...review the financial statements, annual report, and budget issue documents; The Patton-Fuller Community Hospital is no different. In this analysis we will look over and address all of the areas that affect staffing at Patton-Fuller. These areas will vary between the numbers of nurses to the number of patients as well as staff compensation from wages to raises. A comparison of two years’ worth of data while also using Trend Analysis will explain future budgeting aspects and the pros and cons to these decisions. Comparative data is an important tool for managers to use when analyzing data with consistency, verification, and unit measures to fully meet the requirements of understanding the reporting financial results (Baker, PhD, CPA & Baker, JD, 2011, "Chapter 14/Using Comparative Data"). Using Patton-Fuller’s 2008-2009 financial statements to provide a comparative analysis for their expenses that occurred within a 2 year period. Patton-Fuller’s balance sheet provides comparative analysis that total current assets of 130,026 in 2008, and other assets in 2009 of 128,867 decreased to a negative difference of (1159.00). Liabilities reported a gain in 2009 of 462,153 from 2008 213,450 a growth percentage of 46.19 gain. However, factoring the equity of 335,035 in 2008 to 125,564 in 2009 a percentage of 62.52 gain, the total liabilities and equity is the same percentage as current and other assets balancing the financial sheet. Patton-Fuller’s revenue and expense financial statement...
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...2010 Operating Budget Projection HCS/577 29 July 2013 2010 Operating Budget Projection Based upon a review of the Patton Fuller Community Hospital 2009 operating budget variances, the long and short term plans of the various hospital departments and an in depth analysis of general economic conditions, the following assumptions have been concluded and will be used in the preparation of the 2010 operating budget projections. Patton Fuller Community Hospital should anticipate a 1% total “deflation rate” for prices in 2009; because of the weak economy, which is expected to continue into 2010. Net patient revenue will continue to increase, but at a decreased (3%) with little or no increase in patient volume, because of new managed care contracts. Other revenue is projected to increase by 15% based on marketing’s plan to increase donations by 15%. Expenses salaries and benefits salaries will hold to a 1% total increase in cost due to price “deflation” nation wide with no increase in labor hours. This assumption could be affected by a board decision either to raise nursing wages by 1$ per hour or to increase the nursing hour ratio. The increase in assets I the year 2009 was 7%, which is caused by an increase by an increase in accounts receivable by 56%, inventories by 100% and increase in property plant and equipment by 41%. The hospital may have provided more credit to customers or consumers to raise the revenues and more investment in fixed assets...
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...Health Care Cost Study: Financial Statements The Patton-Fuller Community Hospital has been serving the community since 1975; so handling financial statements are familiar with them. The discussion in this paper will enlighten what is the difference of audited and unaudited statements, the relationship between revenue sources and expenses on performance, and the effect of revenue sources on financial reporting. It will also discuss is the hospital’s revenues and expenses grouped for planning and control. The audited and unaudited balance sheets from the Patton-Fuller statements differ by the net allowance of bad debts and retained earnings, or unrestricted fund balance. The audited version of the balance sheet states that 2009 has a net allowance of $11,757 for bad debts and a net allowance of $7,533 for bad debts in 2008. The unaudited version of the balance sheet states that 2009 has a net allowance of $10,757 and a net allowance of $6,777 for bad debts in 2008. The difference between the two allowances may be because audited numbers require accuracy. The unaudited numbers may be estimations; however, the audited statements require exact numbers. The audited and unaudited balance sheets from the statements also differ by retained earnings, total liabilities, and equity. The audited balance sheets show $125,564 in retained earnings for 2009 and the unaudited balance sheets show $126,564 in retained earnings for 2009. This results in a thousand dollar difference...
