Operational budget forecast for Community Hospital

Operational budget forecast for Community Hospital

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Operational budget forecast for Community HospitalOperational budget forecast for Community Hospital

ALL UNITS HAVE TO BE COMPLETED, please put each unit on a separate word document

400-600 WORDS FOR EACH SUMMARY, APA FORMATTING

UNIT 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

Operational budget forecast for Community Hospital – Nurses Homework | Nurses Homework

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.
UNIT 2

Define value-based models of payment.
Describe an accountable care organization payment system.
Define bundled care.
Discuss how value-based, accountable care, and bundled payments will require hospitals to manage the following post-acute care environments:Outpatient care (e.g., therapy, nursing, and physician)
Home health
Skilled nursing facility admission
UNIT 3

You have been promoted to a member of the management team in Krona’s financial department. You have hired a new staff member who will assist you in preparing materials for the next Board of Directors meeting, in which the annual financial reports will be presented. Complete the following:

Prepare an Executive Summary to the next Board of Director Meeting on one of the following topics:
Discuss why a service line of your choice should be discontinued due to reimbursement and current demographic trend in your area.

Discuss why a service line should be implemented to increase revenue based on reimbursement changes and current demographic trend in your area.

Discuss why expansion of outpatient services will improve revenue in the current Accountable Care Organization or Value Based Service models delineated by CMS.

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