...Budget Management Analysis John Thorpe HCS/571 April 13, 2014 Professor: Amy Reed Budget Management and Variance Analysis Healthcare organizations are faced with severe financial pressures resulting in extreme budget cuts. Consequently, nurse managers and financial managers are tasked with the responsibility of doing more with less while maintaining the high quality of care offered to its consumers. To accomplish the aforementioned tasks, managers use budgetary tools to help them focus on controlling cost while running an efficient operation. Budgeting gives managers the tools necessary to ensure the availability of required resources to meet the organization’s goals and objectives, communicate strategies and monitor results (Cleverly, Song & Cleverly, 2007). Finkler, Kovner & Jones (2007) offer that budgeting should be used to make the organization become more effective and efficient. It is not a tool for maintaining the status quo. Organizations use different approaches to introducing the budgetary process. Some organizations take the current year's budget update it for inflation and projected revenue growth. Others take a clean slate approach; compel managers to justify their expenses and staffing needs on an annual basis. Still other organizations forecast revenue and profit and assign expense rates to departments. However, the most effective budget is one that reflects the true financial position of the organization, provides flexibility and monitored...
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...Budget Management Analysis Budget Management Analysis Budgets are used in many organizations to plan the fiscal year of the institutions. Preparing a budget helps to allocate the available funds of each department within the company. Creating a budget is a vital tool in keeping the financial status in order, focusing on all the cost over a select period of time to achieve financial stability. Budgeting involves forecasting the demand for resources that create variable cost or flexible cost. Chief financial officers of the organizations are in charge of creating the budget through forecasting. Not having a budget can be catastrophic for any organization. There are many types of budgets. Governments create budgets to ensure that they take in enough revenue (generally through the collection of taxes) to pay for social programs, such as schools, police and fire departments, public parks, financial assistance programs for low-income families, and various other projects having to do with the effective management of a community. Corporations use budgets to calculate methods of minimizing overhead (expenditures relating to running a company, such as purchasing supplies, paying employees, renting office space, and so on) in order to maximize profits. "Budgeting." Everyday Finance: Economics, Personal Money Management, and Entrepreneurship. Vol. 2. Detroit: Gale, 2008. 348-350. Gale Virtual Reference Library. Web. 18 May 2014 The first strategy on how to manage budgets with forecasts...
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...Budget Management Analysis HCS/571 Financial Resource Management June 27, 2011 Dr. Lena Watson Budget Management Analysis Budget management analysis is used by mangers as a tool and helps determine that all resources available are being used efficiently. The budgets are determined yearly and are based upon the previous year’s budget and variances. This paper will discuss specific strategies to manage budgets within forecast, compare five to seven expense results with budget expectations, describe possible reasons for variances, give strategies to keep results aligned with expectations, recommend three benchmarking techniques, and identify those that might improve budget accuracy, and justify the choices made. Strategies to Manage Budgets Many strategies may be used to control budgets; managers and the chief financial officer of most healthcare organizations have the tools needed to manage the budget. By managing the budget the organization will be better prepared for the financial forecasts, which are the company’s future expenses. Some strategies and tools that will assist with managing the budget are zero based, activity based, performance based, cost variances and benchmarking. Zero based budgeting analyzes every expense within an organization and justifies the need and cost of each. Activity based costing is the gathering of the operating cost data, which is assigned to specific activities such as engineering. The performance dashboard uses the metrics of performance...
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...Budget Management Analysis Budget management is an important concern for organizations, especially today with the economic strain on businesses. The strategies to manage budgets and possible variances will be addressed within the context of this paper. A comparison of five expense results with the budgetary expectations and reasons for possible variances will be presented. Benchmarking techniques that may improve budget accuracy in future forecasts will also be concentrated on within the body of information presented Managing a Budget within the Forecasts According to Finkler, Kovner, and Jones, (2007), organizations exercise control over operations through the use of a management control system. The determination of whether a business is able to appropriately budget for future expenses, economic downturns, and risks is critical in today’s economic crisis. The methods by which a budget is created are specific and take into consideration several factors that provide target, actual, and variance results. The strategies used to create a budget vary among industry, organization, department, and/or manager just to name a few. Budget variances, strategies, and benchmarking techniques are critical to the final budget formulated for a business. A budget is a way to assist managers to follow a set strategic plan to ensure resources are used to efficiently to achieve the goals and follow the mission of the organization. A budget provides estimates of revenue, expenditures...
