Review the Week 9 Assignment document provided to you by the Instructor. Examine the budgeted and actual revenues and expenses for a hospital. Reflect on concepts of budgeting and variance. Refer to Chapter 10 and Chapter 11 of Financial Management of Health Care Organizations: An Introduction to Fundamental Tools, Concepts and Applicationsin this week’s Learning Resources for additional guidance.
Note:This Assignment will be graded using this rubric: Document:Week 9 Assignment Rubric (Word document)
The Assignment:
Using the “Week 9 Assignment Budget and Variance Excel Template” address the following:
- Determine the total variance between the planned and actual budgets forSurgical Volume. Is the variance favorable or unfavorable?
- Determine the total variance between the planned and actual budgets forPatient Days. Is the variance favorable or unfavorable?
- Determine the service-related variance forSurgical Volume.
- Determine the service-related variance forPatient Days.
- Prepare a flexible budget estimate. Present a side-by-side budget, flexible budget estimate, and the actualSurgical Revenues.
- Prepare a flexible budget estimate. Present a side-by-side budget, flexible budget estimate, and the actualPatient Expenses.
- Determine what variances are due to change in volume and what variances are due to change in rates.
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