Budget preparation and Implementation in Hospital.pptx
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This document discusses hospital budget preparation and implementation. It explains that a budget is a financial plan projecting income and expenses over a specific period. Budgets are used to regulate hospital finances, manage cash flow, prioritize investments in equipment, and evaluate performance. The document outlines short and long-term budgets, as well as income, expenditure, equipment, and construction budgets. It provides examples of budget line items like staff salaries, drug costs, supplies, and equipment. Finally, it notes that implementing a budget involves carrying out planned programs and projects according to the strategy and funds available to achieve goals.
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a. Preaparation and Implementation.pptx
Budget preparation and implementation are important tasks for any hospital pharmacy department. The budget is a financial plan for the year that takes into account factors like maintenance, development, and strategic planning. It allows hospital administration and management to comprehensively review services against the prepared plan in financial terms. The budget has objectives like developing standards, analyzing deviations, and monitoring financial activities. It is divided into income/revenue accounts and expenditure accounts. Income considers statistics like prescription volume and drug costs. Expenditure includes salaries, supplies, drugs, equipment, and miscellaneous costs. Implementation depends on department requirements, funds, and management policies.
Budget Preparation and Implementation .pptx
Budget preparation and implementation are important tasks for any pharmacy department. A budget involves creating financial plans for expenses like salaries, supplies, drugs, and equipment for the upcoming year. It helps set standards, compare actual spending to projections, analyze deviations, monitor finances, and ensure priorities are met cost-effectively. There are several types of budgets based on duration and accounts. Income accounts track revenue while expenditure accounts cover administrative costs, patient care, outpatient services, and more. Developing the budget requires considering factors like department needs, available funds, product usefulness and prices, and quantity required.
Budget Preparation and Implementation.pptx
The document discusses budget preparation and implementation. It defines a budget as a financial plan for a defined period in the future. Budgets are used for planning, control, coordination, communication, performance evaluation, and motivation. There are different types of budgets such as long-term, short-term, and current budgets. Budget preparation involves determining revenue, expenses, capital equipment requests, and developing sections for these items. Effective budget implementation requires considering the actual financial position, utility and quantity of items, and product costs. Organization and control are also important aspects of managing the budgetary process.
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The document outlines the roles and responsibilities of hospital financial management, including preparing budgets and financial reports, maintaining accounting records, analyzing costs and revenues, and establishing financial controls. It also discusses financial planning, capital formation, rate setting approaches, and budget preparation and control in hospitals. The roles of the financial manager involve all aspects of accounting, budgeting, and financial analysis and reporting for the hospital.
inroduction to clinical pharmcy.pdf
The document provides an overview of clinical pharmacy, including its definition, scope, and the roles and responsibilities of clinical pharmacists. It discusses how clinical pharmacists work as part of a healthcare team to optimize patient outcomes through various activities like collecting patient medical histories, identifying drug therapy problems, monitoring drug therapies, and educating patients. Clinical pharmacists play an important role in ensuring safe and effective use of medications in both hospital and community pharmacy settings.
Budget preparation and implementation
Budget preparation and implementation are important tasks for any hospital pharmacy department. A budget involves developing a financial plan for the upcoming year that takes into account factors like maintenance, development, and strategic planning. It allows hospital administration and departments to comprehensively review services and compare actual results to standards. There are different types of budgets based on duration and division, including short term (2 years), long term (5-10 years), income accounts, expenditure accounts, and capital investment requests. Preparing the budget involves estimating income from things like prescriptions and costs for categories such as salaries, supplies, drugs, equipment, and miscellaneous expenses. Implementation of the approved budget considers requirements, funding availability, item utility, costs, and quantities.
Budget- Its preparation and implementation
The document discusses the budget preparation and implementation process for a hospital pharmacy. It defines a budget as a financial plan for a defined period to achieve objectives. The budget is prepared annually or every 3-5 years and includes income/revenue accounts, expenditure accounts, and capital budgets. Income comes from drug sales to inpatients, outpatients, and departments. Expenditure includes salaries, supplies, drug purchases, equipment, and facilities. Proper implementation of the budget requires assessing department needs, available funds, item utility, costs, and quantities. The budget allows for financial planning, decision-making, efficiency monitoring, and priority-setting for the hospital pharmacy.
PRIMARY CARE ScenarioType of care providedScenario.docx
PRIMARY CARE Scenario
Type of care provided
Scenario
Question 1
Question 2
Care in this type of setting is delivered by physicians, physician assistants, nurse practitioners, and ad-
vanced practice professionals. This area of health care is the most widely used, and it is a major focus
of the Affordable Care Act of 2010, focusing on primary care providers and decreasing the focus on the
utilization of specialty providers.
As an administrator, you need to assess this situation: How would you determine if there was a true need
for another receptionist? Do you need to reinstate the position or can you retrain the current number of
employees? Why?
As an administrator, describe the effects that labor shortages of key personnel and rising costs of labor
have on profitability. How would you determine how to allocate your money? Be sure to think critically
about the impact that quality outcomes and patient outcomes have on financial resources.
A primary care clinic can be an individual-physician practice or a multiple-physician practice organized
as a nonprofit or a for-profit facility. Multiple-physician practices generally specialize in cardiac, women’s
health, pediatrics, or related services. You are the administrator of a local for-profit, multiple-physician
community clinic owned by five local physicians, specializing in internal medicine, women’s health, pe-
diatrics, orthopedics, and oncology. The clinic sees an average of 50 patients per day. Scheduling is
centralized with two receptionists, and each specialty has four staff members to assist the physicians.
