You are the Budget Director for Lone Star Hospice a mid-size hospice organization
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The
Assignment
You are the Budget
Director for Lone Star 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 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.
How do I get
Started?
Explanation & Answer
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