Budgeting is an important activity within every healthcare organization Budgeting is an important activity within every healthcare organization. The particular challenges encountered, however, can vary depending on the type of organization.

Budgeting is an important activity within every healthcare organization
Budgeting
is an important activity within every healthcare organization. The particular
challenges encountered, however, can vary depending on the type of
organization.
A state or federally funded organization, for example, will
likely have a budget that is allocated to it, and it needs to follow specific
guidelines on how the money can be used. A for-profit organization, by
contrast, will typically have more influence and flexibility in setting up
its budget and making choices on matters such as how much to spend on
marketing, patient care, or incentives for employees.
In
addition to preparing budgets, as a healthcare administrator, you must also
be able to evaluate whether or not you have achieved your budget using
variance analysis. This is important because variance analysis measures the
differences between the budget and actual results, and provides
administrators with a starting point for correcting financial performance.
For this Assignment, you conduct a variance analysis for a healthcare
organization.
To
prepare for this Assignment, review the Week 7 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 Applications in this weeks Learning
Resources for additional guidance.

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