Assignment: Healthcare Organization Financial Fundamentals
As a member of the finance team, you have been asked to forecast the upcoming year's operational budget for Krona Community Hospital. After reviewing specific data, internal input, and external input from various sources, you find that the executive management team would like the budget to reflect the following:
Include reference of the dollar amount from the 2022 budget.
a. 10% increase in inpatient revenue
b. 15% increase in outpatient revenue
c. 5% increase in pharmacy revenue
d. 15% increase in home health and hospital revenue
e. 10% increase in payroll and benefits
Additionally, provide discussion on the following:
a. How do you think that revenue would increase in each of the areas? Think outside of the box, and perform research to determine current trends in those areas.
b. Why would there be a forecasted need to increase payroll and benefits?
c. Explain the role of key leadership in the budgeting process, from the chief executive officer down through to the staff level of a financial analyst.
Format your assignment according to the give formatting requirements:
a. The answer must be double spaced, typed, using Times New Roman font (size 12), with one-inch margins on all sides.
b. The response also includes a cover page containing the title of the assignment, the course title, the student's name, and the date. The cover page is not included in the required page length.
c. Also include a reference page. The references and Citations should follow APA format. The reference page is not included in the required page length.