You are a staff member in the finance department at Nouveau Health, whose sole responsibility is to advance the success of the organization through assisting in planning, forecasting, and finance management.
You are a staff member in the finance department at Nouveau Health, whose sole responsibility is to advance the success of the organization through assisting in planning, forecasting, and finance management. Complete the following: Prepare next year’s financial plan and operational budget. The CEO has asked that you expand that budget and provide a finalized budget that will take into account the new services offered. The CEO has stated that there is $3 million that you can incorporate in to the budget for additional staffing, services, maintenance, and so forth.
Below is the next year’s budget.
What is next year’s financial plan?
use reference to support plan
KRONA HOSPITAL OPERATING BUDGET FOR 20XX
Revenues Next Year’s Budget
Inpatient $ 25,000,000 $27,500,000.00
Outpatient 15,000,000 17,250,000.00
Emergency Room 10,000,000 $10,000,000.00
Laboratory 5,000,000 $5,000,000.00
Pharmacy 1,500,000 $1,575,000
Home Health and Hospice 1,500,000 $1,725,000
Ambulance Services 950,000 $950,000
Substance Abuse 250,000 $250,000
Other 850,000 $850,000
Subtotal $ 60,050,000 $65,100,000
Less Chartiy Care 18,000,000 $18,000,000
Net Revenues $ 42,050,000 $47,100,000
Expenses
Payroll (including nursing salaries) $ 12,500,000 $13,750,000
Benefits 3,000,000 $3,300,000
Contract Labor 100,000 $100,000
Insurance 300,000 $300,000
General Services (laundary, security, etc) 3,000,000 $3,000,000
Depreciation 1,500,000 $1,500,000
Interest Expense 300,000 $300,000
Professional Services 10,000,000 $10,000,000
Total Operating Expenses $ 30,700,000 $32,250,000
Net Income $ 11,350,000 $14,850,000
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