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Practice Exercise 15-I: Budgeting Budget assumptions for this exercise include both inpatient and outpatient revenue and expense. Assumptions are as follows: Part1 As to the initial budget: The budget anticipated 30,000 inpatient days this year at an average of $650 revenue per day. Inpatient expenses were budgeted at $600 per patient day. The budget anticipated 10,000 outpatient visits this year at an average of $400 revenue per visit. Outpatient expenses were budgeted at $380 per visit. Part 2 As to the actual results: Assume that only 27,000, or 90%, of the inpatient days are going to actually be achieved for the year. The average revenue of $650 per day will be achieved for these 270,000 inpatient days. The outpatient visits will actually amount to 110%, or 11,000 for the year. The average revenue of $400 per visit will be achieved for these 11,000 visits. Further assume that, due to the heroic efforts of the Chief Financial Officer, the actual inpatient expenses will amount to $11,600,000 and the actual outpatient expenses will amount to $4,000,000. Part 3 Required 1. Set up three worksheets that follow the format of those in Example 15A. However, in each of your worksheets make two lines for revenue; label one as Revenue Inpatient and the other RevenueOutpatient. Add a Revenue Subtotal line. Likewise, make two lines for expense; label one as ExpenseInpatient and the other ExpenseOutpatient. Add an Expense Subtotal line. 2. Using the new assumptions, complete the first worksheet for \"As Budgeted.\" 3. Using the new assumptions, complete the second worksheet for \"Actual.\" 4. Using the new assumptions, complete the third worksheet for \"Static Budget Variance.\" As to the initial budget: 1. The budget anticipated 30,000 inpatient days this year at an average of $650 revenue per day. 2. Inpatient expenses were budgeted at $600 per patient day. 3. The budget anticipated 10,000 outpatient visits this year at an average of $400 revenue per visit. 4. Outpatient expenses were budgeted at $380 per visit. As Budgeted ### ### ### Revenue Inpatient Revenue outpatient Subtotal 1. The budget anticipated 30,000 inpatient days this year at an average of $650 revenue per day. 3. The budget anticipated 10,000 outpatient visits this year at an average of $400 revenue per visit. Expenses Inpatient ### 2. Inpatient expenses were budgeted at $600 per patient day. Expenses Outpatient ### 4. Outpatient expenses were budgeted at $380 per visit. As to the actual results: 6. Assume that only 27,000, or 90%, of the inpatient days are going to actually be achieved for the year. Subtotal ### 7. The average revenue of $650 per day will be achieved for these 270,000 inpatient days. 8. The outpatient visits will actually amount to 110%, or 11,000 for the year. 9. The average revenue of $400 Excess ofwill be achieved for these 11,000 visits. per visit revenue over expenses ### 10. Further assume that, due to the heroic efforts of the Chief Financial Officer, the actual inpatient expenses will amount to $11,600,000 and the actual outpatient expenses will amount to $4,000,000. Revenue Inpatient Revenue outpatient $ Subtotal $ Actual ### 6. Assume that only 27,000, or 90%, of the inpatient days are going to actually be achieved for the year. 4,400,000 9. The average revenue of $400 per visit will be achieved for these 11,000 visits. 21,950,000 Expenses Inpatient $11,600,000 10. Further assume that, due to the heroic efforts of the Chief Financial Officer, the actual inpatient expenses will am Part 3 Required Expenses Outpatient $4,000,000 1. Set up three worksheets that follow the format of those in Example 15A. However, in each of your worksheets make two lines for revenue; label one as RevenueInpatient and the other Subtotal $15,600,000 RevenueOutpatient. Add a Revenue Subtotal line. Likewise, make two lines for expense; label one as ExpenseInpatient and the other ExpenseOutpatient. Add an Expense Subtotal line. 2. Using the new assumptions, complete the first worksheet for \"As Budgeted.\" 3. Using the new assumptions, complete the second worksheet for \"Actual.\" Excess of revenue over expenses $6,350,000 4. Using the new assumptions, complete the third worksheet for \"Static Budget Variance.\" Revenue Inpatient Revenue outpatient Subtotal Static Budget Variance $ 1,950,000 $ (400,000) $ 1,550,000 Expenses Inpatient Expenses Outpatient Subtotal $ $ $ 6,400,000 (200,000) 6,200,000 $ (4,650,000) amount to $11,600,000 and the actual outpatient expenses will amount to $4,000,000. Assignment Exercise 15-1: Budgeting Assignment Exercise 15-1: Budgeting Select an organization: either from the Case Studies in Chapters 27-28 or from one of the Mini-Case Studies in Chapters 29-31. Required 1. Using the organization selected, create a budget for the next fiscal year. Set out the details of all assumptions you needed in order to build this budget. 