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...TE AM FL Y THE JOSSEY-BASS Academic Administrator’s Guide to Budgets and Financial Management The Jossey-Bass Academic Administrator’s Guides are designed to help new and experienced campus professionals when a promotion or move brings on new responsibilities, new tasks, and new situations. Each book focuses on a single topic, exploring its application to the higher education setting. These real world guides provide advice about day-to-day responsibilities as well as an orientation to the organizational environment of campus administration. From department chairs to office staff supervisors, these concise resources will help college and university administrators understand and overcome obstacles to success. We hope you will find this volume useful in your work. To that end, we welcome your reaction to this volume and to the series in general, including suggestions for future topics. THE JOSSEY-BASS Academic Administrator’s Guide TO Budgets and Financial Management Margaret J. Barr Copyright © 2002 by John Wiley & Sons, Inc. All rights reserved. Published by Jossey-Bass A Wiley Imprint 989 Market Street, San Francisco, CA 94103-1741 www.josseybass.com No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission...
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...Budget management analysis is commonly used by mangers as a tool helping to make sure that all resources in existence get put to use correctly. The budgets are determined annually because they are determined by the preceding year’s budget and differences. Budgets can be controlled by specific techniques to control budgets within prediction, consider five to seven expense results with budget anticipations, explain possible factors that cause fluctuations, present ways to keep results associated with goals, share three benchmarking strategies, and consider the ones that could increase budget accuracy, and give good reason for the choices made. (Finkler, 2007) Several techniques are often used to regulate budgets; managers as well as the chief financial officer of nearly all health related agencies provide the techniques necessary to manage the budget. By balancing the budget the institution will likely be better organized for the financial guidelines, which are the company’s upcoming expenses. A few techniques that can improve balancing the budget are zero based, activity based, performance based, cost fluctuations and benchmarking. Zero based budgeting examines each individual expense within a business and justifies the necessity and expense of each. Activity based pricing is the accumulation of the operating cost records, which is also assigned to individual programs which include engineering. The performance dashboard applies the metrics of functioning and examines the reason...
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...References: Clark ANA Art & Science Kelly Paubel Nur 531 May 21, 2012 Holly Stenerson PLACE PHOTO HERE, OTHERWISE DELETE BOX Subhead. Subhead. left screen page 1 Summary “INSERT PULL QUOTE HERE. DELETE BOX IF NOT IN USE.” Mandatory Nurse-to-Patient Ratio right screen page 2 Negative Influences Positive Influence of Mandated Ratios Is mandating ratios the answer. currently in California the mandated ratios are: !:2 for ICU, Critical Care, NICU, PACU, Labor & Delivery, and with ED patients requiring intensive care 1:3 for Stepdown Units 1:4 for Ante & Post partum, Pediatrics, ED, Telemetry, and other specialty units 1:5 for Medical Surgical units 1:6 for Psychiatric units. Has these ratios changed patient care and nurse satisfaction? Hospitals and nursing organizations are divided on how this change has effected patients and nurses. The California Nurses Association states that nurse retention, burnout, and morale have improved (Clark, 2010). Advocates also say that medical errors have reduced and patient satisfaction has improved. Although several states have attempted to pass laws mandating nurse-to-patient ratios, only California has successfully passed one. California Assembly Bill 394, mandating minimum, specific, and numerical nurse-to-patient ratios in hospitals, passed in 1999. left screen page 2 Nursing has seen many changes with the increase in medical treatments available. This...
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...Financial Indicators Decision Making Simulation Form Date: ___09/06/2015_________________ Team: _Team -C_______________________ Team Members: Tammy Clay, Tekoa RN, Jeeva Charles What cost cutting options were chosen? Explain why those were chosen. I chose reducing agency staff and changing the skill mix because reducing the contract workers among patient care worker would reduce costs, staffing nursing units and other patient care areas. The salaries of agency –contracted people are twice that of the other hospital staff. Reducing these personnel gradually will tremendously cut down costs. Changing the skill mix by hiring unlicensed assistive personnel will offer an effective means of addressing economic realities. The nurses can delegate a simple task to these assistive personnel this can ultimately allow them to focus on more complicated tasks. Which cost cutting loan option was chosen? Explain why. I chose the loan option-1. This option is the best option because the patient volumes is increasing and the hospital revenues is growing in a rapid rate. So, paying the loan in one month saves in interest of $ 66,073 and the total interest will be paid out would be $ 11,813. Here I notice even though there was no penalty for paying the loan off prematurely. Moreover, once the payments are received, the cash flow problem would be taken care of later. Through the interest which was gained that amount can be used for more important things which are in needed...
