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Budgets under Chief Financial Officer in the Patton-Fuller Community Hospital Virtual Organization and the Health Care Budget assignment from Week Five

Resources: Budgets under Chief Financial Officer in the Patton-Fuller Community Hospital Virtual Organization and the Health Care Budget assignment from Week Five

Part 1: 2010 Operating Budget

Review the 2009 Budget Issues – Nurses file in the Patton-Fuller Community Hospital Virtual Organization. This document can be found on the Chief Financial Officer’s web page under Special Projects. -> https://multimedia.phoenix.edu/virtualorgs/healthcare/pfch/specialprojects.html

● Decide which of the two highlighted options you will implement from the Nursing Statistics memo of the 2009 Budget Issues – Nurses document.

Discuss decision-making processes in creating a budget.

Createa new 2010 Operating Budget based on the labor decision you select from the Nursing Statistics memo. Use your Week 5 Health Care Budget assignment as the foundation to develop your new projected budget.

Part 2: Analysis Paper

Writea 1,050- to 1,400-word paper. Using headings for your sections will no doubt help organize your thoughts and your paper overall and thus increase your grade. Your paper should:

●       Discuss decision-making processes in creating a budget.

●       Explain the role of variance analysis in maintaining an operating budget.

●       Differentiate between managerial accounting and financial management.

●       Explain generally accepted accounting principles applied to the health care industry and how they are applied to your Operating Budget Projection.

●       Discuss the decision between the two labor alternatives facing the management of PFCH and the annual cost increase of each.

●       Make a recommendation about which labor alternative should be chosen.

●       Justify and analyze the labor decision that you recommend. Your justification should present numbers related to fiscal management including how each decision affects the 2010 Budget Projection.

●       Analyze the effect of your decision on the operating budget, including:

– The opportunity cost of your recommendation

○ How your recommendation affects employee satisfaction

○ How your recommendation affects patient care and patient satisfaction

Cite a minimum of 4 sources.

APA format the paper.

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