PowerPoint presentation of 10â€“15 slides + speaker notes of 150 words per slide
As a member of the finance team, you have been asked to forecast the upcoming yearâ€™s operational budget for Krona Community Hospital. Second page is last yearâ€™s 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 yearâ€™s 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 nursesâ€™ 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.
KRONA HOSPITAL OPERATING BUDGET FOR 20XX
Emergency Room 10,000,000
Home Health and Hospice 1,500,000
Ambulance Services 950,000
Substance Abuse 250,000
Less Chartiy Care 18,000,000
Net Revenues $42,050,000
Payroll (including nursing salaries $12,500,000
Contract Labor 100,000
General Services (laundary, security, etc) 3,000,000
Interest Expense 300,000
Professional Services 10,000,000
Total Operating Expenses $30,700,000
Net Income $11,350,000