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...Patton-Fuller Ratio Computation Patton-Fuller Ratio Computation July 8, 2013 HCS/405 Regina Robinson The Eight Basic Ratios 1. Current Ratio (Unaudited) 2009 Current Assets $128,867 ÷ Current Liabilities $23,807= 5.4129877 or 5.413 (5 to 1) 2008 Current Assets $130,026 ÷ Current Liabilities $8,380 = 15.516229 or 15.516 (15 to 1) Current Ratio (Audited) 2009 $128,867 ÷ $23,807= 5.3709833 or 5.371(5 to 1) 2008 $130,026 ÷ $8,380= 15.516229 or 15.516 (15 to 1) Disagree: This ratio is consistently a measure of short-term debt paying ability (Baker & Baker, 2011). However, it must be carefully interpreted (Baker & Baker, 2011). Observationally, the CEO’s report to the board that all financial ratios have improved is inaccurate; in all actuality, the ratios have not. In effect, the numbers simply do not back up the declaration. The unaudited and audited current ratios show that in 2008 the hospital’s assets were greater than those in 2009 were. This ratio also shows the current assets in 2008 were much higher than the current liabilities for the same year, a ratio of 15 to 1. In 2009 the current assets to current liabilities ratio was only 5 to 1. The hospital’s assets were lower in 2009 and yet the liabilities in 2009 were higher. The hospital’s assets were higher in 2008 and the liabilities in 2008 were lower. This shows the hospital was more profitable...
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...HCS 577 September 2012 Health Care Budget Manage a health care organization is not an easy task, the compromise with the community to provide an excellent service and the responsibility of keeping the profitability and viability of the organization makes health care management a complex and every day challenging profession. It require effective practices to avoid the failure of the business. Independently if the organization is not-for-profit or for-profit, a vital duty of the management team is to keep the organization finances in a status that allows it to operate, and produce a level of revenue that secure its existence over the years. To reach these objectives, managers must perform key functions that involve planning, decision making, controlling, organize, staffing, among others. The planning function is a vital chore of health managers that includes the identification of goals, and objectives to take the organization to the desired future state based on the current conditions (Liebler & McConnell, 2008). As part of the planning process, the task of budgeting plays an important role in the effective guidance of the organization toward the established goals and financial stability. Budgets permit managers to allocate financial resources in the planning process, evaluate the financial performance of the organization in a specific period as well as planning, control, and establish benchmarks with previous years details to identify strengths and weaknesses that will...
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...Course Design Guide HCS/405 Version 5 1 Course Design Guide College of Natural Sciences HCS/405 Version 5 Health Care Financial Accounting Copyright © 2012, 2010, 2007, 2005, 2004, 2002, 1999 by University of Phoenix. All rights reserved. Course Description This course provides an understanding of the general principles of accounting applied in the health care environment. It includes an overview of sources of revenue for various health care entities. The fundamentals of financial planning, cost concepts, capital budgeting, and management analysis are applied in the health care environment. Issues surrounding the development and management of budgets are also examined. Policies Faculty and students will be held responsible for understanding and adhering to all policies contained within the following two documents: University policies: You must be logged into the student website to view this document. Instructor policies: This document is posted in the Course Materials forum. University policies are subject to change. Be sure to read the policies at the beginning of each class. Policies may be slightly different depending on the modality in which you attend class. If you have recently changed modalities, read the policies governing your current class modality. Course Materials Baker, J. J., & Baker, R. W. (2011). Health care finance: Basic tools for nonfinancial managers (3rd ed.). Sudbury, MA: Jones & Bartlett Publishers. All electronic materials are available on the...
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...Financial Statements Review Ashley Dunn HCS/405 November 14, 2013 Robert McDaniel Financial Statements Review The Patton-Fuller Community Hospital is a full-service, for-profit hospital with 600-beds. Since 1975, the hospital has made every effort to provide advanced patient care for both inpatient and outpatient treatment in Northwest valley. The Patton-Fuller Community Hospital is owned by a 14 person board, in which 12 are active physicians. Collectively, the board works on a budget that best aids the board and the hospital. The goal is to make a profit while providing patients with the best care around. This paper will discuss the summary of the financial statements issued for the Patton-Fuller Community Hospital in the years 2008-2009 (Patton-Fuller Community Hospital, 2009). The effect of revenue sources on financial reporting at the hospital will vary depending on the amount of revenue being generated and the specific source of the revenue. Revenue sources should be included in financial reporting for the hospital's records. (“Telemedicine”, 2013. According to the documents provided, it look as if the financial officer had over-estimated the list in payment remittances, making it seem as if they would be healthier than they actually are. When providing figures for accounts receivable in 2009 the financial officer projected the total at $59,787, with a net allowance for bad debt for the same time-period at $10,757 while the audited account shows a...
