20 Feb Healthcare Budget Request – Budget Development
How do you make difficult decisions? Do you carefully consider the repercussions of each choice? Perhaps you discuss possible outcomes with others. Maybe you rely on tools for help, even if the tool is a coin that can help you reach a conclusion with a simple flip.
Healthcare organizations generally don’t have an unlimited stack of coins, neither for flipping nor for spending. Therefore, they must be strategic in how they spend the resources they do have.
Budgeting is a process by which they can decide which projects or purchases are worth the cost involved and whether they should expand their operations, invest in new equipment or services, or pursue other projects with the potential to bring in additional profits.
For this Assignment, you examine how budgets are developed. After developing a sample budget for a product or service, you also examine how ratios can be used to analyze the budget and provide information that can guide choices.
Resources
Learning Resources
Required Readings
Knighten, M. L., & Waxman, K. (2024). Penner’s economics and financial management for nurses and nurse leaders (4th ed.). Springer Publishing Company.
Chapter 4, “Budget Planning” (pp. 102–119)
Chapter 5, “Reporting and Managing Budgets” (pp. 120–149)
Chapter 6, “Special Purpose, Capital, and Other Budgets” (pp. 150–169)
Cross, V. (2019). The role of variance analysis in businessesLinks to an external site.. https://smallbusiness.chron.com/role-variance-analysis-businesses-22641.html
Garcia, M. (n.d.). What does an unfavorable variance indicate?Links to an external site. http://smallbusiness.chron.com/unfavorable-variance-indicate-81570.html
Investopedia. (2019, March 31). What is a budget?Links to an external site. Budgeting terms and tips. https://www.investopedia.com/terms/b/budget.asp
Johnston, K. (n.d.). How to develop a budget for a new product or serviceLinks to an external site.. https://smallbusiness.chron.com/develop-budget-new-product-service-38629.html
Document: Excel Assignment Workbook (Spreadsheet)Download Excel Assignment Workbook (Spreadsheet)
Document: Healthcare Budget Request Template (Word document)Download Healthcare Budget Request Template (Word document)
Document: Healthcare Budget Request Guide (Word document)Download Healthcare Budget Request Guide (Word document)
Required Media
Walden University, LLC. (Producer). (2012a). Budget forms tutorialLinks to an external site. [Video file]. Baltimore, MD: Author.
Be sure to review the Learning Resources before completing this activity.
Click the weekly resources link to access the resources.
WEEKLY RESOURCES
To Prepare
Reflect on the expenses and revenues you considered in the Week 4 Assignment.
Consider any other expenses that you have yet to account for in the development, launch, and implementation of the healthcare product or service you have proposed.
Consult with your internal finance counselor to help identify and estimate any hidden expenses that may not be obvious.
The Assignment: Budget Development
Develop and analyze a budget for your proposed healthcare product or service. To do this, complete the following:
Part 1: Develop the Budget Worksheet:
Open your Excel Assignment Workbook and navigate to the “W6A4 Budget Development” worksheet.
Using the Healthcare Budget Request Guide for guidance, create a 5-year budget for the healthcare product or service that records the projected expenses and revenues associated with the healthcare product or service you have proposed. Be sure to include startup and operating expenses in your budget. You may bring forward the work from the W4A3 Estimated Expenses assignment and add to it.
Calculate the budget ratios as directed in the Healthcare Budget Request Guide.
NOTE: You will copy your worksheet and analysis onto the Healthcare Budget Request Template (Word document) for submission. You will need to submit both the Healthcare Budget Request (a Word Document) and an Excel Spreadsheet for your Assignment submission. Please be sure only to submit your Assignment once you have uploaded these two components of your W6A4 Assignment.
Part 2: Summary of Analysis and Interpretation of Results:
Create a brief (1- to 2-page) description of your budget and analysis that clearly describes the budget. Be sure to address the following:
During the course of 5 years, is there an estimated surplus or deficit?
What percentages of the budget are dedicated to various categories you have defined, such as startup costs, etc.?
What does this budget mean for your organization?
Place your analysis on the Healthcare Budget Request Template under the section titled W6A4 Projected Budget (Five Year).
By Day 7 of Week 6
Submit your Assignment.
submission information
Before submitting your final assignment, you can check your draft for authenticity. To check your draft, access the Turnitin Drafts from the Start Here area.
To submit your completed assignment, save your Assignment as WK6Assgn_LastName_Firstinitial
Then, click on Start Assignment near the top of the page.
Next, click on Upload File and select Submit Assignment for review.
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