All the physicians have visiting privileges at the area hospitals and frequently speak at local and national
conferences on numerous preventative health care topics. The clinic is noted for its use of technology
and has agreements in place with the local hospitals for web-based exchanges of health information on
shared patients.
Action Required:
Your office just underwent an organizational change and one office receptionist was eliminated, saving
the office $25, 000 per year in labor costs. However, there have been a number of complaints that all
patients cannot be processed due to the increased flow of patients. Two weeks later you begin to hear
that wait times for appointments have increased, and one specific patient was not able to be seen. That
patient now has developed an infection and requires surgery.
Question 3
Based on what you have learned so far in this course, what would be your plan of action for the next 30
days? What types of reports would you use to help support your decisions?
Budget Considerations
Operational Budget – This budget focuses on a broader view of the total operations of the organization in which
all departments are reviewed for both their income potential and the costs associated with the work activities used
to generate projected revenues. Each department will have its own budget for the managers to follow and on
wh.
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a. Preaparation and Implementation.pptx
Budget preparation and implementation are important tasks for any hospital pharmacy department. The budget is a financial plan for the year that takes into account factors like maintenance, development, and strategic planning. It allows hospital administration and management to comprehensively review services against the prepared plan in financial terms. The budget has objectives like developing standards, analyzing deviations, and monitoring financial activities. It is divided into income/revenue accounts and expenditure accounts. Income considers statistics like prescription volume and drug costs. Expenditure includes salaries, supplies, drugs, equipment, and miscellaneous costs. Implementation depends on department requirements, funds, and management policies.
Budget Preparation and Implementation .pptx
Budget preparation and implementation are important tasks for any pharmacy department. A budget involves creating financial plans for expenses like salaries, supplies, drugs, and equipment for the upcoming year. It helps set standards, compare actual spending to projections, analyze deviations, monitor finances, and ensure priorities are met cost-effectively. There are several types of budgets based on duration and accounts. Income accounts track revenue while expenditure accounts cover administrative costs, patient care, outpatient services, and more. Developing the budget requires considering factors like department needs, available funds, product usefulness and prices, and quantity required.
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The document discusses budget preparation and implementation. It defines a budget as a financial plan for a defined period in the future. Budgets are used for planning, control, coordination, communication, performance evaluation, and motivation. There are different types of budgets such as long-term, short-term, and current budgets. Budget preparation involves determining revenue, expenses, capital equipment requests, and developing sections for these items. Effective budget implementation requires considering the actual financial position, utility and quantity of items, and product costs. Organization and control are also important aspects of managing the budgetary process.
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The document outlines the roles and responsibilities of hospital financial management, including preparing budgets and financial reports, maintaining accounting records, analyzing costs and revenues, and establishing financial controls. It also discusses financial planning, capital formation, rate setting approaches, and budget preparation and control in hospitals. The roles of the financial manager involve all aspects of accounting, budgeting, and financial analysis and reporting for the hospital.
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The document provides an overview of clinical pharmacy, including its definition, scope, and the roles and responsibilities of clinical pharmacists. It discusses how clinical pharmacists work as part of a healthcare team to optimize patient outcomes through various activities like collecting patient medical histories, identifying drug therapy problems, monitoring drug therapies, and educating patients. Clinical pharmacists play an important role in ensuring safe and effective use of medications in both hospital and community pharmacy settings.
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Budget preparation and implementation are important tasks for any hospital pharmacy department. A budget involves developing a financial plan for the upcoming year that takes into account factors like maintenance, development, and strategic planning. It allows hospital administration and departments to comprehensively review services and compare actual results to standards. There are different types of budgets based on duration and division, including short term (2 years), long term (5-10 years), income accounts, expenditure accounts, and capital investment requests. Preparing the budget involves estimating income from things like prescriptions and costs for categories such as salaries, supplies, drugs, equipment, and miscellaneous expenses. Implementation of the approved budget considers requirements, funding availability, item utility, costs, and quantities.
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The document discusses the budget preparation and implementation process for a hospital pharmacy. It defines a budget as a financial plan for a defined period to achieve objectives. The budget is prepared annually or every 3-5 years and includes income/revenue accounts, expenditure accounts, and capital budgets. Income comes from drug sales to inpatients, outpatients, and departments. Expenditure includes salaries, supplies, drug purchases, equipment, and facilities. Proper implementation of the budget requires assessing department needs, available funds, item utility, costs, and quantities. The budget allows for financial planning, decision-making, efficiency monitoring, and priority-setting for the hospital pharmacy.
PRIMARY CARE ScenarioType of care providedScenario.docx
PRIMARY CARE Scenario
Type of care provided
Scenario
Question 1
Question 2
Care in this type of setting is delivered by physicians, physician assistants, nurse practitioners, and ad-
vanced practice professionals. This area of health care is the most widely used, and it is a major focus
of the Affordable Care Act of 2010, focusing on primary care providers and decreasing the focus on the
utilization of specialty providers.
As an administrator, you need to assess this situation: How would you determine if there was a true need
for another receptionist? Do you need to reinstate the position or can you retrain the current number of
employees? Why?
