Reference no: EM131507369
Assignment: Fiscal Managment in Healthcare Service
PowerPoint presentation of 10-15 slides + speaker notes of 150 words per slide and reference page
3 scholarly references
As a member of the finance team, you have been asked to forecast the upcoming year's operational budget for Krona Community Hospital. Last year's budget is attached. After reviewing specific data, internal input, and external input from various sources, you find that the executive management team would like the budget to reflect the following:
• 10% increase in inpatient revenue
• 15% increase in outpatient revenue
• 5% increase in pharmacy revenue
• 15% increase in home health and hospital revenue
• 10% increase in payroll and benefits
Note: The budget should be formatted to reflect the percentage increase or decrease from last year's budget.
Additionally, provide discussion on the following:
• How might you increase revenue in each of the areas? Think outside of the box, and perform research to determine current trends in those areas.
• Why would there be a need to increase payroll, particularly nurses' salaries?
• Provide an explanation as to how the Krona Community Hospital may be able to achieve an increase in the revenue areas that the chief executive officer (CEO) wishes you to address.
LAST YEAR'S BUDGET BELOW!!!!
KRONA HOSPITAL OPERATING BUDGET FOR 20XX
|
Revenues
|
Inpatient
|
$25,000,000
|
Outpatient
|
15,000,000
|
Emergency Room
|
10,000,000
|
Laboratory
|
5,000,000
|
Pharmacy
|
1,500,000
|
Home Health and Hospice
|
1,500,000
|
Ambulance Services
|
950,000
|
Substance Abuse
|
250,000
|
Other
|
850,000
|
Subtotal
|
$60,050,000
|
Less Chartiy Care
|
18,000,000
|
Net Revenues
|
$42,050,000
|
Expenses
|
Payroll (including nursing salaries)
|
$12,500,000
|
Benefits
|
3,000,000
|
Contract Labor
|
100,000
|
Insurance
|
300,000
|
General Services (laundary, security, etc)
|
3,000,000
|
Depreciation
|
1,500,000
|
Interest Expense
|
300,000
|
Professional Services
|
10,000,000
|
Total Operating Expenses
|
$30,700,000
|
Net Income
|
$11,350,000
|
How do you think organizations can provide care to rural
: How do you think healthcare organizations can provide care to rural communities? Research solutions that have been implemented in the past and try to develop ne
|
Compute the projects payback period and net present value
: Compute the project’s payback period, net present value, profitability index, internal rate of return, and modified internal rate of return
|
Define the aw analysis
: The Shakey Company can finance the purchase of a new building costing $2 million with a bond issue, for which it would pay $100,000 interest per year.
|
Describe some of labor responses to financial crisis
: Discuss the arguments used to justify the actions on each side, by labor and by firms. How has government austerity affected labor conditions?
|
Find how might you increase revenue in each of areas
: How might you increase revenue in each of the areas? Think outside of the box, and perform research to determine current trends in those areas.
|
Prepare an appropriate analysis to help the firm
: The Capitalpoor Company is considering purchasing a business machine for $100,000. An alternative is to rent it for $35,000 at the beginning of each year.
|
Total quality management
: Recommend a plan that centers on total quality management (TQM) that highlights your firm's experience with TQM and human resources.
|
Calculate the greek connection’s net working capital
: Calculate The Greek Connection’s net working capital in 2009. Calculate the cash conversion cycle of The Greek Connection in 2009.
|
Formulate the capital allocation problem
: A firm is considering the development of several new products. The products under consideration are listed in the next table.
|