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Healthcare Budget - Term Paper Example

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Healthcare Budget

In their place, it is always important to put structures that help in the effective creation and monitoring of the operating budget. To this end, this is going to be a paper that does not only prepare a comprehensive operating budget based on the previous year’s projections but it would also be a document that critically identifies some of the effective financial management practices that could both hinder and promote effective creation and monitoring of the operating budget. ...
3 the marketing plans that were started in 2009 would be maintained and this is expected to additional revenue to an increment tone of 16%. 4 Increases in salaries is expected to be very steady as there is not expected much increase in patient volume for the period under review. 5 as most suppliers depend on inflation rates and the cost of global oil to determine their cost, it is estimated that the cost of supplies will increase drastically to reflect expected increases in oil prices. 6 Contract fees will see an upward adjustment to meet present economic demands and cost of living. 7 Oil prices will play another major role in bringing about increases in utilities. 8 The facility is expecting to continue the replacement program began in 2009 and this is to bring about depreciation as equipment such as Some high-cost equipment air conditioning, telephone system, all patient beds and headwalls) are replaced. 9 Repayments for previously borrowed monies will be due in the year under review. 10 Renegotiations with Managed Care plans were not completed in 2009 and so will be carried ahead into the present year. 11 Total expenses will rise 4.4%. 12 As the hospital makes efforts to reduce losses, income is expected to drastically increase. 13 The “Bull Market” syndrome is not expected to change anytime soon. 14 As in 2009, The hospital's loss will be further reduced by good returns on investment income. Financial management practices that promote effective creation and monitoring of the budget Financial researchers have identified a number of practices that are useful in creating and monitoring an operating budget (Wolinsky, 2005). In their opinion, these practices collectively come together to constitute effective financial management. The first ...Show more

Summary

HEALTHCARE BUDGET Introduction An operating budget is an important document that determines the financial management paradigm of any given organization or institution (Wolinsky, 2005). As a healthcare facility, the Patton-Fuller community Hospital needs an operating budget to regulate its financial management…
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