![BUY NURSING ESSAYS NOW](https://noteaxis.com/wp-content/uploads/2024/01/NursingEssayHub-nursing-Writers.webp)
Need Help Writing an Essay?
Tell us about your assignment and we will find the best writer for your paper
![BUY NURSING ESSAYS NOW](https://noteaxis.com/wp-content/uploads/2024/01/NursingEssayHub-nursing-Writers.webp)
BHA FPX 4008 Assessment 1 Developing an Operating Budget
Student Name
Capella University
BHA-FPX4008 Health Care Budgeting and Reporting
Prof. Name
Date
Developing an Operating Budget
Abstract
Budgeting is a critical component of healthcare facility management, enabling effective operations and facilitating growth. Administrators must maintain precise financial records to ensure adherence to allocated funds and projected revenues. Budgets are dynamic tools requiring regular assessment and adjustment to align with organizational objectives. Despite challenges, budgetary allocations are essential for sustaining development (Finkler et al., 2020).
Introduction
This paper examines the significance of budgeting in the planning process within Vila Health, focusing on the development of an Operating Budget. It outlines the differences between operating and capital budgets using practical examples. Additionally, it presents accurate revenue and expense projections for the current period and evaluates their impact on organizational functions.
Importance of Budgets
Budgeting is integral to healthcare systems’ planning process, providing insights into financial standing and guiding decisions on new initiatives. A well-structured budget facilitates strategic investments in hospitals and allows for corrective measures in unsuccessful endeavors. Absence of proper budgeting jeopardizes resource allocation efficiency (Finkler et al., 2020; Glushchenko et al., 2021).
Distinctions Among Operating, Project, & Capital Budgets
An operating budget forecasts anticipated income and expenses, akin to transactions in for-profit enterprises. It tracks resources consumed during operations and the timing disparities between resource usage and cash flows. Capital budgeting evaluates potential ventures necessitating substantial investments, ensuring alignment with predefined criteria through financial analyses. Project budgets comprehensively estimate all costs incurred until project completion (Finkler et al., 2020).
Accurate Revenue & Expenses Projection
Analysis of the fiscal year 2021 budget reveals a spending cap of $50 million for inpatient care revenues. With expenses totaling $23,123,516 million in the latter half of the fiscal year, projected actuals for 2021 are estimated at $46,247,032. Surplus funds can be allocated to staffing, employee education, equipment procurement, or other initiatives aimed at enhancing patient care (Vila Health Developing an Operating Budget, n.d.).
Revenue & Expenses Estimation
Current budget calculations indicate a surplus of $3,966,130, surpassing the operational budget of $40,895,000, with an actual amount of $44,861,130.
Balanced Budget for the Next Fiscal Year
While initially proposing a static budget or a 5% reduction, calculations for the upcoming fiscal year involve applying a 5% reduction to all current-year budget allocations. Approval of the revised budget is vital for maintaining operational sustainability.
Conclusion
Budgeting is imperative for the growth and financial stability of healthcare facilities. Whether operating within an operational, project, or capital budget framework, effective budget management ensures alignment with expenditure and revenue goals, a responsibility integral to administrators’ roles.
BHA FPX 4008 Assessment 1 Developing an Operating Budget
References
Armitage, H. M., Lane, D., & Webb, A. (2020). Budget development and use in small and medium-sized enterprises: A field investigation. Accounting Perspectives, 19(3), 205-240. https://doi.org/10.1111/1911-3838.12231
Finkler, S. A., Smith, D. L., & Calabrese, T. D. (2020). Financial management for public, health, and not-for-profit organizations (6th ed.). CQ Press.
Glushchenko, A. V., Kucherova, E. P., Mosolova, N. I., & Mosolova, D. A. (2021). Algorithm of forming the operating budget of integrated agro-formations in the south of Russia. IOP Conference Series. Earth and Environmental Science, 839(3), 32014. https://doi.org/10.1088/1755-1315/839/3/032014
Vila Health Developing an Operating Budget (n.d.). Capella.edu. https://media.capella.edu/CourseMedia/bhafpx4008element18838/wrapper.asp
BHA FPX 4008 Assessment 1 Developing an Operating Budget
Yekaterina, D. (2020). Operational budgeting system in trade companies. Retrieved from https://journals.indexcopernicus.com/api/file/viewByFileId/1079977.pdf
Download Free Sample
Get Capella University Free BHA Samples
BHA FPX 4002
- BHA FPX 4002 Assessment 3 Historical Trend Analysis
- BHA FPX 4002 Assessment 2 Changes in Medical Education
- BHA FPX 4002 Assessment 1 Evolution of the Hospital Industry: A Comparative Analysis
BHA FPX 4003
- BHA FPX 4003 Assessment 3 Health Care Professionals: Roles and Responsibilities
- BHA FPX 4003 Assessment 2 Managing Quality Across Various Health Care Settings
- BHA FPX 4003 Assessment 1 The Affordable Care Act and Beyond
BHA FPX 4004
- BHA FPX 4004 Assessment 4 Analyze and Apply Dashboard Data
- BHA FPX 4004 Assessment 3 Collaborate on Quality: Issue Analysis and Leadership Plan
- BHA FPX 4004 Assessment 2 Risk Management Policy and Procedure
- BHA FPX 4004 Assessment 1 Address a Patient Safety Issue
BHA FPX 4006
- BHA FPX 4006 Assessment 4 Voluntary Accreditation
- BHA FPX 4006 Assessment 3 Compliance Training: Essential for All
- BHA FPX 4006 Assessment 2 Health Care Fraud and Abuse
- BHA FPX 4006 Assessment 1 Compliance Program Implementation and Ethical Decision-Making
BHA FPX 4008
- BHA FPX 4008 Assessment 2 Financial Statement Analysis
- BHA FPX 4008 Assessment 1 Developing an Operating Budget
BHA FPX 4009
- BHA FPX 4009 Assessment 3 The Revenue Cycle Process
- BHA FPX 4009 Assessment 2 Reimbursement Options
- BHA FPX 4009 Assessment 1 Reimbursement Models in Healthcare
BHA FPX 4010
BHA FPX 4102
- BHA FPX 4009 Assessment 3 The Revenue Cycle Process
- BHA FPX 4009 Assessment 2 Reimbursement Options
- BHA FPX 4009 Assessment 1 Reimbursement Models in Healthcare
- BHA FPX 4008 Assessment 2 Financial Statement Analysis
- BHA FPX 4008 Assessment 1 Developing an Operating Budget
- BHA FPX 4006 Assessment 4 Voluntary Accreditation
- BHA FPX 4006 Assessment 3 Compliance Training: Essential for All
- BHA FPX 4006 Assessment 2 Health Care Fraud and Abuse
- BHA FPX 4006 Assessment 1 Compliance Program Implementation and Ethical Decision-Making
- BHA FPX 4004 Assessment 4 Analyze and Apply Dashboard Data
Get Free Samples of any Class/Assignment
The post BHA FPX 4008 Assessment 1 Developing an Operating Budget appeared first on Online Class Assignment.
Let our team of professional writers take care of your essay for you! We provide quality and plagiarism free academic papers written from scratch. Sit back, relax, and leave the writing to us! Meet some of our best research paper writing experts. We obey strict privacy policies to secure every byte of information between you and us.
ORDER ORIGINAL ANSWERS WRITTEN FROM SCRATCH