Paper , Order, or Assignment Requirements
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.
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