Healthcare Budget 2017

Healthcare Budget 2017

Health care organizations must meet basic clinical and financial targets to remain viable. The Affordable Care Act and the advent of accountable care organizations require increased attention to and skills for meeting internal organizational targets. Reimbursement from government payers is increasingly linked to the effective management of meeting expected performance measures. To do this, you must understand the concepts of internal and external benchmarks, the necessity for performance measurement, and how to determine appropriate targets relative to the type and size of the organization. It is helpful to ensure that when comparing organizational outcomes data, the external benchmark is comparable.

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Effective management of health care requires competence in health care finance. Successful health care executives not only understand operating, capital, and revenue budgets, they also understand why each of these budgets is important to an organization and which groups of stakeholders need to remain apprised of the status. Preparation Use the Sample Operating Budget located in the Required Resources section to help you complete this assessment. The information represents the clinic’s operating budget for 2015 and 2016. You have been asked to prepare a budget proposal for 2017 for the group of physicians who own the clinic. Because you know the clinic needs new billing software and there is a request for a new MRI machine, you will need to factor these expenses into your proposal. You will also need to explain environmental forces that may affect the budget and how your proposal addresses those forces.

Healthcare Budget Proposal

Requirements

Complete the sample operating budget by filling in the 2017 column. Include this information as a table inserted into your budget proposal, or attach separately in the assessment submission area. In your proposal, be sure you do the following: Describe the environmental forces that will affect or are likely to affect the budget for the next year. (Consider things such as compliance changes, changes in how insurance claims are processed, changes in laws and regulations, and so on.) Complete a 2017 operating budget that includes the purchase of new billing software and a new MRI machine. (This is where you use the sample operating budget.)

• What environmental forces will affect or are likely to affect the budget for the next year,

• How should the 2017 operating budget be completed to include the purchase of new billing software and a new MRI machine,

• How does this proposed budget align with the target profit margin,

• What measures will be implemented to track financial performance over the next year,

• How will financial performance be evaluated,