As a member of the finance team, you have been asked to forecast the upcoming years operational budget for Krona Community Hospital. Click here for last years budget. After reviewing spec
***This is a TWO-PART- assignment paper and financial excel sheet***
2-3 pages APA 6 format, in-text citation, Use at least two (2) scholarly references to substantiate your work. Please provide a copy of all references used.
Spreadsheet is attached.
The links to the mentioned articles are provided below
**youtube video to help with completing spreadsheet**
https://www.youtube.com/watch?v=M2AG7v9RPxs
Assignment Details:
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
(explanation of assignment from professor)
“ The assignment is to take the number that its here and increase it by whatever percentage or decrease it by whatever percentage theyre asking you to do. So, you just have to do a math problem. So in the columns right next to it. Come up with the new budget. So youre going to as part one of the individual project submit this excel spreadsheet with the new numbers on it.”
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.
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 | |||||
Sheet2
Sheet3
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