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...Patton-Fuller Community Hospital Networking Project (Week 3) University of Phoenix CMGT 554/IT INFRASTRUCTURE Patton-Fuller Community Hospital Networking Project Today most new building construction is built with new technology and is not as much concerned with the type of budgets that a hospital muse consider in order to redesign a whole new network structure for the purpose of being more optimal and maintaining standards that keep up with advances in new technology. In most cases, a hospital’s network can transition over time with new technology and evolve into meeting the demands it requires to perform effectively. However, upgrading a hospital’s entire network can often be very expensive to implement and sustain. There may be a case where components or parts are no longer being produced to meet current and future demands. In the last several years, changes in healthcare put a demand on hospitals to maintain their networks with new, more efficient solutions that can enhance performance, keep cost low, but most one that is reliable . The Network architecture at Patton-Fuller hospital was designed for each department to rely on information flow between each department. In other words, if the accounting department needed information from the pharmacy or admissions in order to create invoices or insurance billing, it would be rely on those departments to share real time information through the network. It is important for a facility as large as a hospital to have...
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...creating a new operating budget a decision had to consider the type of budget that would best fit the needs of the hospital. Since there is several financial management practices involved with creating an operating budget, we must understand which practice will help us create a budget that is substantial for the needs of Patton Fuller Community Hospital. The Patton Fuller Community Hospital Nursing Statistics provided information including cost of nurse per hour, cost of nurse per 24 hour day, number of nurses per patient, number of nurses per day, nursing cost per day, and nursing cost per month. This statistical budget is the basis of our budget creating process. We are able to identify patient volume and resource assumptions used in other budgets (Gapenski, 2008). The decision was to provide a $1 raise to our nursing staff. The effect of this raise is demonstrated in the simulated budget for January through December. We added the total costs from the $1 increase over the course of the year to the 2010 operating budget. With adding in the additional salary costs of $631 (in thousands) to the prior year salary and benefit costs, total expenses will increase 1.3% for a total of $468,756. As a result of the salary increase the operating and net income will be $8,485. Because of the increase in pay to the nurses Patton Fuller Community Hospital income will decrease slightly. By using the statistic budget in developing a new operating budget, we are able to effectively...
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...Individual Final Project NTC/362 Fundamentals of Networking Dean McIntyre 2 The Patton-Fuller Community Hospital looks to upgrade their Information Technology (IT) capability beginning with their networks. The characteristics, components, and topology are evaluated to properly identify the needs for the new network design. The plan includes converting to a Wireless Local Area Network otherwise known as (WLAN), installing a Voice over Internet Protocol otherwise known as (VoIP), and design a Wide Area Network (WAN). The plan also includes the hospital maintaining all Macintosh® computers. Administration/Clinical Overview * The administrative departments run off of a 1000 Base-T Ethernet provided by a CAT 6 cable which is also the entire hospital’s network backbone. Clinical department networks however are provided by a 1000 Base-F Ethernet provided by a single mode fiber. The clinics feed into a Cisco Catalyste 3560 Switch as the network bridge that links the two together. All workstations are Apple iMAC or MAC Pros with the executive management, senior managers, and the data center workstations as having a wireless communication card installed. * IT Data Center * The data center is comprised of the hospital HIS system. The mainframe of the HIS is connected by a 4 gigabit fiber link to a 10 terabyte Network Area Storage (NAS) device. The data center’s workstations are all Apple iMACs that run a MAC OS X from a remote desktop. Virtualization...
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...University of Phoenix Material Patton-Fuller Community Hospital Statement of Revenue and Expense 2009 to 2010 Operating Budget Complete the Operating Budget. Assume the 2009 projections were realized. Use the 2009 budget and the 2010 budget assumptions to calculate expenses and income for 2010. The revenues have been completed for you. | | |2009 (Proj) |2010 Budgeted % |2010 Budget |2010 Operating Budget Assumptions | | | | |Change From 2009 | | | | | | |Projection | | | |Revenue | |Based on these 2009 assumptions: a 3% overall deflation rate for prices in 2009—due to the weak economy—will | | | |continue into 2010. | | |Net patient revenue |459,900 |3% |473,697 |Patient revenue will continue to...
