15 Jun Question How do you analyze a budget, particularly
Question
How do you analyze a budget, particularly the revenue and expenses?
This assignment helps you apply your knowledge from this week’s modules and readings.
In any healthcare setting, as the manager, it is important you have the basic understanding of financial principles. These include: operating budgets and basic financial analysis. This will help you to achieve the operational goals of the organization.
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Budgeting and Forecasting
Answer the following questions.
1. What is a budget?
2. What is revenue?
3. Describe two (2) types of expenses and give an examples of each.
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Patient Revenue
Answer the following questions.
4. Calculate the Net Revenue per Patient using the following information:
5. Part of preparing a medical office budget is to regularly compare your practice’s actual finances with your budget. Assess the information in the table below:
a. Determine the variance for each month.
b. For each month, was the practice “Underbudget” or “Overbudget”?
6. Using the information in the “Operating Budget A,” prepare a new 6-month budget to show:
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Reflection
Reflect on what you have learned this week to help you respond to the question below. You may choose to respond in writing or by recording a video!
7. Think of a time you had to follow a budget for personal reasons. What strategies did you utilize to prepare for expenses you had not considered (for example, parking lot fees, late night drive through meals and renting movies on the weekend) and how would you improve your budget skills for managing a healthcare facility?
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