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Answered: - Deliverable Length: 8 pages APA Format Established in 1977


Deliverable Length: 8 pages

APA Format

Established in 1977, Krona Community Hospital is a 60-bed, acute care hospital located in the heart of Banconota County. With a staff of nearly? 100 physicians and specialists, 400 employees, and 75 volunteers, they offer a full range of health care services. They are accredited by The Joint Commission.

Nouveau Health, a private, not-for-profit health care chain, took over the management of Krona Hospital. Last year, state officials began to discuss Nouveau?s proposal to build a new, replacement hospital in Banconota County. The new facility would have 74 acute care beds, four observation rooms, four surgical operating rooms, one C-section room, a 24-hour emergency department, a maternity center, an intensive care unit, and extensive support services, including physical therapy and cardiac rehabilitation. All patient rooms would be private.

You are a staff member in the finance department at Nouveau Health, whose sole responsibility is to advance the success of the organization through assisting in planning, forecasting, and finance management.

Your Key Assignment Draft is designed to help you prepare for the presentation in Phase 5. The chief executive officer (CEO) of Krona has asked that you complete the following:

  • Prepare next year?s financial plan and operational budget.
    • Note:?Keep in mind that the budget you created for your Phase 2 Individual Project did not take into account the growth of the new facility. The CEO has asked that you expand that budget and provide a finalized budget that will take into account the new services offered. The CEO has stated that there is $3 million that you can incorporate into the budget for additional staffing, services, maintenance, and so forth.
  • Make sure the budget reflects the following:
    • Increase in revenue reimbursement
    • Allocation for the proposed improvements
    • Increase in salaries

Be sure to discuss the following areas:

  • Funding sources
  • Your methodology in revenue forecasting
  • How will the new services impact its revenue
  • Fixed and variable costs
  • Project?inpatient?and???????outpatient?visits?based?on?current?trends

PLEASE USE THE BUDGET ATTACHED AS A REFERENCE FOR THIS ASSIGNMENT. YOU WILL NEED TO GET THE INFORMATION FROM THE SPREADSHEET.


KRONA COMMUNITY HOSPITAL

 

FOR 20XX

 


 

OPERATING BUDGET

 


 

Management

 

Budget

 

Increase

 


 

Projected Budget

 

Increase

 


 

% Increase

 


 

Revenues

 

Inpatient

 


 

$25,000,000

 


 

10%

 


 

$27,500,000

 


 

10%

 


 

15%

 


 

$17,250,000

 


 

15%

 


 

Outpatient

 


 

15,000,000

 


 

Emergency Room

 


 

10,000,000

 


 

$10,000,000

 


 

Laboratory

 


 

5,000,000

 


 

$5,000,000

 


 

Pharmacy

 


 

1,500,000

 


 

5%

 


 

$1,575,000

 


 

5%

 


 

Home Health and Hospice

 


 

1,500,000

 


 

15%

 


 

$1,725,000

 


 

15%

 


 

Ambulance Services

 


 

950,000

 


 

$950,000

 


 

Substance Abuse

 


 

250,000

 


 

$250,000

 


 

Other

 


 

850,000

 


 

$850,000

 


 

Subtotal

 


 

$60,050,000

 

Less Charity Care

 


 

Net Revenues

 


 

$65,100,000

 


 

18,000,000

 


 

$18,000,000

 


 

$42,050,000

 


 

$47,100,000

 


 

12%

 


 

10%

 


 

$13,750,000

 


 

10%

 


 

10%

 


 

$3,300,000

 


 

10%

 


 

Expenses

 

Payroll (including nursing salaries)

 

Benefits

 


 

$12,500,000

 

3,000,000

 


 

Contract Labor

 


 

100,000

 


 

$100,000

 


 

Insurance

 


 

300,000

 


 

$300,000

 


 

General

 

Services

 

(laundry,

 

security,

 

etc.)

 


 

3,000,000

 


 

$3,000,000

 


 

Depreciation

 


 

1,500,000

 


 

$1,500,000

 


 

300,000

 


 

$300,000

 


 

10,000,000

 


 

$10,000,000

 


 

Interest Expense

 

Professional Services

 

Total Operating Expenses

 


 

$30,700,000

 


 

$32,250,000

 


 

5%

 


 

Net Income

 


 

$11,350,000

 


 

$14,850,000

 


 

31%

 


 

 


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