Comparative Summary: HCS 577 WEEK 2 – Identify one entity from each health care financial environment identified in the Financial Environments Worksheet.
Write a 1,050- to 1,400-word summary comparing the financial environments of these three entities.
Address the following for each environment:
- Describe the financial structure.
- Which policies are unique to the financial environment?
- Which financial management practices are prevalent in the financial environment?
- Explain why effective financial management is more difficult in health care than in other industries.
Format your Comparative Summary: HCS 577 WEEK 2 assignment consistent with APA guidelines.
Struggling to Meet Your Deadline?
Get your assignment on Comparative Summary: HCS 577 WEEK 2 done on time by medical experts. Don’t wait – ORDER NOW!
ORDER NOW FOR A CUSTOMIZED ACADEMIC PAPER
Resources: Budgets under Chief Financial Officer in the Patton-Fuller Community Hospital Virtual Organization and the Health Care Budget assignment from Week Five.
Part 1 – 2010 Operating Budget
Review the “2009 Budget Issues – Nurses” file in the Patton-Fuller Community Hospital Virtual Organization (accessed via the University Library). This document can be found on the Chief Financial Officer’s web page under Special Projects.
Decide which of the two highlighted options you will implement from the Nursing Statistics memo of the “2009 Budget Issues – Nurses” document.
Create a new 2010 Operating Budget based on the labor decision you select from the Nursing Statistics memo. Use your Week Five Health Care Budget assignment as the foundation to develop your new projected budget.
Part 2 – Analysis Paper
Write a 1050 to 1,400 word paper in which you detail the following:
- Explain the decision-making processes in creating a budget.
- Explain the role of variance analysis in maintaining an operating budget.
- Differentiate between managerial accounting and financial management.
- Analyze how generally accepted accounting principles in the health care industry apply to your Operating Budget Projection.
- Analyze the decision between the two labor alternatives facing the management of PFCH and the annual cost increase of each.
- Evaluate the labor alternative you would recommend. Your justification should present numbers related to fiscal management including how each decision impacts the 2010 Budget Projection.
- Analyze the effect of the labor alternative you recommended would have on the operating budget with respect to each of the following:
- The opportunity cost of your recommendation.
- How your recommendation impacts employee satisfaction.
- How your recommendation impacts patient care and patient satisfaction.
Cite a minimum of four sources.
Format your sources consistent with APA guidelines.
Submit the 2010 Operating Budget and Analysis Paper.
You will use the Patton-Fuller Community Hospital (PFCH) virtual organization for this assignment.
Follow the steps below to access the PFCH 2009 Annual Audit:
- Click on “Virtual Organizations” under student materials.
- Click on “Healthcare” across the top.
- Click on Patton-Fuller Community Hospital in the drop down menu.
- Click on Corporate Officers across the top.
- Click on Chief Financial Officer in the drop down menu.
- Click on Annual Report on the left side of the page.
Complete the Financial Data Analysis Template. Note the order of the 2009 and 2008 columns.
- In the third column, calculate the difference by subtracting 2008 data from 2009 data. For instance, with cash, this would be $22,995 – $41,851 = -$18,856.
- In the fourth column, calculate the percentage change from the 2008 number. For instance, with Net Patient Revenue, 2009 = $459,900 and 2008 = $418,509 providing a $ change (third column) of $41,391. For the % change (fourth column), $41,391 / 418509 = .0989 which would be 9.89% (which is .0989 * 100).
- Using the explanations column, explain why the significant changes occurred from one year to the next. This explanation is based on your conceptual understanding of the way specific line items on financial statements work as well as thorough review and research of the PFCH Annual Audit.
Click the Assignment Files tab to submit your assignment.
Resources: Budgets and Financial Statements under Chief Financial Officer in the Patton-Fuller Community Hospital Virtual Organization, Material: 2010 Operating Budget Projection located on your student website, Financial Plan and Presentation Grading Criteria located on your student website
Develop a financial plan for Patton-Fuller Community Hospital for the upcoming year using the 2010 Operating Budget Assumptions memo and the 2009 Operating Budget in the Patton-Fuller Community Hospital Virtual Organization.
Create a 10- to 12-slide Microsoft ® PowerPoint® presentation in which you address the following:
- Identify the GAAP used to create the financial plan.
- Identify the financial statements used to develop the financial plan.
- Describe the payment systems and participants that contribute to the hospital revenue.
- Describe revenue trends that affect the hospital.
Address the following in the speaker notes:
- Explain the relevance of each GAAP to the financial plan.
- Discuss the value of each financial statement identified to your decision-making process in the financial plan.
- Describe the relationship of the financial statements used in the financial plan.
- Describe each payment system and its effect on financial planning.
- Clarify the financial contribution of each participant and the effect of each as a source of revenue.
Format your assignment consistent with APA guidelines.
Submit the financial plan and presentation.
Don’t wait until the last minute
Fill in your requirements and let our experts deliver your work asap.