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.