To prepare: Review the information in this week’s Resources dealing with variance analysis, how it is calculated, and how it can be used in decision making, including the video Varian
To prepare:
- Review the information in this week’s Resources dealing with variance analysis, how it is calculated, and how it can be used in decision making, including the video Variance Analysis.
- Use the Variance Discussion Case document, provided in the Resources, to calculate budget variances for the case presented. (document attached below)
The assingment: Post a description of your insight into the budget variances in the scenario. In your opinion, what can be done, in general, to manage budget variances? Propose some best practices and/or strategies for budget control, both in general and as to how it relates to your proposed healthcare product or service solution. please include at least THREE references
NURS 6211: Finance and Economics in Healthcare Delivery
Discussion: Why Do Good Budgets Go Bad?
Budgeting and Variance Analysis
Instructions:
The following are budgeted and actual revenues and expenses for a hospital:
Budgeted Actual
Revenues
Surgical Volume
2,300 2,600
Gift Shop Revenues
$18,000 $19,000
Surgery Revenues
$589,500 $852,750
Parking Revenues $17,000 $19,000
Expenses
Patients Days 26,000 25,000
Pharmacy
$119,000 $158,000
Misc. Supplies
$68,000 $795,600
Fixed Overhead Costs $832,000 $890,000
In preparation of your Discussion post submission, complete the following:
1. Determine the total variance between the planned and actual budgets for
Surgical Volume. Is the variance favorable or unfavorable?
2. Determine the total variance between the planned and actual budgets for
Patient Days. Is the variance favorable or unfavorable?
3. Consider which variances are potentially due to change in volume and which
variances are potentially due to change in rates or other factors.
Collepals.com Plagiarism Free Papers
Are you looking for custom essay writing service or even dissertation writing services? Just request for our write my paper service, and we'll match you with the best essay writer in your subject! With an exceptional team of professional academic experts in a wide range of subjects, we can guarantee you an unrivaled quality of custom-written papers.
Get ZERO PLAGIARISM, HUMAN WRITTEN ESSAYS
Why Hire Collepals.com writers to do your paper?
Quality- We are experienced and have access to ample research materials.
We write plagiarism Free Content
Confidential- We never share or sell your personal information to third parties.
Support-Chat with us today! We are always waiting to answer all your questions.
