Health Care Budget - 1072 Words

HCS 577 September 2012 Health Care Budget Manage a health care organization is not an easy task, the compromise with the community to provide an excellent service and the responsibility of keeping the profitability and viability of the organization makes health care management a complex and every day challenging profession. It require effective practices to avoid the failure of the business. Independently if the organization is not-for-profit or for-profit, a vital duty of the management team is to keep the organization finances in a status that allows it to operate, and produce a level of revenue that secure its existence over the years. To reach these objectives, managers must perform key functions that involve planning, decision†¦show more content†¦That is the case of the Patton-Fuller Community Hospital, a for-profit organization founded in 1975 by on-site practicing physicians, which principal objectives are to provide an excellent patient care to the community it serves and as any other for-profit organization, enhance the wealth of its stockholders (Albert, Brooks, Borze Stoops, LLC, 2009). To apply effective management practices PFCH corporate officers work together to develop annual budgets to focus on operational decisions surrounding the increasing of revenues and decreasing of expenses, control, and reduction of costs, and maintaining a healthy cash flow. Looking at the 2009 Operating Budget, is easy to deduct that PFCH management team has been practicing successful management techniques augmenting the revenues in almost 10% from 2008 in comparison with not even a 6% in expenses increase. For 2010 the percentages of increase are lower based on the assumption that a three percent general deflation rate for prices in 2009 will continue into 2010 as a result of the weak economy (Virtual Organizations, 2011). The figures are as follows: Patient revenue and total revenue will increase three percent in 2010, and even if it is at a decreased rate with little or no increase in patient volume, resulting of new managed care contracts, the tendency of having a major increase in revenues than expenses continues with only a 1.26% expenses increase. Another goodShow MoreRelatedHealth Care Budget903 Words   |  4 PagesHealth Care Budget Effective financial management is the basis of thriving health care organizations. Organizations must make good investment decisions based on objective analysis (Healthcare Financial Management Association [HFMA], 2005). Integration of financial management principles provides decision makers with guidance to make capital decisions maximize mission-based benefits at effective costs (HFMA, 2005). An operating budget is the statement of profit and loss for the entire organizationRead MoreHealth Care Budget Paper1149 Words   |  5 PagesHealth Care Budget Paper Financial Management means planning, organizing, directing and controlling the financial activities such as procurement and utilization of funds for an organization. It means applying general management principles to financial resources of the enterprise or organization. The scope of financial management can cut across a wide range of the organizations departments and can involve investment decisions including investment in fixed assets. Investment in current assetsRead MoreHealth Organization s Core Values With The Budget Process Within The Organization846 Words   |  4 PagesIt is crucial for the leader of a health care organization to garner the support of the managers to strategize how to best prepare the annual budget. The managers in turn must gather the support of their staff to best figure out how the organization should proceed in developing the budget. A leader should respect the budget process within the organization, but understand after receiving managerial i nput, that ultimately he or she is responsible for allocating the financial resources. StrategicRead MoreThe main difference between the federal budget and the state and local budgets is the issue of a monetary deficit1495 Words   |  4 Pagesbetween the federal budget and the state and local budgets is the issue of a monetary deficit, in which expenditures in the budget exceeds revenues that were estimated. 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3  HYPERLINK l _Toc433874385 3.1 Roles- Read MoreHealthcare Informatics : The Satellite Clinic989 Words   |  4 Pagesclinic will be provided in information technology as PMH. The EMR or EHR is very important in ameliorating the quality of care. The EMR would be implemented with its meaningful use. The EMR implementation and its meaningful use will augment the patient safety and it would ameliorate the quality of care. Therefore; the Pocahontas County Community will have the same quality of care as the PMH. â€Å"Implementing and using EHR systems in a meaningful way is likely to have a net cost over the several yearsRead MoreStrategic Plan Part III1043 Words   |  5 Pages– Financial Plan July 20, 2015 Lori Stemen HCS/589 – Health Care Strategic Management Professor Harley Smith Bon Secours Financial Plan In this paper we will discuss Bon Secours Health System and their financial plan for a three year time period, and how they will achieve their financial goals and maintain financial stability. The proposed budget for patient services is expected to increase with the Bariatric services and cardiac care services. These to objectives have been a struggleRead MoreImpact of Affordable Care Act on North Carolina Uninsured Population1204 Words   |  5 Pagesï » ¿ Impact of Affordable Care Act on North Carolina Uninsured Population Rita Santos Walden University NURS-6050N-1,Policy Advocacy for Population Health January 3, 2014 Impact of ACA on North Carolina Uninsured Population The Affordable Care Act (ACA) is in vigor since January 1, 2014, and hospitals and health care providers are not sure about how many people will knock at their door for health care. So far, according to Camp (2014) â€Å"More than two million people across the country haveRead MoreFacility Planning Part Ii Essay1177 Words   |  5 PagesFacility Planning Part II HCS 446 Facility Planning Part II Introduction Development and growing a facility takes much time and contemplation with respect to regulatory requirements, budgets, planning and development of the building and the interior design of the building.    Making certain code requirements are met which is usually to help the architect and contractor. Many matters must be well-thought-out during the preliminary design created by the stakeholders in the blueprint.    Color collections