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...Immigration and Healthcare Cost Angela Mporampora Metropolitan State College of Denver Healthcare Finance HCM 4030 Professor kelvin D. Zeller March 25, 2012 Immigration and healthcare cost Abstract. The rise in healthcare cost has been one of the most troubling economic events in recent years. Healthcare cost rises about 7.5 percent every year. The United States is known to be the nation with the highest amount spent on healthcare. Some research links immigrants to the fast paste in healthcare cost increase. Immigration became a top issue after the event of September 11th. Many believes immigration is the root cause of most of the economic problems taking place in the country today, they linked immigration to increase in healthcare cost, increase in crime rate, reason for low productivity, reason for loss of job opportunity for native- born and many more. But on the other hand, are these groups of individuals who believe immigrants are being used as “scapegoats” just because they don’t have a voice or stand in the society. They stressed the believe that even before immigration became a hot topic, the economy already had this problem in place, they denoted most research findings stating data were manipulated to support their mission; for immigrant do not visit medical establishment as often as indigenes and wonder how researchers came to the conclusion that immigrants spiked up healthcare cost. This subject is distinctly two sides and it’s difficult to find...
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...FINANCIAL MANAGEMENT OF COURTS BUDGET Programme Director, Tererai Mafukidze Members of the South African Judges Commission, Members of the Venice Commission Various Professionals and members here present, Distinguished Guests, Registrars from various parts of the world, Ladies and Gentlemen Protocol observed. I am humbled to address this auspicious gathering of the South African Judges Commission and Venice Commissions Registrar’s workshop held in our most beautiful land, South Africa. Allow me, therefore, to extend a warm word of welcome to all newly appointed Registrars and also pay recognition to those of you who have been a pillar of strength at your various organizations ensuring enhanced administrative support and capacitating the Judiciary that you serve. You are indeed a critical foundation on which the future of judicial effectiveness lies. Ladies and Gentlemen: I have been requested to talk about Financial Management, Management of Courts Budgets and its Challenges. I am sure you will agree with me that anyone requested to talk about this topic, can do so for the whole day or two or even a week. I am saying so precisely because financial Management, Management of Courts Budget and its Challenges are extensive and to sum this up in 30 minutes is in itself a challenge. INTRODUCTION It is said that if managers expect their subordinates to adopt any of their wishes or characteristics, such as frugal qualities in the workplace, managers themselves must...
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...FINANCIAL MANAGEMENT OF COURTS BUDGET Programme Director, Tererai Mafukidze Members of the South African Judges Commission, Members of the Venice Commission Various Professionals and members here present, Distinguished Guests, Registrars from various parts of the world, Ladies and Gentlemen Protocol observed. I am humbled to address this auspicious gathering of the South African Judges Commission and Venice Commissions Registrar’s workshop held in our most beautiful land, South Africa. Allow me, therefore, to extend a warm word of welcome to all newly appointed Registrars and also pay recognition to those of you who have been a pillar of strength at your various organizations ensuring enhanced administrative support and capacitating the Judiciary that you serve. You are indeed a critical foundation on which the future of judicial effectiveness lies. Ladies and Gentlemen: I have been requested to talk about Financial Management, Management of Courts Budgets and its Challenges. I am sure you will agree with me that anyone requested to talk about this topic, can do so for the whole day or two or even a week. I am saying so precisely because financial Management, Management of Courts Budget and its Challenges are extensive and to sum this up in 30 minutes is in itself a challenge. INTRODUCTION It is said that if managers expect their subordinates to adopt any of their wishes or characteristics, such as frugal qualities in the workplace, managers themselves...
