HCAD640 BUDGET PROJECT

The
Assignment

You are the Budget Director for Alamo Hospice a
mid-size hospice organization. You will
develop a comprehensive budget and create the associated performance story for
Next Year that describes the results the organization is planning to produce. Your budget should support your
organizational goals and objectives. You
will develop schedules that will enable you to present the budget to the Board
of Directors for Approval. You will be
given a set of data for the estimated Current Year (an extrapolated
annualized amount), as well as historical data from 1 Year Ago (Actual
data) and 2 Years Ago (Actual Data). You will develop the budgeted financial and
statistical information for the Next Year that utilizes the
historical information as a basis. The
accompanying Excel spreadsheet will provide you a template for development of
the key information. You will be asked
to develop and defend assumptions related to the development of the budget.

Objectives

This project will enable you to utilize and
demonstrate a wide variety of knowledge and skill learned in this class. Specifically, you will be asked to:

1. Identify and apply assumptions that and
impact the health care market.

2. Demonstrate how certain economic principles
impact the operations of a health care organization.

3. Identify the payment mechanisms used by
major third party payers

4. Show the impact of financing mechanisms on
the operations of a health care organization.

5. Apply financial management skills,
including Excel spreadsheet development, business model construction,
productivity management, and margin analysis to achieve organizational
objectives.

6. Develop a compelling financial performance
story that results in the approval of the budget by a Board of Directors.

Relevance

Our Hospice example represents the kinds of issues
found in most health care organizations.
The revenue represents multiple types of payors and payment
systems. The “products” are simple and
straightforward and easy to compute. On
the expense side, you will see the impacts of productivity, fixed and variable
costs and incorporate capital costs into the budget development process. These activities and concepts are applicable
to most other healthcare organizations, including hospitals, physician offices,
long term care facilities, surgery centers, etc.

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