I need help in preparing the following:
•Provide the role of government programs on any 1 of the chosen facility's number of beds, length of stay, and inpatient and outpatient or transitory status.
•Examine at least 3 government or non-government sources of information that I can use to compare with a current budget (e.g., benchmark information).
•Evaluate what adjustments that I can make based on the following considerations:
•And any others.
•Develop a final budget for the facility—based on the sources of information—to include at a minimum cost or 1 full year:
*Personnel costs and equipment costs
*Repair and maintenance costs
*Utilities and facility costs
*Administration costs, and so on
Below is a point form guide on Healthcare budgeting and controlling or your use to prepare a narrative to address the questions raised.
An example spreadsheet with an example to illustrate a typical hospital budget is attached for your ease of reference.
Please go through and feel free to come back if you need any clarification.
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Healthcare Budgeting and Controlling
What is a budget?
It is a process for developing an operational plan, expressing it in financial terms and detailing resources that are required to achieve objectives. The following are some of the objectives of a budget:
• To define and agree on the hospital goals
• To create a tool for evaluation of financial performance against the set plans
• To develop a tool for cost control
• Serves as a medium for creating cost awareness in the hospital
Standard budget types include the following:
• Statistical budget: used to give workload assumptions- A measure of activity in each department for the upcoming budget period
• Revenue Budget: Is a forecast of the income a hospital expects to receive £or the budget period used
• Expense budget: gives the cost associated with providing the service i.e. the amount of money each department expects to pay-out
• Operating Budget :-Combines revenue and expense and It lists, for the upcoming fiscal year, anticipated income by source
• Cash budget-Gives the cash on hand for day to day running of the hospital
• Capital budget- summarizes future plans for acquisitions of plant facilities and equipment.
The Balanced Budget Act (BBA) of 1997, states were authorized to establish a
Flex Program in which certain Medicare participating facilities can become Critical Access Hospitals (CAHs). (DHHS)
1. Provide the role of government programs on any 1 of the chosen facility's number of beds, length of stay, and inpatient and outpatient or transitory status.
1.1. Government programme requirements are that a hospital that seeks CAH status must meet the following criteria:
1.1.1. Maintain no more than 25 inpatient beds that may also be used for swing bed services (a ...
Healthcare budget preparation is a rigorous and iterative process which requires that management must involve all department heads in a facility.
Government programmes such as Medicaid and Medicare have strict rules governing the criteria for reimbursement.The facilities must make adjustments in order to remain profitable.
A healthcare facility Officer in Charge must benchmark with other facilities of similar standing to perfect the budget and control exercise that meet minimum standards.
This solution provides a guide for the development of a budget and control system, as well point to sources of information for benchmarking.