Good morning Dana, Financial management in healthcare is the class I am taking as part of my bachelor’s degree. I am required to write a report on the budget of the department I work at. Attached spreadsheet shows what information I need. I will be grateful, if you can provide some information about current budget. I understand you are very busy, whatever you can provide will be a big help. Thanks
My strategy will consist of three phases. These phases include: capital shortage, funding options for equipment acquisition and funding options for capital expansion. During these three phases I will observe the necessary financial statements and documents. From this information I will analyze the information and decide the best strategy for improvements. I will not only focus on the goals for the clinic, but long term budget goals as well.
The CMS states “In 2014, national health spending is projected to increase to 7.4 percent, or 2.1 percentage-points faster than in the absence of reform as the major coverage expansions from the Affordable Care Act (ACA) are expected to result in 22 million fewer uninsured people” ("Public Health Care Needs," 2012, p. 1). The complexity of health care spending and funding is a hot topic in the federal government, the media, and consumer. In this students experience many patients are aware that changes are coming, but the patients are very opinionated by their like or dislike of the President of the United States. This student has found through daily
This research paper is a brief discussion of budget management analysis. Budgeting is the key to financial management, and is the key to translates an organization goals or plan into money. Budgeting is a rough estimate of how much a company will need to get their work done, and provides the basis for evaluating performance, a source of motivation, coordinating business activities, a tool for management communication and instructions to employees. Without a budget an organization would be like a driver, driving blinded without instructions or any sense of direction, that’s how important a budget is to every organization and individual likewise (Clark, 2005).
I currently work at the Hunter Holmes McGuire Veterans Administration Medical Center. “The Hunter Holmes McGuire VA Medical Center, located in Richmond, Virginia, is a 399-bed facility offering primary, secondary, and tertiary health care in medicine, surgery, neurology, rehabilitation medicine, intermediate care, acute and sustaining spinal cord injury, home care, and palliative care” (Hunter Holmes McGuire VA, 2015). At this facility it is very important that they prepare and manage a budget, so that they can strategize for the future, creating goals and plans. It also creates accountability, since they are spending tax payer’s money.
We operate a small privately owned clinic so our extra budget requirements are less than that of some larger facilities. To change the current procedure and protocol for assessing risk, we have created a budget to learn more about how we can help prevent and handle our geriatric populations fall risks and train the community as well as our staff. We have established a budget for continuing education for our nurse practitioner, who in turn will relay that training to our medical assistants and staff in our clinic. We have also created additional tools, and patient information forms and brochures, that will require additional funds to produce.
Effective financial management is the basis of thriving health care organizations. Organizations must make good investment decisions based on objective analysis (Healthcare Financial Management Association [HFMA], 2005). Integration of financial management principles provides decision makers with guidance to make capital decisions maximize mission-based benefits at effective costs (HFMA, 2005). An operating budget is the statement of profit and loss for the entire organization. Various health care entities prepare operating budget for the following year for discussion and approval by top management (Academic Writing Tips, 2011). At the end of the year, departmental managers provide an account for the previous year’s
In a two paged letter dated January 20th, 2014 from Debra B. Whitman, Chair of the Leadership Council of Aging Organizations (LCAO) addressed to President Barack Obama the coalition expressed their concerns on the then forthcoming Fiscal Year 2016 budget request with a specified interest in those line items on Medicare. “We urge you to abstain from including proposals in the FY2016 budget, namely those included in the past budgets; that would shift additional health care costs to people with Medicare.” (Whitman, Debra. Letter. 20 January 2014)
Overages in salary expense of $115k were somewhat offset by Purchased Services being $73k under budget for the month. Benefits were $80k under budget for March and $325k under budget YTD. Chargeable supplies were $72k over budget for March, a by-product of strong Orthopedic volumes in the OR. The accrual for the Medicaid Enhancement Tax continues to be in excess of budget, due to taxable revenue being over budget in FY15 and much of FY16. Other Expenses were $52k under budget for the month.
The theme of HCS 405 is to enable students to learn about the financial statements and other financial transactions in the hospital industry. There are various topics in HCS 405 like balance sheet, statement of revenues and expense, revenue cycle, payer mix and revenue. There will be five weeks in the course of HCS 405 in which the above topics will be covered. There will also be the study about the financial worksheet and reporting practices. It will be taught to the students that organizations must comply with the requirements of ethics and proper disclosure of the statements.
For my budget Worksheet I included everything that me and my family do that I will probably carry on in college. Income, I put $370 a month because at this point in time i have a job that pays every two weeks and its usually about $185 if you get enough hours, so monthly its approximately $370. $370 a month is about $4440 a year. With $4440 a year it may seem difficult to live, but in my current situation I know the major expenses I will have, thanks to the fact of I love planning ahead.
In regards to my future, I hope to be working in a large athletic department at a higher division university. In my personal budget spreadsheet, I assumed my income wages to be at forty five thousand per year, therefore, I would be making three thousand, seven hundred and fifty dollars each month. Working in a athletic department requires a lot of time, so I did not plan on having a family in this budget. Since I did not plan for a family, I decided I would rent an apartment; therefore, I would not have to worry about home repairs, security or lawn care.
The high-level budget plan for Universal Health Services consists of an extraordinary strategic design. The budgeting phases include formulation, approval, execution, and evaluating. All of these phases play a vital role in the organizations’ budget and rely on each other in order for the business to achieve its goals successfully. Therefore, the company has agreed that all sections should be monitored and followed appropriately so that we can continue the sustainability of the budget
Running a healthcare organization often requires administrators to sensibly plan and review their finances. Most healthcare organizations use some form of accounting for classifying, assessing, evaluating and reporting their financial data. Budgets usually indicate a comprehensive analysis of how a healthcare organization expects to spend money in future time periods. Many healthcare organization make budgets on a yearly basis so they can carefully outline the projected needs of each department. (Vitez, n.d.) In the healthcare, staff salaries and benefits account for a great percentage of the budget. Chief financial officers have many responsibilities to address on a daily, weekly, monthly and quarterly bases. Chief financial officers want
The personnel budget, being the largest part of the operating budget, consists of multiple factors such as the average daily census, patient acuity, personnel required relating to full-time equivalents (FTEs), as well as productive and non-productive hours. The supplies include medical and office supplies, minor equipment, orientation and training, and travel expenses. Although budgets are based on assumptions, using the previous year’s expenses for personnel and supplies, helps the nurse manager/leader to accurately predict the next year’s budget.
Playing the role of the budget agency head/director is not an easy task. Budgeting process involves a variety of actors whom their individual demands must be considered in the when making a budget request. Sometimes these actors