In addition, for-profit organizations must pay taxes from total revenue gained, while nonprofit organizations receive a special tax designation and benefits from the government.

For-profit ownerships are led by shareholders who aim to increase revenue. In contrast, nonprofit ownerships are governed by a board of directors who serve to improve outreach and recognition to the community.

Lastly, for-profit ownerships have a defined audience for their product, which can help them generate profit, while nonprofit ownership has a broader audience whose products must appeal to potential donors and the community they serve.

In both ownerships, the quality of care may be trumped depending on available resources. For example, for-profit ownerships may lower the quality of care they provide to maximize return on profits by reducing staffing and limiting the number of services they provide.

On the other hand, nonprofit ownerships may have lower quality of services due to inadequate funding from donations, limiting the number of services they can provide to the community.

As an aging service provider, it is crucial to advocate for quality improvement initiatives to ensure safety and effectiveness in the services offered. I would advocate for patient-centered care where older adults and their caregivers become actively involved in the care they receive in these facilities.

I would also ensure that the staff in the facilities are trained to gain the necessary skills to provide good quality care to geriatric patients. I would also create programs that promote health among the geriatric population, such as nutrition services, social programs, counseling services, and wellness centers that are fit to cater for the given population.

Inadequate staffing and financing are common challenges faced by profit and nonprofit originations, contributing to decreased quality of care. However, profit organizations face financial pressures due to the need for a return on profits, while nonprofit owners face funding challenges with inadequate funds limiting the availability and number of services they can provide.

Thank you for your journal entry this week. It was a pleasure to read your perspective on this topic. COVID has highlighted the struggles and challenges in the long-term care industry. Many long-term care facilities have claimed they did not have the financial resources to respond to the pandemic appropriately.

Additionally, they cite a lack of financial resources for the quality of care or lack thereof. There has been scrutiny of the quality of care provided in for-profit and non-profit communities. Meaning that profits, no matter the size, often are not put back into improving the community but funneled to the overall organization.

It certainly can be a scenario applied by some, but certainly, we cannot generalize this assumption as there are plenty of communities where the quality of care is provided by both for-profit and non-profit.

However, it raises an ethical consideration as to whether an organization’s profits will trump the quality of care, given that cutting staffing and labor expenses are often strategies used to maximize profit. However, this would be at the expense of the resident’s quality of care. Thank you again for your perspective on ways to combat these challenges.