Healthcare Organization Financial Fundamentals

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As a member of the finance team, you have been asked to forecast the upcoming year’s operational budget for Krona Community Hospital. Click here ( I’ve attached the file) for last year’s budget. 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
Additionally, provide discussion on the following:

How do you think that revenue would increase 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 forecasted need to increase payroll and benefits?
Explain the role of key leadership in the budgeting process, from the chief executive officer down through to the staff level of a financial analyst.

Sample Solution

Steven Berger, a consultant and educator, provides a practical, step-by-step approach to understanding the fundamental theories and relationships guiding financial decisions in health care organizations in this extensively revised and updated fourth edition of Fundamentals of Health Care Financial Management. The book immerses the reader in the inner workings of the finance executive’s office through the use of scenarios that are situated in a hypothetical mid-sized hospital. This book introduces students to important practical principles in the foundational areas of financial management, much like the earlier versions did. Making big capital investments, managing cash, billings, and collections, evaluating cost and using cost information in decision-making, budgeting, and other commonly used tools and approaches are all covered in this creative introduction.

framework breakdown?” The results depicted by (Wright 2007),” would be disastrous.” Although this is an extremely interesting event it is vital to recollect that the sky is the limit. For this reason there is a clear component of hazard implied while utilizing robots. Despite the fact that there are consistent and thorough checks it’s memorable’s vital that all it can take is one mental blunder to cause a catastrophe. A model would be the situation in South Africa. (Ball 2007) proceeds to say that the passing of 14 individuals was essentially brought about by a mechanical glitch… designs all around the world were staggered that this was brought about by basically a mechanical breakdown. At the point when we take a gander at the instance of robots to keep an eye on the foe. A few specialists portray working a robot as a “Game mindset.” This essentially implied that they accepted the administrator of these robots didn’t actually consider the harm that these robots can cause to individuals on the ground also called computer generated experience. One of the central points of interest with these individuals is that they accept the administrator of these robots were not prepared to the right level. An illustration of this could be one of the different assaults which happened in Afghanistan model a tactical robot erroneously recognized non-soldiers and killed 12 blameless regular citizens simultaneously. This again shows exactly how perilous a failure to understand the situation these tactical robots can be with regards to their effect. Generally speaking to close I accept that the mechanical technology industry is quickly progressing and as of now leading to a large number of extra inquiries in the public eye of a non-military nature: model, would it be a good idea for us to permit robots to care for the older and our kids? It eventually will rely heavily on how the tactical utilize the innovation and how morally they will utilize it. The issue anyway for human activists is that the disservices of automated fighting unquestionably offset the benefits. A reasonable hindrance is that the utilization of robots will just make war excessively simple and when utilized inaccurately the outcomes are so extreme. Anyway as far as clear benefits when utilized accurately it can bring down passings on the ground. Assuming automated fighting is to be utilized really I for one accept that the administrators need seriously preparing and just to utilize it when totally fundamental.

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