As a member of the finance team, you have been asked to forecast the upcoming years operational budget for Krona Community Hospital. Click here ( I’ve attached th
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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 ( I've attached the file) 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
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.
The use of APA 7 style is expected. Students are required to reference at least 2 scholarly sources (within the last 4years) for this task.
20XX
| KRONA HOSPITAL OPERATING BUDGET FOR 20XX | ||||||
| Revenues | ||||||
| Inpatient | $ 25,000,000 | |||||
| Outpatient | 15,000,000 | |||||
| Emergency Room | 10,000,000 | |||||
| Laboratory | 5,000,000 | |||||
| Pharmacy | 1,500,000 | |||||
| Home Health and Hospice | 1,500,000 | |||||
| Ambulance Services | 950,000 | |||||
| Substance Abuse | 250,000 | |||||
| Other | 850,000 | |||||
| Subtotal | $ 60,050,000 | |||||
| Less Chartiy Care | 18,000,000 | |||||
| Net Revenues | $ 42,050,000 | |||||
| Expenses | ||||||
| Payroll (including nursing salaries) | $ 12,500,000 | |||||
| Benefits | 3,000,000 | |||||
| Contract Labor | 100,000 | |||||
| Insurance | 300,000 | |||||
| General Services (laundary, security, etc) | 3,000,000 | |||||
| Depreciation | 1,500,000 | |||||
| Interest Expense | 300,000 | |||||
| Professional Services | 10,000,000 | |||||
| Total Operating Expenses | $ 30,700,000 | |||||
| Net Income | $ 11,350,000 | |||||
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