As an administrator, describe the effects that labor shortages of key personnel and rising costs of labor
have on profitability. How would you determine how to allocate your money? Be sure to think critically
about the impact that quality outcomes and patient outcomes have on financial resources.
A primary care clinic can be an individual-physician practice or a multiple-physician practice organized
as a nonprofit or a for-profit facility. Multiple-physician practices generally specialize in cardiac, women’s
health, pediatrics, or related services. You are the administrator of a local for-profit, multiple-physician
community clinic owned by five local physicians, specializing in internal medicine, women’s health, pe-
diatrics, orthopedics, and oncology. The clinic sees an average of 50 patients per day. Scheduling is
centralized with two receptionists, and each specialty has four staff members to assist the physicians.
All the physicians have visiting privileges at the area hospitals and frequently speak at local and national
conferences on numerous preventative health care topics. The clinic is noted for its use of technology
and has agreements in place with the local hospitals for web-based exchanges of health information on
shared patients.
Action Required:
Your office just underwent an organizational change and one office receptionist was eliminated, saving
the office $25, 000 per year in labor costs. However, there have been a number of complaints that all
patients cannot be processed due to the increased flow of patients. Two weeks later you begin to hear
that wait times for appointments have increased, and one specific patient was not able to be seen. That
patient now has developed an infection and requires surgery.
Question 3
Based on what you have learned so far in this course, what would be your plan of action for the next 30
days? What types of reports would you use to help support your decisions?
Budget Considerations
Operational Budget – This budget focuses on a broader view of the total operations of the organization in which
all departments are reviewed for both their income potential and the costs associated with the work activities used
to generate projected revenues. Each department will have its own budget for the managers to follow and on
wh.
Budget Preparation And Implementation.pptx
Budgets are financial plans for future periods that help with planning, control, coordination and performance evaluation. Objectives of budgets include setting standards, analyzing deviations, determining feasibility, and monitoring finances. Budgets can be long-term (5-10 years), short-term (2-5 years), or current (1-3 months). Budget preparation involves estimating revenues, expenses like salaries and supplies, capital requests, and historical data. Successful budget implementation depends on the actual financial position, utility of budgeted items, product costs, and maintaining appropriate inventory quantities.
Budgeting for Hospital and Community
-It is a statement of anticipated results during a designated
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The document discusses hospital budget preparation. It defines a budget as a tool for hospital administration to review hospital services in a comprehensive financial plan. The objectives of a hospital budget are to develop standards, compare actual results to standards, identify deviations, analyze deviations, monitor financial activities, estimate costs of objectives, improve financial planning, focus decision making, and effectively manage finances. A budget includes income/revenue accounts, expenditure accounts, and requests for capital investments. The preparation process involves assumptions from administration, contributions from departments, hearings, preliminary budgets, and approval. Factors like local conditions, management policy, and authority confidence can influence the budget.
Management and regulation of hospital costs
Managers control hospital costs through various budgeting processes including fixed, flexible, operating, and strategic budgets. Fixed budgets do not change with volume while flexible budgets change based on actual activity levels. Operating budgets project annual expenses and strategic budgets focus on long-term trends. Organizations deal with changes in the short, intermediate, and long-run through measures like adjusting staffing levels. Hospital costs vary due to differences in services, cost-shifting, patient illness, and production efficiency. Regulatory approaches to controlling costs include certificate of need laws, utilization review, professional standards review organizations, and administered pricing systems like DRGs and PPS.
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Introduction
The budgeting process is an attempt to establish a set of realistic standards for operating a health care organization. The budget is a set of specific objectives for the year ahead. The finance system provides the cost and revenue data and sometimes assists with other measures.
Formulating a budget is the beginning of the process. Every budgeting system must contain provisions for preparing the budget and implementing a system. This system must include coordination, control, follow-up, and maintenance. An effective budget must be tailored to the organization’s specific needs. The budget must be comprehensible and attainable. There should be innovation and flexibility to meet unexpected occurrences.
A health care organization’s budget provides a fully detailed description of expected financial transactions, by accounting period, for at least an entire year. The review of future expectations is useful in making smooth progress toward financial goals.
The major parts of an annual budget address operational and financial planning needs. The operating budgets are made up of the following:
· Expenditure or cost budgets anticipated by reporting period and responsibility center: Costs are often identified as fixed, semi-variable, or variable. Anticipated volumes of demand or output are incorporated into cost budgets.
· Revenue budgets reflect the receipt of income from services rendered. Standard gross revenue accounting reports a profit increase to the responsibility center, creating an incentive for productive activity.
· Income and expense budgets consist of expected net income and expenses incurred by the organization.
· Financial budgets embrace the effects of the organization’s financial decisions. These plans include a budgeted balance sheet that shows the effects of planned operations and capital investments on assets, liabilities, and equities. The plans also include a cash budget that forecasts the flow of cash and other funds in the business.
· Cash budget is for cash planning and control, presenting expected cash inflow and outflow for a designated time period. The cash budget helps management keep cash balances in a reasonable relationship to needs. You must know how much cash will flow in and out of the organization. You must also have an idea when these will take place. The cash budget is primarily used to spotlight periods of too little or too much cash rather than for continual control.
· Capital budgets are lists of proposed capital expenditures and new or significantly revised programs, with the implications for the operating and cash budgets by period and responsibility center. The capital budgets include all anticipated expenditures for facilities and equipment and for sources of funds.
