Explain the importance of reporting in health care

  • Subject: Finance
  • Topic: Budgeting
  • Style: Other / APA 7
  • Number of pages: 3 pages/double spaced (825 words)
  • PowerPoint slides: 0
  • Number of source/references: 4
  • Extra features: 

Order instructions:

Competency 1: Explain the importance of reporting in health care.
* Explain why budgets are an important part of the planning process.
* Explain the difference between operating, project, and capital budgets.
* Analyze the impact of the budget on the operations of the organization.
* Competency 2: Develop a departmental budget.
* Provide this year’s correct revenue and expenses.
* Estimate the correct revenue, expenses, and net revenue/expenses for the next fiscal year.
* Competency 3: Communicate in a manner that is scholarly, professional, and respectful of the diversity, dignity, and integrity of others and consistent with the expectations for health care professionals.
* Adhere to the rules of grammar, usage, and mechanics.
* Apply APA formatting to in-text citations and references.
The assessment has two distinct parts:
Part 1: Medical-Surgical Department Operating Budget
Relevant scoring guide criteria:
* Provide this year’s correct revenue and expenses.
* Estimate the correct revenue, expenses, and net revenue/expenses for the next fiscal year.
For Part 1 of this assessment, 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 (3) 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.) Part 2: Types of Budgets and Their Importance
In the second part of the assessment, 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 of the budget consists of 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 (excluding cover and references pages) response 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. If a rubric is needed or more instruction, please reach out

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