Reference no: EM131428261
Budgeting is an important activity within every healthcare organization. The particular challenges encountered, however, can vary depending on the type of organization. A state or federally funded organization, for example, will likely have a budget that is allocated to it, and it needs to follow specific guidelines on how the money can be used.
A for-profit organization, by contrast, will typically have more influence and flexibility in setting up its budget and making choices on matters such as how much to spend on marketing, patient care, or incentives for employees.
In addition to preparing budgets, as a healthcare administrator, you must also be able to evaluate whether or not you have achieved your budget using variance analysis. This is important because variance analysis measures the differences between the budget and actual results, and provides administrators with a starting point for correcting financial performance. For this Assignment, you conduct a variance analysis for a healthcare organization.
To prepare for this Assignment, review the Week 7 Assignment document provided to you by the Instructor. Examine the budgeted and actual revenues and expenses for a hospital. Reflect on concepts of budgeting and variance. Refer to Chapter 10 and Chapter 11 of Financial Management of Health Care Organizations: An Introduction to Fundamental Tools, Concepts and Applications in this week's Learning Resources for additional guidance.
The Assignment
Using an Excel spreadsheet to show your calculations, address the following:
Determine the total variance between the planned and actual budgets for Surgical Volume. Is the variance favorable or unfavorable?
Determine the total variance between the planned and actual budgets for Patient Days. Is the variance favorable or unfavorable?
Determine the service-related variance for Surgical Volume.
Determine the service-related variance for Patient Days.
Prepare a flexible budget estimate. Present side-by-side budget, flexible budget estimate, and the actual Surgical Revenues.
Prepare a flexible budget estimate. Present a side-by-side budget, flexible budget estimate, and the actual Patient Expenses.
Determine what variances are due to change in volume and what variances are due to change in rates.
Analyse and describe how a router performs
: Discuss any FOUR reasons for an occurrence of routing loop and its implications on a network operation - Explain why the network 192.168.2.0/24 is not reachable from the HQ router - Calculate the best path to the network 10.0.0.0 from router-A in Fig..
|
What role conflicts forensic psychology professionals face
: Using the module's readings and the Argosy University online library resources, respond to the following question: What role conflicts do forensic psychology professionals face while providing treatment in penal institutions
|
Describe the varieties of religious experience and practice
: Choose ONE (1) category (origin of all things, nature of god, view of human nature, view of good and evil, etc.) from the chart to focus on for this assignment. Consider how the selected category relates to all of the religions covered and to your..
|
Briefly describe the essential features of the rnr model
: Based on your research, respond to the following: Briefly describe the essential features of the RNR model and the GLM and analyze their strengths. Provide an opinion about whether both models are equally effective in enhancing community safety
|
Determine the service-related variance for patient days
: Budgeting is an important activity within every healthcare organization. The particular challenges encountered, however, can vary depending on the type of organization. A state or federally funded organization, for example, will likely have a budg..
|
Discuss the possible sources of bias and inaccuracy
: Discuss the possible sources of bias and inaccuracy whenever a person looks back on their past history. Be sure to discuss factors related to memory and factors related to cognition
|
Compose an executive summary highlighting the papers content
: Compose an executive summary highlighting the paper's contents and reasoning for your chosen topic.Conduct a SWOT analysis by analyzing the strengths, weaknesses, application opportunities, and threats from competitors of the chosen topic.
|
What is counselor self-disclosure
: What is counselor self-disclosure and when, what and how would you use self-discosure with clients
|
How does training impact employee and performance
: Why is conducting a performance appraisal so difficult for managers? How can these difficulties be overcome?How does training impact employee and organizational performance?
|