2. Use the \"Checklist for Building a Budget\" (Exhibit 15-2) and critique your own budget. Exhibit 15-2 Checklist for Building a Budget 1. What is the proposed volume for the new budget period? 2. What is the appropriate inflow (revenues) and outflow (cost of services delivered) relationship? 3. What will the appropriate dollar cost be? (Note: this question requires a series of assumptions about the nature of the operation for the new budget period.) 3a. Forecast service-related workload. 3b. Forecast non-service-related workload. 3c. Forecast special project workload if applicable. 3d. Coordinate assumptions for proportionate share of interdepartmental projects. 4. Will additional resources be available? 5. Will this budget accomplish the appropriate managerial objectives for the organization? As Budgeted Revenue Expenses Excessive of Expense over Revenue Assignment Exercise 15-2: Budgeting Assignment Exercise 15-2: Budgeting Find an existing budget from a published source. Detail should be extensive enough to present a challenge. Required 1. Using the existing budget, create a new budget for the next fiscal year. Set out the details of all the assumptions you needed in order to build this budget. 2. Use the \"Checklist for Building a Budget\" (Exhibit 15-2) and critique your own effort. 3. Use the \"Checklist for Reviewing a Budget\" (Exhibit 15-3) and critique the existing budget. Assignment Exercise 15-3: Transactions Outside the Operating Budget Assignment Exercise 15-3: Transactions Outside the Operating Budget Review Figure 15-2 and the accompanying text. Metropolis Health System (MHS) has received a wellness grant from the charitable arm of an area electronics company. The grant will run for 24 months, beginning at the first of the next fiscal year. Two therapists and two registered nurses will each be spending half of their time working on the wellness grant. All four individuals are full-time employees of MHS. The electronics company has only recently begun to operate the charitable organization that awarded the grant. While they have gained all the legal approvals necessary, they have not yet provided the manuals and instructions for grant transactions that MHS usually receives when grants are awarded. Consequently, guidance about separate accounting is not yet forthcoming from the grantor. Required How would you handle this issue on the MHS operating budget for next year? Exhibit 15-3 Checklist for Reviewing a Budget 1. Is this budget static (not adjusted for volume) or flexible (adjusted for volume during the year)? 2. Are the figures designated as fixed or variable? 3. Is the budget for a defined unit of authority? 4. Are the line items within the budget all expenses (and revenues, if applicable) that are controllable by the manager? 5. Is the format of the budget comparable with that of previous periods so that several reports over time can be compared if so desired? 6. Are actual and budget for the same period? 7. Are the figures annualized? 8. Test one line-item calculation. Is the math for the dollar difference computed correctly? Is the percentage properly computed based on a percentage of the budget figure? Assignment Exercise 15-4: Identified Versus Allocated Costs in Budgeting Assignment Exercise 15-4: Identified Versus Allocated Costs in Budgeting Review Figure 15-3 and the accompanying text. Metropolis Health System is preparing for a significant upgrade in both hardware and software for its information systems. As part of the project, the Chief of Information Operations (CIO) has indicated that the Information Systems (IS) department can change the format of the MHS operating budgets and related reports before the operating budget is constructed for the coming fiscal year. The Chief Financial Officer (CFO) has long wanted to modify what costs are identified and what costs are allocated (along with the method of allocation). This is a golden opportunity to do so. To gain ammunition for the change, the CFO is preparing to conduct a survey. The survey will obtain a variety of suggestions for potential changes in allocation methods for the new operating budget report formats. You have been selected as one of the employees who will be surveyed. Assignment Exercise 16-1: Capital Expenditure Proposals Assignment Exercise 16-1: Capital Expenditure Proposals Ted Jones, the Surgery Unit Director, is about to choose his strategy for creating a capital expenditure funding proposal for the coming year. Ted's unit needs more room. The Surgery Unit is running at over 90% capacity. In addition, a prominent cardiology surgeon on staff at the hospital wants to create a new cardiac surgery program that would require extensive funding for more space and for new state-of-the-art equipment. The surgeon has been campaigning with the hospital board members. Required What should Ted decide to ask for? How should he go about crafting a strategy to justify his request, given the hospital's new scoring system