Like other healthcare organizations, the budget management in this healthcare organization is said to be underdeveloped. This is the reason why we have identified it for the analysis so that we can make possible recommendations. Strategies of Managing Budgets Within Forecast Managing budgets within forecasts is significant in revenue attainment and costs containment. However, ensuring that budgets remain within forecasts is not an easy task. Moreover, budget forecasts are not always accurate in terms of budgetary estimates they give. This makes designing of a strategic budgets management approach to be a necessity in healthcare organizations. In this healthcare organization, specific strategies exist for managing budgets within forecasts. These strategies vary both in their characteristics and in applicability. However, the majority of them are applicable in healthcare organizations like the one identified in this paper. One of the strategies that could be significant in managing budgets within forecasts is the use of both quantitative and qualitative approaches during forecasting. According to Cole (2003), quantitative approach uses numeric data such as statistics and the accounting data to draw projections. Qualitative approach, on the other hand, uses explicit assumptions and individual judgments about the assumptions to draw conclusions (Cole, 2003). Combination of these two approaches, when looking for budget forecast estimates, assists in obtaining the most accurate and unbiased estimates. These estimates guide the actions taken to maintain the budget within the forecasts. As a result, the strategy could help in managing the budgets within forecasts. The interval which the forecast is based on is significant in obtaining accurate estimates from the forecast. Another strategy that could be adapted to manage budgets within forecasts is the use of small intervals when forecasting. The strategy can be implemented by use of a rolling forecast produced on a quarterly basis to provide a full-year outlook (Dressler, 2004). An approach that uses short intervals like this one can promote obtaining of more accurate forecasts. Moreover, it can provide forecast estimates that could be obtained from within the large interval forecasts. This could greatly assist in managing budgets within forecasts, thus promoting operability of the organization. According to Cokins (2006), budgeting and financial planning are confusing to many organizations. As a result, many organizations in different industries find it difficult to integrate the two as organizational management. A strategy of employing budgeting together with financial planning in management of an organization is another strategy that could help in managing budgets within forecasts. Financial planning would assist in the drawing of accurate forecasts while budgeting would be assisting in maintaining the spending within the forecasts. However, for this to be achieved, these two aspects must be used in an integrated manner. Otherwise, they would not be able to supplement each other, thus failing to achieve their objectives. Expense Results With Budget Expectation Healthcare organizations have several expense results. Each of the results has its own budget expectation. Five of the most significant expense results of healthcare organizations such as the one identified in this paper are salary and wages expenses,
Cost Variance in Healthcare Organizations Introduction Budget management is essential in different industries of an economy. This is because it enables organizations to operate with low costs while maintaining their effectiveness in service delivery. Budget management involves analysis and controlling of budget variance…
The government, through the Department of Health and Human Services should lead in promoting efficient health care to each of its citizens. Importantly, quality health care should not be limited only to those who can subscribe to medical insurances or those who can afford highly efficient health care at high costs.
Healthcare management is one of the important fields that require an immense attention on the patients and their health. The much developed technology has contributed to the various needs of the patients and this provided them a good quality interaction in the healthcare operations.
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Second, equality of variances must be assumed. In cases where variances of the groups are unequal, adjustments are made to the critical values of F and the degrees of freedom in order to accommodate the inequality. The third assumption is that the expected values of the errors are zero and, lastly, the errors must be independent.
Often healthcare professionals face a dilemma in which they have to decide whether to act morally or whether to go by the book. This dilemma is caused by a conflict of either going according to the rules or doing what is right in that situation. A good healthcare individual is one who makes a quick decision about his action.
This research states that modern day healthcare organizations strive to improve the healthcare safety and service quality by making use of certain kinds of IT in their healthcare delivery activities. Even smaller healthcare organizations have been making use of IT in order to achieve positive synergies.
The essay will also discuss another aspect related to the clinics such as workforce information, services on offer, materials management and their emergency plan among others.
The Longstreet Clinics (TLC) has been a giant in provision of
Rapid changes are occurring in healthcare organizations as they strive to adopt new technology, implement initiatives that affect quality improvements and institute performance plans. The management of public health institutions, therefore, needs an edge
8 pages (2000 words)Research Paper
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