Cost accounting is the process of determining the full and incremental costs of providing services and goods to patients and customers. To determine the full cost of providing a service, you must ensure that all costs are in.
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This document defines a hospital budget and outlines its objectives, types, and preparation process. A budget allows a hospital to compare actual results to standards, analyze deviations, and monitor finances. It benefits management by improving financial planning, decision making, and efficiency. Budgets can be short-term (2 years) or long-term (5-10 years) and include income/revenue accounts, expenditure accounts, and requests for capital investments. Preparing a budget involves departments outlining costs and the finance department collating budgets for approval by the governing board. Implementation considers departmental requirements, funding availability, and cost/quantity factors.
Financial budgeting for hospital
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The document discusses guidelines for developing comprehensive budgets for research studies. It emphasizes assessing the feasibility of study protocols and identifying all costs required to conduct the study. The key steps include developing an internal budget by reviewing study documents to list all procedures, visits, supplies, and patient care costs per participant as either standard of care or research only. Determining the appropriate classification helps identify the true costs to conduct the study for negotiation purposes. Common core budget components are also outlined.
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This document provides an outline and overview of budgeting concepts for healthcare systems. It begins with an introduction stating the importance of budgeting for nurse managers to effectively allocate resources. It then defines a budget and lists its importance, purposes, and characteristics of a good budget. The document discusses the budgeting process in healthcare, types of budgets, advantages and disadvantages, and the role of the nurse administrator in budgeting. Key points include that a budget is a financial plan, budgets are important for policy and accountability, and nurse administrators are responsible for formulating nursing department budgets and participating in fiscal planning.
Presentation1
The document discusses the process of budget preparation including defining budgets, the different types of budgets (revenue, expense, manpower, capital), and steps to develop each type of budget. It explains that budgets are itemized estimates of expenditures and revenues over a period that help with planning, communication, monitoring, and evaluation. Revenue budgets estimate invoiced amounts from patient services while expense budgets estimate costs. Manpower budgets involve forecasting workforce needs. Capital budgets cover long-term expenditures that improve assets like buildings.
THE BUDGET PREPARATION AND IMPLEMENTATION 2.docx
The budget is an instrument through which hospital administration, management at departmental levels, and the governing board can review the hospital's serDEFINITION:- Budget is described as an instrument through which hospital administration, management at the department levels and the governing bodies can review the hospital services in relationship to the prepared plan in a comprehensive and integrated form expressed in financial terms.vices in relationship to a prepared plan in a comprehensive and integrated form expressed in financial terms.
fiscal planning (Budgeting)
Introduction Budgeting is the heart of administrative management.
It serves as a powerful tool of coordination and negatively an effective device for eliminating duplication and wastage.
The main attributes of fiscal planning are as follows:-
It is a form of a financial business plan
It is run on a fiscal year rather than a calendar year.
It helps to mitigate some of the business tax liabilities.
Help with small business accounting.
Definition: A budget is an estimation of future needs arranged according to orderly basis covering some or all activities of an enterprise for a definite period of time.
-According to TN Chhabra
A budget may be a simple plan of ones personal finances, or it may be a complex document used by large organization.
Purposes of budget : Budget supplies the mechanism for translating fiscal objective into projected monthly spending pattern.
Budget enhance fiscal planning and decision making.
Budget clearly recognizes controllable and uncontrollable cost areas.
Budget offers a useful format for communication fiscal objectives.
Budget allows feedback of utilization of budget.
Budget helps to identify problem areas and facilitates effective solution
Budget provides means for measuring and recording financial success with the objectives of the organization.
Principles of Budget:1. Budget should provide sound financial management by focusing on requirement of the organization
2. Budget should focus on objectives and policies of the organization. It must flow from objectives and give realistic expression to the way of realizing such objectives.
3. Budget should ensure the most effective use of scarce financial and non financial resources.
4. Budget requires that programme activities planned in advance
5. Budgetary process requires consistent delegation for which fixed duties and responsibilities are required to be allocated to managers at different level for framing and executing budget
6. Budgeting should include coordinating efforts of various departments establishing frame of reference for managerial decisions, and providing a criterion for evaluating managerial performance.
7. Setting budget target requires an adequate checks and balance against the adoption of too high or too low estimate. Utmost care is a must for fixing targets.
8. Budget period must be appropriate to the nature of business or service and to the type of budget.
9. Budget is prepared under the direction and supervision of the administrator or finance officer.
10. Budget is to be prepared and interpreted consistently throughout the organization in the communication of planning process.
11. Budget necessitates a review of the performance of the previous year and an evaluation of its adequacy both in quantity and quality.
12. While developing a budget, the provision should be made for its flexibility. STEPS IN BUDGETING: COLLECTION OF PAST DATA
ASSESS SUCCESS AND FAIL
Abc of hospital finance
The document discusses key aspects of budget planning and financial reporting for hospital administrators. It explains the importance of creating an operating budget, cash flow budget, and capital budget. The operating budget includes a statistical budget to estimate department activity, an expense budget, and revenue budget. Financial reports discussed include the balance sheet, which lists assets, liabilities, and fund balance; the profit and loss statement, which shows revenue and expenses; and the cash flow statement. Understanding these tools is important for evaluating financial performance and controlling costs.
