Creekside Capital Budget Summary

In the health care world finances play a significant role in the quality of care rendered to the consumer. There is no health care facility that is the same when it comes to their financial management because it is needed both internally and externally to ensure that it runs properly. Today’s health care field consist of either not-for-profit organizations, for-profit organizations and governmental, (Gapenski, 2008).

Professionally, we acknowledge that hospitals have a general mission to provide a level of service for patients, but we also understand that they also require capital for a wide-range of business operations. (research, expansion of services, equipment modernization, new

Drew Madden is a Healthcare IT entrepreneur who is passionate about Electronic Medical Records and also building high caliber teams that are unique and attractive to corporate culture, and trusted partnerships with clients. Drew has spent over a decade collaborating with the talented stakeholders in the industry to implement, optimize, managing, troubleshoot, and advise on complex challenges accompanying an EMR project. His unique ability to infuse technical EMR background, his experience in project management and consulting operations, enable healthcare IT leaders to build successful implementation teams. He holds a B.S.E. in Industrial Engineering majoring in Medical Systems from the University

Integrating electronic medical records (EMR) with a healthcare management information system (HMIS) is a significant benefit to any organization. Pay-for-performance is the future of the healthcare market and stimulates changes in practices. Financial and human resources costs are also very high (Rand, 2009). There are also challenges when implementing an EMR which will be discussed as well.

Strategies will be formulated and progress will be evaluated with adjustments as necessary. The strategic plan for the organization will be developed by the Chief Executive Officer and Board of Directors with input from all stakeholders including patients, volunteers, physicians, employees, and community members. The strategic plan is based on the issues that are considered to be most critical in support of cost effective, high-quality care and services. Many of the strategic imperatives are important related to building trust through external agencies that rate the quality of care provided. High ratings are critical for the organization to maintain trust and support in the community served.

Adding fully-integrated web-based electronic medical record (EMR) software to your Urgent Care Clinic practice management protocol gives you the technology and resources you need to improve patient experiences while capturing more revenue.

In conclusion, the health care system goal to reduce cost is much more complicated than it seems. The fact that the administrators are not physically involved in the units make their decisions sometimes almost unrealistic. The need for more practical ideas is necessary. To succeed, hospital administration needs to team up with their employees and find ways to provide better care for patients and at the same time reduce hospital cost (Ford, 2013, p.

The primary objective of accounting is to provide information useful for decision-making (McNair, Olds & Milam, 2013). Financial stability, financial health, and financial performance were, is and will always be a primary focus in healthcare for years to come. In fact, understanding financial performance in any business requires some global or summary measure of economic success (Cleverley, Song and Cleverley, 2010). Therefore, a financially “healthy” organization is one that is producing an operating margin sufficient to finance the current and future capital for its business (Harrison & Montalvo, 2002). Although operating margin is critically important, a healthcare organization should not rely solely on this measure. Therefore, according to Cleverley et al. (2010), a financially successful organization is capable of generating the resources needed to meet its mission. However, in planning for financial stability and health, health care administrators and financial managers need to strategically plan how to address the needs of their organization. The level of resources required by a healthcare organization depends primarily on the range and quantity of health services envisioned in the mission statement (Cleverley et al., 2010). Therefore, financially successful organizations must be capable of generating the amount of funds needed for debt and/or equity to finance the required level of

The steps to create a budget can prove more daunting than actually implementing the budget. Initially the health care organization’s mission and vision must drive the budget. Aligning the health organization’s core values with the budget will help the managers and director’s deciding the budget to stay focused on the task at hand. A careful balance of needs and wants that the health care organization is attempting to develop from the department heads will need to be balanced by the realistic goal of the present and future capital. The initial preparation should include feedback from the previous budget period so the managers can have guidelines for forming the upcoming budget. The managers should be given caps on the amount of money they can spend and should be transparent in where they will be spending the money (Liebler & McConnell, 2012, p. 230). A solid leader should a set time frame for development of the strategy, which must be given to the manager’s. Without a

According to Sullivan (2013), “Budgeting is planning and controlling future operations by looking at the actual results with planned expectations (Sullivan, 2013).” When it comes to planning, the review of goals and objectives, by the nursing staff and organization, determines the priorities along with directing the efforts of the organization (Sullivan, 2013). In the planning phase, the organization needs to know the demographics of the population served, sources of revenue, and the statistical data, which will include number of admissions or patient appointments, average daily census and length of stay, patient acuity, and projected occupancy or volume base for ambulatory for procedure-based units (Sullivan, 2013). When everyone looks at the projected occupancy or volume based on the units, these units are the wage, supplies, staff, regulatory changes, and organization changes (Sullivan, 2013). Managements look at the past expenses as a starting point to developing the budget, which historically adjustments can be made during the actual budget

Healthcare systems in the United States function in an increasingly competitive and complex industry due to the nation’s ever-changing healthcare policies. The community-based and public service oriented not-for-profit hospitals are continually navigating these burdensome regulatory requirements and finding ways to align their strategies with the need to survive. With the goal to preserve and strengthen community services, augment financial sustainability, improve operational effectiveness, and expand sources of capital growth; one such strategy considered in this case study is the merger of two independent not-for-profit entities into a single, consolidated health system.

Gross Revenue –May’s consolidated gross revenue was $10.1M compared to a budget of $10.3M, a negative budget variance of ($200k). YTD revenue was $105.6M compared to a budget of $110M, a ($4.4M) under budget variance. The hospital had gross revenue that was ($173k) under budget for the month and ($3.5M) under budget YTD. Over budget revenue occurred in Med Surg $178k, Rehab $60k, Oncology $59k, and Cardiology $51k. Under budget revenue occurred in OR ($150k), Radiology ($132k), Hospitalist ($111k) and Ambulance ($66k). Year to date, over budget departments, included Oncology $326k, Pharmacy $262k and Rehab $204k. Under budget departments include Ambulance ($938k), OR ($866k) and Radiology ($840k) on a year to date basis. The Medical

Various organizational sectors of the economy are striving to ensure that they provide their clients with efficient and effective products and services. The need to be efficient and effective is triggered by the competition that is present in the industry the organizations operate. Therefore, the management of every organization strives to look for the competitive advantage to be able to compete effectively with other players in the industry (Sakas, Vlachos, & Nasiopoulos, 2014). In the past, competitive advantage was a thing of business organizations only, but today even the healthcare organizations have embraced the need for providing efficient and effective patient care service through core competencies (Barney, 2014). As such, healthcare organizations have been at the forefront in improving their functional activities

Budget making process requires engagement of individuals who have experience in budget related fields. A budget is one of the most important part of an organization’s spending structure. The first person selected for this health care institution’s budget making process is the procurement officer. The roles and responsibilities that the procurement officer will take will be discussed hereunder. The second person selected for the budget making process will be the institution’s accountant. The roles and responsibilities that the accountant will be undertaking in the budget preparation process will be discussed shortly.

This report summarizes the findings from a study of the ingredients that contribute to the strategic plan on how to improve ABC Hospital’s profitability so that it can add the OB/GYN wing and keep its commitment to the community. The past year has been very exciting, as we have seen more patients this year than ever before, while at the same time revenues are less than expected. In a way, the economic structure changed drastically over the last few years. Just like ABC hospital, other organizations urged to prevent quality issues, quickly identify, and solve problems occurs often in today’s health care market. Every organization has a price, just have to find out what it is, and then think of honest ideas of the past mistakes to wage a new