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Design an operating budget for a healthcare organization of your choosing. For a for-profit entity, you can find current and prior financial statements and any additional information on one of the many commercial-free sites where such information is available, such as MarketWatch, Yahoo Finance, etc. For example, search the site with HCA Holdings’ ticker symbol (“HCA”) and then look for the “Financial” tab or section when you come to the site’s HCA Holdings page. You can locate a local, regional, or national nonprofit, religious-based healthcare system for the not-for-profit entity and download and review the financial statements.
Project Objectives
To complete this project, you will be expected to:
Apply fundamental concepts and practices of financial management and accounting to a healthcare organization.
Analyze financial statements and other financial-operational reports to evaluate a healthcare organization’s overall operational and financial stability.
Demonstrate an understanding of how financial indicators are used to make assumptions about future financial performance.
Demonstrate an understanding of how operational indicators are used to make assumptions about future operational performance.
Design an operating budget for a healthcare organization.
Develop recommendations for a healthcare organization that are supported by financial and operational analysis and indicators.
This project allows you to select a healthcare organization with which you are familiar, analyze the operations, and design an operating budget for the organization. Then, drawing on the concepts and principles from readings, exercises, current events, and class discussions, develop an operating budget project in which you:
Introduce and discuss the background for the healthcare organization you selected for this project
Define the operating and financial condition and status
Analyze the organization’s financial position by using financial and operational indicators and financial information in the financial statements.
Search the literature for operational benchmarks of healthcare organizations and do a comparative analysis
Offer any suggestions and the financial and operational assumption that supports the operating budget
Develop an operating budget to address financial and operational conditions
Develop a conclusion
Your project must include, but is not limited to, the following sections:
Title Page: Include a title, date, your name, and the course name and number.
Executive Summary: In the introduction, restate your approach and assumptions, the necessary background to your approach, and how you intend to address the key issues.
Assumptions: In this section, you integrate the information from the financial and operational analyses, make assumptions about the current and future status of the organization, and provide the rationale and supporting data for each assumption. The presentation should provide the reader with sufficient information to understand and support the assumptions.
Financial and Operational Analysis: In this section, you provide an in-depth analysis of the financial and operational issues of the healthcare organization, supported by relevant operational indicators, analysis, and current high-quality literature sources.
Benchmarks and Comparative Analysis: Present what you discovered in your search of the literature for operational benchmarks of healthcare organizations. Do a comparative analysis based on the operational benchmarks and your financial and operational analysis.
Operational Budget: In this section, present your best estimate based on current knowledge and assumptions of the financial operations of the organization for the following year (Year 2), using the current year (Year 1) as the base year.
Conclusion: summarize your major findings and recommendations.
References Page:
Appendix Section (as needed, Appendix is not counted toward the required page count)
Back up your responses with at least ten (10) current sources (no older than three years), five (5) of which are peer-reviewed articles. You may use the course textbooks as prime references, but you may use other course readings. The GW main library and SMHS Online Library are good venues to find your references and supporting sources.
To get ahead with the project, you need to review the various resources (textbook and other supplementation resources provided in the course modules). Also, for creating an operating budget, check this source from HFMA: https://www.hfma.org/topics/article/62571.html
Submit a 10-12-page paper, not counting the title and references pages, which you must include; and appendixes if needed. Format your paper according to the APA writing style requirements.
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