09 Oct Using the budget information from Unit 1 and the f
Using the budget information from Unit 1 and the financial plan and operational budget from the Unit 4 Intellipath Assignment, discuss the need for the following: Keep in mind that the budget below 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. •Increase in revenue reimbursement through inpatient length of stay and outpatient vendor relationships •Allocation for the proposed improvements and required partnerships •Partnering with local skilled nursing facilities and home health organizations •Increase in salaries Be sure to discuss the following areas: •Funding sources •Your methodology in revenue forecasting •How the new services will impact revenue? •Fixed and variable costs •Project inpatient and outpatient visits based on current trends BUDGET INFORMATION FROM UNIT 1 KRONA HOSPITAL OPERATING BUDGET FOR 20XX Revenues Inpatient $25,000,000 Outpatient 15,000,000 Emergency Room 10,000,000 Laboratory 5,000,000 Pharmacy 1,500,000 Home Health and Hospice 1,500,000 Ambulance Services 950,000 Substance Abuse 250,000 Other 850,000 Subtotal $60,050,000 Less Chartiy Care 18,000,000 Net Revenues $42,050,000 Expenses Payroll (including nursing salaries) $12,500,000 Benefits 3,000,000 Contract Labor 100,000 Insurance 300,000 General Services (laundary, security, etc) 3,000,000 Depreciation 1,500,000 Interest Expense 300,000 Professional Services 10,000,000 Total Operating Expenses $30,700,000 Net Income $11,350,000
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