Final presentation (1)
The document discusses different types of budgets including operating, cash, and capital budgets. It provides examples of items that would be included in each type of budget. Capital budgets cover significant purchases like equipment and facilities that have useful lives of over two years. Effective budget preparation requires setting goals and objectives, developing strategies to achieve them, and translating strategies into estimated costs. Budgets should be realistic, consistent with organizational goals, and flexible enough to adapt to changing conditions.
Budget
The document discusses different types of budgets and costs. It defines budgets as financial plans for a defined period, usually a year, based on expected income and expenses. It outlines various types of budgets such as master and functional budgets, capital and revenue budgets, long-term and short-term budgets, and fixed and flexible budgets. It also defines different types of costs such as fixed costs, variable costs, sunk costs, and direct vs indirect costs. The document provides examples and explanations of each concept.
TRANSITIONAL CARE ScenarioType of Care ProvidedScenari.docx
TRANSITIONAL CARE Scenario
Type of Care Provided
Scenario
Transitional Care is a moderate to long term facility that focuses on therapy, wound care, and medical
management of chronic diseases. Individuals within transitional care can range from low need or minimal
care to individuals who are total care patients need 24 hour nursing assistance. These facilities are often
known as Long Term Care, Skilled Nursing Facility or Subacute Rehab.
Patients who do not return home directly from the hospital are transferred to a lower level of care. Transi-
tional care can take place in many different types of health care settings, such as a skilled nursing facility,
long-term care facility, or subacute unit specializing in rehabilitation therapy, wound care, IV therapy, and/
or postacute cardiac care. There are various staff arrangements based on the focus of care, but gen-
erally there is a registered nurse (RN) in charge, who may only work the day shift with the assistance of
licensed practical nurses (LPNs) and certified nursing assistants (CNAs), and a medical director who may
visit the facility daily (or 2-3 days per week) but who is on call for emergencies.
This specific transitional care unit consists of a 35-bed unit located within a 300-bed skilled nursing
facility and is generally close to the patient’s home. There are RNs (staff) on duty 24/7 with a physician
or nurse practitioner 7 days per week. The facility is a nonprofit, community-affiliated organization with a
community board of directors that oversees the operations of the facility. The facility has a strong history
of delivering quality services and high patient satisfaction. The facility is known for the implementation
of the latest electronic medical record (EMR) technology. It has a five-star rating from the Department of
Health and Commission on Medicare and Medicaid (CMS) with The Joint Commission Certification.
You have just been notified of a situation that has occurred in the facility. A patient was admitted to the
transitional care unit and was assessed by both nursing staff and physical therapy staff in order to de-
velop a plan of care for the patient to return home. It was initially anticipated that following IV therapy the
patient would be discharged home in 5 days (this is the standard stay, including the staffing ratios, in the
operational budget). However, the patient developed an infection and has to have an additional 6 days
of antibiotic fluids, which increases his stay from 5 to 11 days. As the administrator, you now need to
evaluate the financial impact to your organization, keeping in mind that the insurance is only paying 50%
of the IV therapy and only 35% of the extension of stay beyond the original authorization.
Question 1
What is the financial impact of this situation on the organization? Develop a short plan for how you would
compensate for this situation.
Question 2
What is the importance of an administrator understanding how p ...
Budgeting for various units
The document discusses how to create a budget for a hospital or educational institution. It outlines 10 steps for developing a hospital budget, including determining revenue sources, calculating expenses for facilities, equipment, personnel, and medical costs. Revenue comes from payments, taxes, donations, and insurance. Expenses include maintaining buildings, departments, equipment, beds, and staffing costs. The budget process requires estimating these factors. For an educational institution, the budget has revenue, expenditure, and capital sections. Recurring costs include fees, salaries, supplies while non-recurring includes endowments, deposits, and certifications. The samples budgets showed revenue exceeding expenses.
Budgeting in nursing
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The document discusses various aspects of managing a community pharmacy, including:
- The Community Pharmacy Medicines Management (CPMM) aims to introduce structured interventions between pharmacists, patients, and doctors.
- Financial planning is important and includes analyzing the business environment, identifying resource needs, and creating budgets. Projections should include estimates for revenue from product and service sales as well as expenses.
- Proper stocking, coding, and arrangement of drugs in the pharmacy by manufacturer, action, or alphabetically is necessary for efficient management. Adequate staffing of qualified pharmacists and other employees is also required.
- Selection of an appropriate site for the pharmacy based on factors like proximity to hospitals,
Budgeting
A nursing budget is a systematic financial plan that estimates nursing revenues and expenses over a set period of time. It is informed by analyzing past income and expenditures and projecting how revenues will cover estimated costs. Nursing budgets can take different forms depending on factors like the budget period, level of flexibility, and whether costs are estimated by program or department. The nurse administrator plays a key role in formulating the budget by consulting with managers, justifying funding needs, and ensuring client safety is not compromised by fiscal constraints.
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Budget Preparation And Implementation.pptx
Budgets are financial plans for future periods that help with planning, control, coordination and performance evaluation. Objectives of budgets include setting standards, analyzing deviations, determining feasibility, and monitoring finances. Budgets can be long-term (5-10 years), short-term (2-5 years), or current (1-3 months). Budget preparation involves estimating revenues, expenses like salaries and supplies, capital requests, and historical data. Successful budget implementation depends on the actual financial position, utility of budgeted items, product costs, and maintaining appropriate inventory quantities.
Budgeting for Hospital and Community
-It is a statement of anticipated results during a designated
time period expressed financial and nonfinancial terms.
