Describe the challenges of developing and operating the unit/agency budget based on institutional history. Incorporate research finding where applicable.
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The documents attached are for the purposes of extra credit. It is a culmination of a number of healthcare economic issues.
1- Describe the challenges of developing and operating the unit/agency budget based on institutional history. Incorporate research finding where applicable.
2-Utilize various financial decision tools such as budget development and analysis, medical staff productivity, expense variance analysis, and break-even calculations.
3- Critique various management/financial models from the perspective of mission, organizational culture and business strategy.
The paper should be in APA style and cited as appropriate. Please pay close attention to the background information, as it will help you to answer the questions correctly.
This will require you to use your analytical skills.
Case Study
Healthcare Budgeting
The Atlantic Medical Center is a 562 bed full service acute care hospital on the east coast of New Jersey. By full service, it means that the hospital provides all services such as trauma, obstetrics, inpatient psychiatry, oncology services, operating rooms, same day surgery, clinics, etc. In addition, they are a teaching hospital meaning that they are affiliated with Atlantic Coast Medical School and University. Residents rotate through the organization as do nursing students, physical therapy students, respiratory therapy students, etc. The occupancy of the hospital is 75% which has become a concern to the Board of Trustees. They are looking at multiple mechanisms to increase volume in the hospital.
The mission of the hospital is: “To provide exceptional patient care and health education to consumers in the region.”
The hospital has a vision statement which reads:
“Atlantic Medical Center will be the hospital of choice on the eastern coast due to the high quality of care, commitment to education of staff and exceptional working environment.”
The values of the organization are: patient safety, high quality patient care, efficiency, staff education, and patient centered care.
Some of the difficulties the hospital is experiencing at present are:
• Decreased volume due to competition from other hospitals
• Excessive staff overtime
• Lack of educational in-services for staff
The management and the board of trustees have developed some strategic initiatives which are:
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