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...University of Phoenix Material Patton-Fuller Community Hospital Statement of Revenue and Expense 2009 to 2010 Operating Budget Complete the Operating Budget. Assume the 2009 projections were realized. Use the 2009 budget and the 2010 budget assumptions to calculate expenses and income for 2010. The revenues have been completed for you. | | |2009 (Proj) |2010 Budgeted % |2010 Budget |2010 Operating Budget Assumptions | | | | |Change From 2009 | | | | | | |Projection | | | |Revenue | |Based on these 2009 assumptions: a 3% overall deflation rate for prices in 2009—due to the weak economy—will | | | |continue into 2010. | | |Net patient revenue |459,900 |3% |473,697 |Patient revenue will continue to...
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...a work environment. Many budgets are like forecasts as they may not be what actually happens throughout the year but it gives management a good idea of what goals need to be set and how to maintain their programs. Budgets also help in making decisions on how you run your business and in a health care setting that includes budgeting for staff salaries. The following analysis discusses how a CFO might go about budgeting for a hospital, such as the Patton-Fuller Community Hospital, assessing the departmental demands as well as community needs. As a CFO you have to make some tough decisions in regards to where the belt might need to be tightened or if larger purchases need to be made in order to maintain the quality of care. The decision making process is an opportunity to set goals and decide if investments will be worth the cost or cause a financial downfall for the organization. “Among the fundamental concepts basic to the managerial decision process is the incremental concept—only changes in cash flow are important in evaluating decision alternatives.” (Owens, 1980) Variance analysis is basically weighing risk to outcome and in this case the risk would be whether or not it would benefit the hospital long term to increase the nurse’s rate of pay. A CFO would have to think in terms of quality versus quantity as increasing salaries might cause the operating budget not to balance but in the long term this could be of great benefit to the hospital. Higher paid staff could...
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...TOTAL QUALITY MANAGEMENT AND SIX SIGMA Edited by Tauseef Aized Total Quality Management and Six Sigma http://dx.doi.org/10.5772/2559 Edited by Tauseef Aized Contributors Aleksandar Vujovic, Zdravko Krivokapic, Jelena Jovanovic, Svante Lifvergren, Bo Bergman, Adela-Eliza Dumitrascu, Anisor Nedelcu, Erika Alves dos Santos, Mithat Zeydan, Gülhan Toğa, Johnson Olabode Adeoti, Andrey Kostogryzov, George Nistratov, Andrey Nistratov, Vidoje Moracanin, Ching-Chow Yang, Ayon Chakraborty, Kay Chuan Tan, Graham Cartwright, John Oakland Published by InTech Janeza Trdine 9, 51000 Rijeka, Croatia Copyright © 2012 InTech All chapters are Open Access distributed under the Creative Commons Attribution 3.0 license, which allows users to download, copy and build upon published articles even for commercial purposes, as long as the author and publisher are properly credited, which ensures maximum dissemination and a wider impact of our publications. After this work has been published by InTech, authors have the right to republish it, in whole or part, in any publication of which they are the author, and to make other personal use of the work. Any republication, referencing or personal use of the work must explicitly identify the original source. Notice Statements and opinions expressed in the chapters are these of the individual contributors and not necessarily those of the editors or publisher. No responsibility is accepted for the accuracy of information contained...
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...Institute of Business and Information Technology PU, Lahore Project Report “Procter and Gamble” Organization Theory and Design F10BB (Morning) Submitted To: Ma’am Heena Saleem Submission Date 11th June, 2014 Group Members: Abeeha Mahmood F10BB038 Taliha Ghazi F10BB037 Saba Javed F10BB008 Komal Asim F10BB036 Fatima Mushtaq F10BB004 Zunaira Mumtaz F10BB018 Table of Contents Brief History and Background of the Organization: 3 Structure of the Organization: 6 Structural Dimensions of the Organization: 7 Goals, Strategies and Effectiveness: 10 P&G Goals and Objectives: 10 P&G Company Strategies: 13 Organizational Strategies: 14 The External Environment Analysis: 16 Technology: 17 Life Cycle Assessments: 20 Innovation and Change: 21 Conflict, Power and Politics: 25 Procter and Gamble Brief History and Background of the Organization: Procter & Gamble is the largest consumer goods company in the world and sells products under more than 80 brand names. The Procter and Gamble Company is today more familiarly known as P&G, and it has grown from its humble roots as a Cincinnati soap maker to one of the 20 largest multinational corporations in the world (based on sales). P&G took a long time to become the wonder brand they are today. The path to success took a lot of creativity and innovation. P&G invented branding in the 19th century; since then it has acquired products...
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