-Three essential steps in the control process are establishing standards, comparing results with standards and taking corrective action.
-Budgeting process starts when top-level management establishes the strategies and goals for the organization.
Budget preparation and implementation
The document discusses hospital budget preparation. It defines a budget as a tool for hospital administration to review hospital services in a comprehensive financial plan. The objectives of a hospital budget are to develop standards, compare actual results to standards, identify deviations, analyze deviations, monitor financial activities, estimate costs of objectives, improve financial planning, focus decision making, and effectively manage finances. A budget includes income/revenue accounts, expenditure accounts, and requests for capital investments. The preparation process involves assumptions from administration, contributions from departments, hearings, preliminary budgets, and approval. Factors like local conditions, management policy, and authority confidence can influence the budget.
Management and regulation of hospital costs
Managers control hospital costs through various budgeting processes including fixed, flexible, operating, and strategic budgets. Fixed budgets do not change with volume while flexible budgets change based on actual activity levels. Operating budgets project annual expenses and strategic budgets focus on long-term trends. Organizations deal with changes in the short, intermediate, and long-run through measures like adjusting staffing levels. Hospital costs vary due to differences in services, cost-shifting, patient illness, and production efficiency. Regulatory approaches to controlling costs include certificate of need laws, utilization review, professional standards review organizations, and administered pricing systems like DRGs and PPS.
IntroductionThe budgeting process is an attempt to estab.docx
Introduction
The budgeting process is an attempt to establish a set of realistic standards for operating a health care organization. The budget is a set of specific objectives for the year ahead. The finance system provides the cost and revenue data and sometimes assists with other measures.
Formulating a budget is the beginning of the process. Every budgeting system must contain provisions for preparing the budget and implementing a system. This system must include coordination, control, follow-up, and maintenance. An effective budget must be tailored to the organization’s specific needs. The budget must be comprehensible and attainable. There should be innovation and flexibility to meet unexpected occurrences.
A health care organization’s budget provides a fully detailed description of expected financial transactions, by accounting period, for at least an entire year. The review of future expectations is useful in making smooth progress toward financial goals.
The major parts of an annual budget address operational and financial planning needs. The operating budgets are made up of the following:
· Expenditure or cost budgets anticipated by reporting period and responsibility center: Costs are often identified as fixed, semi-variable, or variable. Anticipated volumes of demand or output are incorporated into cost budgets.
· Revenue budgets reflect the receipt of income from services rendered. Standard gross revenue accounting reports a profit increase to the responsibility center, creating an incentive for productive activity.
· Income and expense budgets consist of expected net income and expenses incurred by the organization.
· Financial budgets embrace the effects of the organization’s financial decisions. These plans include a budgeted balance sheet that shows the effects of planned operations and capital investments on assets, liabilities, and equities. The plans also include a cash budget that forecasts the flow of cash and other funds in the business.
· Cash budget is for cash planning and control, presenting expected cash inflow and outflow for a designated time period. The cash budget helps management keep cash balances in a reasonable relationship to needs. You must know how much cash will flow in and out of the organization. You must also have an idea when these will take place. The cash budget is primarily used to spotlight periods of too little or too much cash rather than for continual control.
· Capital budgets are lists of proposed capital expenditures and new or significantly revised programs, with the implications for the operating and cash budgets by period and responsibility center. The capital budgets include all anticipated expenditures for facilities and equipment and for sources of funds.
Cost accounting is the process of determining the full and incremental costs of providing services and goods to patients and customers. To determine the full cost of providing a service, you must ensure that all costs are in.
budgetpreparationandimplementation.pptx
This document defines a hospital budget and outlines its objectives, types, and preparation process. A budget allows a hospital to compare actual results to standards, analyze deviations, and monitor finances. It benefits management by improving financial planning, decision making, and efficiency. Budgets can be short-term (2 years) or long-term (5-10 years) and include income/revenue accounts, expenditure accounts, and requests for capital investments. Preparing a budget involves departments outlining costs and the finance department collating budgets for approval by the governing board. Implementation considers departmental requirements, funding availability, and cost/quantity factors.
Financial budgeting for hospital
had an occasion to address a senior group of doctors of Tamil Nadu Government. sharing the PPT which may be useful to those doctors uninitated in to finance
Budgeting ppt
The document discusses guidelines for developing comprehensive budgets for research studies. It emphasizes assessing the feasibility of study protocols and identifying all costs required to conduct the study. The key steps include developing an internal budget by reviewing study documents to list all procedures, visits, supplies, and patient care costs per participant as either standard of care or research only. Determining the appropriate classification helps identify the true costs to conduct the study for negotiation purposes. Common core budget components are also outlined.
Managing costs and budget
This document provides an outline and overview of budgeting concepts for healthcare systems. It begins with an introduction stating the importance of budgeting for nurse managers to effectively allocate resources. It then defines a budget and lists its importance, purposes, and characteristics of a good budget. The document discusses the budgeting process in healthcare, types of budgets, advantages and disadvantages, and the role of the nurse administrator in budgeting. Key points include that a budget is a financial plan, budgets are important for policy and accountability, and nurse administrators are responsible for formulating nursing department budgets and participating in fiscal planning.
