Healthcare Organization Financial Fundamentals Summary: Questions

Healthcare Organization Financial Fundamentals Summary: Questions

Part 1
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 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

Part 2
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.

NOTE: The Excel sheet for last year budget will be send via e-mail. Please ensure you are using this to answer part 1. Create a separate column to show these increase. When this task is completed. Copy and paste this in a word document and combine with part 2 research. All references (must be published within the last 5 years) must be cited using the APA format.

 

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