02 May WHY WOULD THERE BE A NEED TO INCREASE PAYROLL, PARTICULARLY NURSES SALARIES?
Assignment Objectives
Understand health care financial statements
Comprehend the principles of health care accounting.
Apply cost information
Develop an understanding of budgeting and forecasting.
As a member of the finance team, you have been asked to forecast the upcoming years operational budget for Krona Community Hospital. Click here for last years budget. After reviewing specific data, internal input, and external input from various sources, you find that the executive management team would like the budget to reflect the following:
•10% increase in inpatient revenue
•15% increase in outpatient revenue
•5% increase in pharmacy revenue
•15% increase in home health and hospital revenue
•10% increase in payroll and benefits
Note: The budget should be formatted to reflect the percentage increase or decrease from last years budget.
Additionally, provide discussion on the following:
•How might you increase revenue in each of the areas? Think outside of the box, and perform research to determine current trends in those areas.
•Why would there be a need to increase payroll, particularly nurses salaries?
•Provide an explanation as to how the Krona Community Hospital may be able to achieve an increase in the revenue areas that the chief executive officer (CEO) wishes you to address.
Weekly tasks or assignments (Individual or Group Projects) will be due by Monday and late submissions will be assigned a late penalty in accordance with the late penalty policy found in the syllabus. NOTE: All submission posting times are based on midnight Central Time.
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