Budget Analysis III | JKL CCRC Facility Essays

In healthcare, throughput refers to the ED process that impacts patient flow (Jarousse 2011). Process and flow began to be scrutinized for opportunities to improve the overcrowding by becoming more efficient. Due to this new process focus, throughput was born. This is also the point where lean flow or lean thinking became prevalent into healthcare from a manufacturing stand point to improve throughput. Lean principles revolve around removing non value added steps and standardizing work flow and processes. When applied aggressively hospital wide, lean principles can have a dramatic effect on productivity, cost, and quality. Numerous books concerning lean healthcare have been published in recent years (Crane & Noon 2011).

Planning is a function that is employed by every organization in projecting the future outcome of the firm. Successful firms achieve their goals through the use of different types of budgets. These budgets include, production budget, sales budget, labor budget and expenses budget. These budgets also show the targets that should be achieved by the firm within the budgeted time plan.

Develop a sampling plan, an appropriate set of hypotheses, and an inferential statistical procedure to test them. You do not need to collect any data on this issue, but you will discuss what a significant statistical test would mean and how you would relate this result to the real-world issue you identified. Your paper should be three to five pages in length (excluding the cover and reference pages). In addition to the text, utilize at least three sources to support your points. No abstract is required. Use the following research plan format to structure the paper:

The Comprehensive Annual Financial Report (CAFR) that our team chose to analyze is for the State of Ohio. The CAFR is for the fiscal year that ended June 30, 2006. The information that was reviewed for the CAFR budget analysis was: the population, the State of Ohio’s governmental structure, the size of the budget and its interrelationship with the CAFR, major industries located in the entity, and other pertinent demographic information.

Capital Budgeting encourages managers to accurately manage and control their capital expenditure. By providing powerful reporting and analysis, managers can take control of their budgets.

This final week of LED 480 class can be described as a goal setting week. This past week’s lessons learned were mostly about preparing to write a quality research paper. Data must be able to be evaluated in order to write a professional research paper. Kumar (2012) suggests that writers must be able to explain data in text, charts, graphs, or by conducting statistical measure, which we did not covered in class. Together, these are “the four methods of communicating and displaying analyzed data.” (Kumar, p. 291). Although we only covered charts and graphs, this lesson improved my ability to understand the reasons for using the two formats. Using charts will allow me to present large amounts of data, if I am not able

In many clinical settings the wait times tend to be longer than expected, and longer wait times for patients can lead to larger issues as well. A study conducted by White et al.

There are many financial ratios used in evaluation of a healthcare organization’s performance but for purpose of this study, it will be limited to activity, leverage investment, liquidity and profitability.

Benchmarking is a powerful tool used to promote continuous improvement of an organization. It enables the decision-makers to realize how much improvement is required to achieve satisfactory performance. The Joint Commission on Accreditation of Healthcare Organizations (JCAHO) has defined benchmarking as “a measurement tool for monitoring the impact of governance, management and clinical and logistical functions” (as cited in Ettorchi-Tardy, Levif & Michel, 2012). There are four different kinds of benchmarking: internal, external or competitive, functional and generic or best practice. Also, there are several benefits of using benchmarking within healthcare organizations such as improving the quality of patient care, encouraging accountability among providers, improving productivity, yielding greater efficiency, meeting accreditation requirements, etc.

The purpose of this paper is to provide an overview of the usefulness of the Balanced Scorecard in improving a hospital's management and delivery of health care at reduced cost without loss of quality. This paper describes an approach to designing and implementing a balanced scorecard system for measuring performance and productivity in a hospital setting. Specific measures of performance criteria are suggested as well as interpreted. Guidelines for measuring productivity are also suggested and interpreted. How these measures may be used by a hospital to improve its administration of health care while reducing costs and maintaining quality are described. This paper

For modelling such conditions 100 experiments were performed with at least 30 replication on each improvement condition. The key performance metrics in this simulation were reduced cost, increased utilization and reduced patient’s length of stay. Multiple scenarios were selected in each improvement model by using opt quest. All the selected scenarios from the three improvement models were analyzed for obtaining the best scenario in each model using Kim and Nelson method. With the best scenario from each improvement model, comparison of all the quality improvement model with current state was performed. The results showed that applying condition 3 which is Phase amalgamation and patient segregation would improve the performance metrics of current state model.

A two-tail t-Test was conducted to compare the individual vendor strategies to the calculated efficiency ratio. Three critical data points are used as a mean of testing the validity of the hypothesis: the t-Stat, critical value, and p-value. In the data if the t-Stat value is greater than the critical two-tail value then the null hypothesis (Ho) is rejected in favor of the alternate hypothesis (H1). In the first data point, comparing single-vendor strategies to best-of-suite, the t-Stat was -1.46 and the critical value was 2.26; therefore, because the t-Stat is smaller than the critical value the null hypothesis cannot be rejected and the data supports H0 that single-vendor strategies do not increase hospital efficiency more than best-of-suite. The same holds true when single-vendor is compared to best-of-breed; the data shows a t-Stat of 0.098 and a critical value of 2.11.

According to Franchise Help’s facts and figures, the total liquid capital required for a facility would be about a total of $750,000 in capital. By totaling the total number of 150 current facilities operating in the Southwest, Peter Piper Pizza facilities had a total of $112.5M. However, since they this company is a franchise most of the facilities have been created by franchise owners. By calculating the cost of the facility, the supplies, kitchen, entertainment equipment, and layout design all needs to be calculated in the cost analysis. All of this equipment would then end up costing a facility around $750,000. Not only does cost of the facility itself need to analyzed, but also the money required to install a new a marketing strategy in the food delivery service. For instance, the cost of digital presence in the pizza delivery would cost the company around $50,000 in both digital advertising and television advertising.

Over the past decade, surgical services have increased dramatically. This is extremely important to hospitals since surgical services make up forty percent or more of the overall hospital revenue. With advancements in technology, some hospitals are offering digital operating rooms, robotic assistance and telesurgery. Even with these advancements, hospitals are having difficulty ensuring patient safety, streamlining workflow and cutting cost. In the U.S., the average operating room operates at sixty-eight percent capacity. If a hospital could increase its surgical schedule by one additional surgical case per day, it could generate an additional $4 to $7 million in annual revenue. One of the biggest concerns for a hospital is timeliness since delays and postponement of surgeries can create a bottleneck in the system resulting in patient dissatisfaction. The hospital has decided to use Six-Sigma since it is the best strategy to address the issues in the operating room.

The data needs to be described and summarized briefly in order to get an understanding about the topic. It is a part of data analysis where a brief summarization of all