Presentation1
The document discusses the process of budget preparation including defining budgets, the different types of budgets (revenue, expense, manpower, capital), and steps to develop each type of budget. It explains that budgets are itemized estimates of expenditures and revenues over a period that help with planning, communication, monitoring, and evaluation. Revenue budgets estimate invoiced amounts from patient services while expense budgets estimate costs. Manpower budgets involve forecasting workforce needs. Capital budgets cover long-term expenditures that improve assets like buildings.
THE BUDGET PREPARATION AND IMPLEMENTATION 2.docx
The budget is an instrument through which hospital administration, management at departmental levels, and the governing board can review the hospital's serDEFINITION:- Budget is described as an instrument through which hospital administration, management at the department levels and the governing bodies can review the hospital services in relationship to the prepared plan in a comprehensive and integrated form expressed in financial terms.vices in relationship to a prepared plan in a comprehensive and integrated form expressed in financial terms.
fiscal planning (Budgeting)
Introduction Budgeting is the heart of administrative management.
It serves as a powerful tool of coordination and negatively an effective device for eliminating duplication and wastage.
The main attributes of fiscal planning are as follows:-
It is a form of a financial business plan
It is run on a fiscal year rather than a calendar year.
It helps to mitigate some of the business tax liabilities.
Help with small business accounting.
Definition: A budget is an estimation of future needs arranged according to orderly basis covering some or all activities of an enterprise for a definite period of time.
-According to TN Chhabra
A budget may be a simple plan of ones personal finances, or it may be a complex document used by large organization.
Purposes of budget : Budget supplies the mechanism for translating fiscal objective into projected monthly spending pattern.
Budget enhance fiscal planning and decision making.
Budget clearly recognizes controllable and uncontrollable cost areas.
Budget offers a useful format for communication fiscal objectives.
Budget allows feedback of utilization of budget.
Budget helps to identify problem areas and facilitates effective solution
Budget provides means for measuring and recording financial success with the objectives of the organization.
Principles of Budget:1. Budget should provide sound financial management by focusing on requirement of the organization
2. Budget should focus on objectives and policies of the organization. It must flow from objectives and give realistic expression to the way of realizing such objectives.
3. Budget should ensure the most effective use of scarce financial and non financial resources.
4. Budget requires that programme activities planned in advance
5. Budgetary process requires consistent delegation for which fixed duties and responsibilities are required to be allocated to managers at different level for framing and executing budget
6. Budgeting should include coordinating efforts of various departments establishing frame of reference for managerial decisions, and providing a criterion for evaluating managerial performance.
7. Setting budget target requires an adequate checks and balance against the adoption of too high or too low estimate. Utmost care is a must for fixing targets.
8. Budget period must be appropriate to the nature of business or service and to the type of budget.
9. Budget is prepared under the direction and supervision of the administrator or finance officer.
10. Budget is to be prepared and interpreted consistently throughout the organization in the communication of planning process.
11. Budget necessitates a review of the performance of the previous year and an evaluation of its adequacy both in quantity and quality.
12. While developing a budget, the provision should be made for its flexibility. STEPS IN BUDGETING: COLLECTION OF PAST DATA
ASSESS SUCCESS AND FAIL
Abc of hospital finance
The document discusses key aspects of budget planning and financial reporting for hospital administrators. It explains the importance of creating an operating budget, cash flow budget, and capital budget. The operating budget includes a statistical budget to estimate department activity, an expense budget, and revenue budget. Financial reports discussed include the balance sheet, which lists assets, liabilities, and fund balance; the profit and loss statement, which shows revenue and expenses; and the cash flow statement. Understanding these tools is important for evaluating financial performance and controlling costs.
Final presentation (1)
The document discusses different types of budgets including operating, cash, and capital budgets. It provides examples of items that would be included in each type of budget. Capital budgets cover significant purchases like equipment and facilities that have useful lives of over two years. Effective budget preparation requires setting goals and objectives, developing strategies to achieve them, and translating strategies into estimated costs. Budgets should be realistic, consistent with organizational goals, and flexible enough to adapt to changing conditions.
Budget
The document discusses different types of budgets and costs. It defines budgets as financial plans for a defined period, usually a year, based on expected income and expenses. It outlines various types of budgets such as master and functional budgets, capital and revenue budgets, long-term and short-term budgets, and fixed and flexible budgets. It also defines different types of costs such as fixed costs, variable costs, sunk costs, and direct vs indirect costs. The document provides examples and explanations of each concept.
TRANSITIONAL CARE ScenarioType of Care ProvidedScenari.docx
TRANSITIONAL CARE Scenario
Type of Care Provided
Scenario
Transitional Care is a moderate to long term facility that focuses on therapy, wound care, and medical
management of chronic diseases. Individuals within transitional care can range from low need or minimal
care to individuals who are total care patients need 24 hour nursing assistance. These facilities are often
known as Long Term Care, Skilled Nursing Facility or Subacute Rehab.
Patients who do not return home directly from the hospital are transferred to a lower level of care. Transi-
tional care can take place in many different types of health care settings, such as a skilled nursing facility,
long-term care facility, or subacute unit specializing in rehabilitation therapy, wound care, IV therapy, and/
or postacute cardiac care. There are various staff arrangements based on the focus of care, but gen-
erally there is a registered nurse (RN) in charge, who may only work the day shift with the assistance of
licensed practical nurses (LPNs) and certified nursing assistants (CNAs), and a medical director who may
visit the facility daily (or 2-3 days per week) but who is on call for emergencies.
