Planned and actual budgets for surgical volume

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Reference no: EM133815471

Question

The following are budgeted and actual revenues and expenses for a hospital: Budgeted Actual Revenues Surgical Volume 2,300 2,600 Gift Shop Revenues $18,000 $19,000 Surgery Revenues $589,500 $852,750 Parking Revenues $17,000 $19,000 Expenses Patients Days 26,000 25,000 Pharmacy $119,000 $158,000 Misc. Supplies $68,000 $795,600 Fixed Overhead Costs $832,000 $890,000 In preparation of your Discussion post submission, complete the following:

1. Determine the total variance between the planned and actual budgets for Surgical Volume. Is the variance favorable or unfavorable?

2. Determine the total variance between the planned and actual budgets for Patient Days. Is the variance favorable or unfavorable?

3. Consider which variances are potentially due to change in volume and which variances are potentially due to change in rates or other factors.

Post a description of your insight into the budget variances in the scenario. In your opinion, what can be done, in general, to manage budget variances? Propose some best practices and/or strategies for budget control, both in general and as to how it relates to your proposed healthcare product or service solution.

Reference no: EM133815471

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