HM2010 Week 1 Assignment
How do you analyze a budget, particularly the revenue and
expenses?
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This
assignment helps you apply your knowledge from this week’s modules and
readings.
In
any healthcare setting, as the manager, it is important you have the basic
understanding of financial principles. These include: operating budgets and
basic financial analysis. This will help you to achieve the operational goals
of the organization.
________________________________________
Budgeting and Forecasting
Answer the following questions.
1. What is a
budget?
2. What is
revenue?
3. Describe
two (2) types of expenses and give an examples of each.
?
________________________________________
Patient Revenue
Answer the following questions.
4. Calculate
the Net Revenue per Patient using the following information:
5. Part of
preparing a medical office budget is to regularly compare your practice’s
actual finances with your budget. Assess the information in the table
below:
a. Determine
the variance for each month.
b. For each
month, was the practice “Underbudget” or “Overbudget”?
6. Using the
information in the “Operating Budget A,” prepare a new 6-month budget to
show:
________________________________________
Reflection
Reflect on what you have learned this week to help you
respond to the question below. You may choose to respond in writing or by
recording a video!
7. Think of
a time you had to follow a budget for personal reasons. What strategies did you utilize to prepare
for expenses you had not considered (for example, parking lot fees, late night
drive through meals and renting movies on the weekend) and how would you improve
your budget skills for managing a healthcare facility?
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