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...BUDGET PROPOSAL Management Accounting I CYNTHIA WIEM [00000011168] JULVIANI [00000011326] KEVIN [00000011144] MARIANI [00000011181] MICHAEL [00000011316] YULI H. SIREGAR [00000011391] UNIVERSITAS PELITA HARAPAN Class: A3 Lecturer: Ms. Yenny Martok Submission Deadline: July 23rd, 2015 Accounting Major 2015 ABSTRACT XYZ Ltd is a newly established company which specializes in lip care, thus our newest product is a lip balm called Naturél Tinted lip balm. It is, like other lip balms, used as a preparation to be applied on lips to soothe sore or cracked lips, but not just that. It also has the ability to revive the dead skin on lips back into its natural color. The main difference of our product is that our lip balms are 100% natural. XYZ Ltd aims to make this product knownworldwide and be the leading company in producing a lip balm using only natural ingredients. Therefore, the objectives are using various social media to market our product and relentlessly continue researching on the newest and more effective natural ingredients. As we know, one of the objectives of a company is to market its product and to be able to reach the desired profit, we must be able to do budgeting, a process in which we estimate our expense and income in selling a product so that we can prevent the possibility of debt. In this project, budgeting functions as “planning” stage in marketing our lip balm. Planning is the initial and important step in management. The expected benefit...
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...Historical Perspective Essay Rebecca Firmin NUR/518 May 21,2012 Vta Massey Historical Perspective Essay One significant event in nursing research which created greater awareness for the need of utilizing research in clinical practice was the establishment in 1986 of the National Center for Nursing Research by congressional mandate. A primary function of the Center for Nursing Research was promotion of research projects that related to patient care. In this period nurses began formal projects to help with research utilization in clinical practice to enhance patient outcomes. During this time factors outside of nursing helped shape nursing research also. A clinical learning strategy designed by McMaster Medical School in Canada called evidence-based medicine had a major effect on all health care professions and how physicians and nurses made clinical decisions. This learning strategy paved the way for nursing research to incorporate evidence-based practice into the daily clinical practices and enhance patient outcomes. Nursing research focused on improved patient-nurse relationships and improved patient outcomes, strategies that nurses could utilize at the bedside to enhance patient care. With use of this learning strategy nursing developed nursing strategies that were centered around nursing diagnosis and not on medical diagnosis to effect patient outcomes. Interventions that nursing could use that were nursing related and did not require a physician’s order to...
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...Cost, Budgets and Strategic Decision Making in Management Accounting Answer (a) Budgets can be characterized as a quantitative explanation, for a certain time period, which may incorporate arranged incomes, cash flow, costs, resources, and liabilities. Budgeting alludes to the procedure of outlining, actualizing, and working budgets. Budgeting, as a control device, gives an activity plan to guarantee that the association's real exercises are slightest digressed from the planned exercises. Budgets are utilized to give an outline of the organization and procedures performed in it. They are helpful in asset allocation where assets are distributed in such a route, to the point that the techniques, which are relied upon to give the most astounding returns, receive top priority (Libby and Murray, 2010). Budgets are additionally forecast instruments and bring about a significant improvement readied to adjust to changes in business atmosphere. They ought to be produced in such a route, to the point that they consider the key necessities of each of the functions. Budget detailing comprises of an arrangement of exercises: a budget department is created in which a budget controller is appointed, strategies are developed for budget readiness, budget recommendations are created at the department level, the budget is developed for the whole company, financial backing period and key budget elements are decided, the budget is evaluated and approved, growth is observed, and the budget...
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...How managing resources and controlling budget costs can improve the performance of Schuh Subject: Personal evaluating the business performance Dear Sir/Madam The purpose of this letter is to share my personal evaluation of how your business ‘Schuh’ performance can be improved through effective management of resources and controlling of budgets. There are 5 main resources in a business which can help it become successful. Human resources, financial resources, educational resources, physical resources, technological resources and emotional resources. HUMAN RESOURCES Human resources are needed within a business, an example of a human resource is staff and employment, businesses employ staff members who obtain skills which can create a positive impact and benefit the business. Human resources can improve the performance of a Schuh in many ways; human resources are in charge of employing the correct people who are suited for a job, and to make sure that they have everything in place in order for them to make the best out of the job. Human resources have to have a bond with each staff member making sure they treat each staff member individually and treat them with respect and sometimes sensitivity as they are ran and organized by legislations and laws. In Schuh through different seasons and peaks, human resources have to make sure that all staff members are trained to handle these kinds of stressful times; this also involves having a look at potential employee’s...
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