Reference no: EM13510677

 Fiscal Management in Healthcare Services

Task Name: Phase 4 Individual Project

Deliverable Length: 8 Pages

Details: Established in 1977, Krona Community Hospital is an acute care hospital located in the heart of Banconota County. With a staff of nearly 100 physicians and specialists, 400 employees and 75 volunteers, they offer a full range of healthcare services. They are accredited by the Joint Commission on Accreditation of Healthcare Organizations.

In March 2006, Nouveau Health, a private, not-for-profit health care chain, took over management of the 60-bed Krona Hospital. In May 2007, state officials began to discuss Nouveau’s proposal to build a new, replacement hospital in Banconota County. The new facility would have 74 acute care beds, four observation rooms, four surgical operating rooms, one c-section room, 24-hour emergency department, maternity center, intensive care unit and extensive support services, including physical therapy and cardiac rehabilitation. All patient rooms would be private.

You are a staff member in the Finance Department at Nouveau Health, whose sole responsibility is to advance the success of the organization through assisting in planning, forecasting, and finance management. 

• Your Key Assignment Draft to help you prepare for the presentation in Phase 5 as follows:

• Prepare next year’s financial plan and organizational budget, using at least three types of budgets.  Address the possible issues surrounding next year’s forecasting. Make sure the budget reflects the following: 

o increase in revenue reimbursement

o allocation for the proposed improvements 

o increase in nurses’ salaries   

Please be sure to discuss the following areas:

• Funding sources

• Management structure

• Relationships between departments

• Budget cycle

• Preferred budget type