Developing the budget and consider the next fiscal year

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Reference no: EM133938378

You are the administrator of the medical - surgical department at UMGC Health. Review the transcripts from the budget meeting and recent voicemails from your CFO and, using the available information and resources, develop an operating budget for your department. Your budget should include a single page document explaining your logic along with an accompanying Excel spreadsheet (available in the course room) that:

Estimates the revenue and expenses for the rest of the current fiscal year based on the assumptions provided in the transcript documents. Get top-notch online assignment help now.

Prepares a budget for the next fiscal year.

While you are developing the budget and consider the next fiscal year changes, discuss the ethical and economic considerations related to profiting from health care delivery.

Transcript of the VOICEMAIL FROM George Costanza (CFO):

Hi, it's George. I hear you're working on a budget for the Med-Surg department for FY 20XX. I'd like you to come to the budget meeting this afternoon, because I'm going to be sharing some numbers that are likely to have an impact on your budget. I've sent you the year-to-date statements through December, the overall budget for the year, and the year-to-date budget variance for your department.

George
Well, implementation is obviously by June 30 since the next fiscal year starts July 1. The board will approve the new budget probably by mid-June, but all the negotiation at the unit and department level will be going on this month. Our first official budget committee meeting is in early May. So I'd suggest getting your ducks in a row within the next week or so.

In your proposal, think about the cuts that are being proposed. Do you simply want to take a ‘salami slice' cut across all areas of expense? Or are there areas where it might make more sense to protect while others are more flexible? Since this is a simulation, you won't know everything that you normally would about the organization, the people involved, etc. However, think through what the second and third order effects are of a budget cut and provide some commentary regarding what other issues might surface and/or may need to be addressed as a result. Prepare your analysis in a professional memo format suitable for presentation to an executive audience. Tables and charts should be included.

Reference no: EM133938378

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