Budgeting in Health Care
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1. Define and discuss the DECISION THEORY. Please be sure to include why this theory is important to the healthcare budget. (200+ words)
2. Standard cost profiles (SCP) have an important place in healthcare. SCP has two elements: Definition of the service units (SU) being costed and profile of the resources required or actually used to provide the SU. What is the purpose of standard cost profiles in healthcare, and why are standard cost profiles important? (200+ words)
3. There are three budget ratios in healthcare: cash flow, operational, and margin ratios. Compare two of the budget ratios. What are the differences? What are the similarities? Give one example in each budget that would benefit a healthcare manager. (200 + words)
4. Why is it important to keep track of both direct (SU is linked to a particular patient) and indirect (service unit is provided to another department of the hospital, rather than to a patient) costs? How do these costs affect standard cost profiles? ( 200+ words)
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