Question
Budget Imagine you are a clinical manager of UMGC Health Care primary care services and in charge of developing a projected annual operating budget. Your
Budget
Imagine you are a clinical manager of UMGC Health Care primary care services and in charge of developing a projected annual operating budget.
Your budgetary figures are as follows:
For fiscal year 2017 and 2018, your clinic received $3 million from the government as fee-for-services reimbursements, as well as $1.1 million from private payers. The clinic has an annual fund-raiser that historically brings in $180,000 and a grants department that brings in $1.2 million annually.
Your chief financial officer (CFO) has provided you with the following annual expenses:
UMGC Health Care Annual Expenses: Annual salaries - $1.5 million Annual benefits - $ 240,000 Annual rent - $ 960,000 Annual insurance - $ 45,000 Annual depreciation - $ 780,000 Annual overhead - $ 180,000 Annual supplies - $60,000
Using the UMGC Health Care Operating Budget template, complete a 12-month operating budget in which you include the net profit (loss).
Write a 350- to 700-word executive summary that explains to the board of directors how you developed the budget and its importance.
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