Budgeting in a healthcare setting
Suppose that you are the new chief executive officer at Memorial Hospital. Memorial is a nonprofit hospital with 300 beds and is located in a busy metropolitan area directly adjacent to a large university. Memorial is the only hospital within a 20-mile radius of campus, but construction on a new, competing hospital has just started within 5 miles. Identify three forecast content items. How will they be measured? What is the expected status of the content items in the future? Which forecasting techniques should you use? Why?
Describe budgeting in a healthcare setting, including a discussion of the following:
a. How would you explain the various management approaches to budgeting?
b. What are the steps in the budgeting process, and how would you describe each step, in sequence?
c. Who is responsible for evaluating budget performance?
Allen County Clinic has been growing rapidly in the past few years. Many of the patients it sees are women needing prenatal care and screening. To meet these needs, Allen County Clinic would like to open a new women’s health clinic. Name three steps Allen County Clinic needs to take to ensure that this is a viable option. Besides building an addition to the clinic, what costs must be considered? What are some advantages and disadvantages of building a new clinic? What are some options for the clinic to fund for this new addition?
What policies led to an increase in debt financing? What result did the two policies have on healthcare organizations?
Why would an organization choose to lease equipment over purchasing it? Provide an example of when an organization would be better off purchasing equipment than leasing.
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