This specific transitional care unit consists of a 35-bed unit located within a 300-bed skilled nursing
facility and is generally close to the patient’s home. There are RNs (staff) on duty 24/7 with a physician
or nurse practitioner 7 days per week. The facility is a nonprofit, community-affiliated organization with a
community board of directors that oversees the operations of the facility. The facility has a strong history
of delivering quality services and high patient satisfaction. The facility is known for the implementation
of the latest electronic medical record (EMR) technology. It has a five-star rating from the Department of
Health and Commission on Medicare and Medicaid (CMS) with The Joint Commission Certification.
You have just been notified of a situation that has occurred in the facility. A patient was admitted to the
transitional care unit and was assessed by both nursing staff and physical therapy staff in order to de-
velop a plan of care for the patient to return home. It was initially anticipated that following IV therapy the
patient would be discharged home in 5 days (this is the standard stay, including the staffing ratios, in the
operational budget). However, the patient developed an infection and has to have an additional 6 days
of antibiotic fluids, which increases his stay from 5 to 11 days. As the administrator, you now need to
evaluate the financial impact to your organization, keeping in mind that the insurance is only paying 50%
of the IV therapy and only 35% of the extension of stay beyond the original authorization.
Question 1
What is the financial impact of this situation on the organization? Develop a short plan for how you would
compensate for this situation.
Question 2
What is the importance of an administrator understanding how p ...
Budgeting for various units
The document discusses how to create a budget for a hospital or educational institution. It outlines 10 steps for developing a hospital budget, including determining revenue sources, calculating expenses for facilities, equipment, personnel, and medical costs. Revenue comes from payments, taxes, donations, and insurance. Expenses include maintaining buildings, departments, equipment, beds, and staffing costs. The budget process requires estimating these factors. For an educational institution, the budget has revenue, expenditure, and capital sections. Recurring costs include fees, salaries, supplies while non-recurring includes endowments, deposits, and certifications. The samples budgets showed revenue exceeding expenses.
Budgeting in nursing
this slides gives a brief idea about what is budget its meaning, purposes, importance, features, types, principles, budget process etc.
Community Pharmacy Management.pptx
The document discusses various aspects of managing a community pharmacy, including:
- The Community Pharmacy Medicines Management (CPMM) aims to introduce structured interventions between pharmacists, patients, and doctors.
- Financial planning is important and includes analyzing the business environment, identifying resource needs, and creating budgets. Projections should include estimates for revenue from product and service sales as well as expenses.
- Proper stocking, coding, and arrangement of drugs in the pharmacy by manufacturer, action, or alphabetically is necessary for efficient management. Adequate staffing of qualified pharmacists and other employees is also required.
- Selection of an appropriate site for the pharmacy based on factors like proximity to hospitals,
Budgeting
A nursing budget is a systematic financial plan that estimates nursing revenues and expenses over a set period of time. It is informed by analyzing past income and expenditures and projecting how revenues will cover estimated costs. Nursing budgets can take different forms depending on factors like the budget period, level of flexibility, and whether costs are estimated by program or department. The nurse administrator plays a key role in formulating the budget by consulting with managers, justifying funding needs, and ensuring client safety is not compromised by fiscal constraints.
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- 1. Budget preparation and Implementation in Hospital Presented by- Vinay Dixit B. Pharm Zee College of Pharmacy, Unnao.
- 2. Budget Budget is a plan of activities to be carried out in future for specific period in financial year. Budget is used to project future income and expenses. Budgets are often used to measure performance. Budget is also used as a mechanism for control. Budget is also used to estimate the growth of Hospital.
- 3. Functions of Budget To regulate hospital financial activities. Smooth the departmental function. Managing cash flow. Investing in necessary equipment (capital). Estabilishing priorities. Accountability and evaluation of performance. Motivating management and staff.
- 4. Types of Budget Preparation as per time Short term Budget Long term Budget 5-10 years 2 years
- 5. Types of Budget as per the activities of organization
- 7. Income account Total income must be calculated for the implementation of budget. Income is calculated by maintaining daily, weekly, monthly, annual record. Pharmacy department and account department maintains daily, weekly, monthly, annual cost of the pharmaceuticals issued to the patient services.
- 8. The other Statics include No. of prescription received. No of prescription dispensed by each pharmacist. No. of working hours. Medication cost per patient in a day. Average drug cost per clinical visit.
- 9. Expenditure Account Expenses can be divided as: Administration and general expenses. Expenses for professional care of patient. Expenses for Out-patient, In patient and emergency. Miscellaneous expenses. Expenditure account of pharmacy contains:- Salaries and wages:- It include: (I) Pharmacist (II) Assistant (III) Clerk and (IV) Others.
- 10. Expenditure Account Administration, Professional and Non professional staff. Full time and part time staff. New post and overtime. Miscellaneous expense: Bottles , Glassware, Stationary, Pharmacist uniform, Reference books. Supplies and expenses. Drugs and Pharmaceutical expenses.
- 11. Equipment and construction budget It requires major monetary Fund. Budget for immediate arrangements of a new model equipment. Budget for remodelling and replacement of equipment. Construction of building.
- 12. Implementation of Budget Budget is an act of carrying out the plans, programs, and projects, in accordance with strategy, plans in order to attain goals and objective. It includes the following parameters:- Requirement of different department. Actual fund position. Utility of particular item. Cost of product Quantity of product.