14 Jun Question Developing a Budget When developing
Question
Developing a Budget When developing a budget
Application: Developing a Budget
When developing a budget, what variables do you have to take into account? In health care organizations, two of the largest groups of factors that you must consider are first, volume, and second, staffing and supply. The number of patients and tests performed each day, as well as employees and their pay rates are all crucial pieces of information when determining a budget.
In this Assignment, you will be given two budgeting scenarios: one focusing on volume and the other focusing on staffing and supplies. Based on the information within the scenarios, you will use Excel to create two different budgets.
Note: For those Assignments in this course that require you to perform calculations you must:
• Create an Excel spreadsheet containing the information provided (Templates are provided below in Word..will need to convert to Excel).
• Show all your work (formulas in cell).
• Answer any questions included with the problems (as text in the Excel spreadsheet).
For those not comfortable with the use of Microsoft Excel, this week’s Optional Resources suggest several tutorials.
To prepare:
• Carefully examine the information in each of the scenarios below and consider how calculations using this information can be used to answer the questions asked.
Be sure and include all of your calculations.
Volume Budget Scenario
You manage lab services in a large hospital. You have the following data on both the hospital’s budgeted patient days and visits for budget year 20XX along with the ratio of lab tests to patient days or visits.
2 North Bldg. 2 South Bldg. ICU OPD
Patient Days/Visits Budget 19,800 21,900 8,760 200,000
Chemistry* 3.6 4.3 2.9 4.0
Hematology 1.2 2.1 1.4 3.5
Bacteriology* 3.2 5.6 3.6 5.5
?
Question: Based on this data, how many lab tests would you anticipate for the coming budget year? If each test is priced at $20.00, how much gross revenue would you budget? Assuming each full-time lab technician (FTE) can perform 200,000 tests each year, how many full-time lab technicians would you plan for?
Templates
*Example: 2 North Bldg calculated. You will need to complete 2 South Bldg, ICU and OPD
RAW DATA 2 North Bldg 2 South Bldg ICU OPD
Patient Days/Visits Budget 19800
Chemistry 3.6
Hematology 1.2
Bacteriology 3.2
Cost per test 20
Tests per FTE 200,000
TEST COUNT BUDGET 2 North Bldg 2 South Bldg ICU OPD Total
Chemistry 71280 0 0 0
Hematology 23760 0 0 0
Bacteriology 63360 0 0 0
Total 158400 0 0 0
GROSS REVENUE BUDGET 2 North Bldg 2 South Bldg ICU OPD Total
Chemistry $1,425,600.00
Hematology $475,200.00
Bacteriology $1,267,200.00
Total $3,168,000.00
Staffing FTE Budget Preliminary Final
Chemistry 4.95427 5 FTEs
Hematology
Bacteriology
Total
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