The assignment has two distinct parts:
Part 1: Medical-Surgical Department Operating Budget
Relevant scoring guide criteria:
Provide this year’s correct revenue, expenses, and net revenue/expense.
Estimate the correct revenue, expenses, and net revenue/expenses for the next fiscal year.
For Part 1 of this assignment, you will use the information presented in the Vila Health: Developing an Operating Budget multimedia as context to create your
operating budget. Using the data provided in the first three columns, you will be developing an operating budget for the medical-surgical department at the
St. Anthony Medical Center for the next fiscal year, as well as estimating the revenue and expenses for the remainder of the current fiscal year. Assume that
next year’s revenue will be unchanged from the current year’s revenue; however, the department will need to cut operating expenses by 5 percent for next
fiscal year.
You may download and use the Excel spreadsheet from the multimedia as your template for this part, or the Medical-Surgical Department Budget [XLSX].
Part 2: Types of Budgets and Their Importance
In the second part of the assignment, you will demonstrate your understanding of the importance of budgets within the context of financial and strategic
planning for health care organizations. A “comprehensive analysis,” in the financial world, refers to the complete analysis of every relevant aspect of a
company’s financial operations. The goal of such analysis is to provide a complete picture of the financial status of a company both in the current time and
projected into the future. What is your interpretation of the numbers? What are the numbers telling you? Use the readings from your Financial Management
for Public, Health, and Not-for-Profit Organizations as well as the independent research you conducted to fully develop a 2–4 page response (excluding title
and references pages) to the relevant scoring guide criteria:
Explain why budgets are an important part of the planning process.
“Explain” means to make something (an idea, situation, or problem) clear to someone by describing it in more detail or revealing relevant facts or ideas.
Explain the difference between operating, project, and capital budgets.
Analyze the impact of the budget on the operations of the organization.
“Analyze” means to examine methodically and in detail the constitution or structure of something (especially information), typically for purposes of
explanation and interpretation.
Adhere to the rules of grammar, usage, and mechanics.
“Grammar” refers to the basic rules for how sentences are constructed and how words combine to make sentences (for example, word order, case, and
tense).
“Usage” refers to correct word choice and phrasing, particularly with regard to the meanings of words and phrases.
“Mechanics” refers to correct use of capitalization, punctuation, and spelling.
Apply APA formatting to in-text citations and references.
Be sure to include a separate references page.
Additional Submission Requirement
