Healthcare Finance assignment

1.Describe the mission, assumptions and objectives for the upcoming budget year for the departments involved. (Nursing, Laboratory, Pharmacy & Radiology)
2.Establish statistics volume projections for the budget year 2015 for all four (4) departments.
3.Establish a position control plan for the new Psychiatric Unit. (Part of Nursing)
4.Establish a position control plan for nursing and laboratory.
5.Complete expense item for laboratory & radiology for 2015.
6.Project the expected net revenue for all Medicare, HMO, and all Other Insurance patients.
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University of Scranton Hospital is a 175-bed community hospital serving a rural area of
Pennsylvania. It is located 30 miles from a large metropolitan area and has a fine reputation.
The hospital is fully accredited and is licensed by the state. The hospital offers general
medical/surgical services with a bed complement as follows:
Medical/Surgical
130
Pediatrics
20
ICCU
10
OB
15
Total
175
The hospital has a 10 bed Ambulatory Surgical Unit. The hospital is in sound financial condition
with a physical plant that is 15 years old and in excellent condition.
The hospital has just recruited a new General Surgeon and a Internist. These recruitment efforts
filled two major needs of the institution. It is estimated that in today’s current marketplace
surgeons are expected to increase inpatient admissions to a acute care community hospital by
1.5% and Internists by .5%.
It is expected that admission volumes will increase with the addition of these two new physicians.
The community population has been relatively stable over the past 10 years and there is no
expectation that this trend will change.
The percentage breakdown of patients by payor mix is as follows:
Medicare
51%
Blue Cross
16%
Medical Asst
08%
HMO
10%
Commercial INS
07%
Other
05%
Self Pay
03%
Total
100%
The population breakdown is as follows:
Under 19
25%
19 to 64
44%
65 and over
31%
The primary initiative or goal for the 2014-2015 fiscal year is the establishment of a 15-bed
Psychiatric Unit. This new unit will be infused into the current bed complement with no increase in
the 175 bed count expected. This unit is expected to occupy space for 15 beds currently not set up
and staffed at the hospital.
It is expected that during the year there will be a slight increase in inpatient services as a result of
the Psychiatric Unit. The hospital laboratory is buying two new pieces of equipment at a cost of
$400,000 that will allow them to do 35% more tests in house rather than send these tests out to a
reference lab. It is also expected that the Radiology Department is purchasing a new CT scanner
that is expected to increase current radiology volumes by 3.25%.
The budget calendar and target dates for budget completion are the same in this year’s budget as
in years past.
In the new fiscal year, the hospital plans to:
1. Establish a separate distinct 15-bed inpatient psychiatric unit.
2. Install new equipment in the laboratory to enable the hospital to do 35% more tests in-house
rather than send them to a reference lab.
3. Recruit a general surgeon and a Internist.
4. Purchase an additional CT scanner which is expected to increase current radiology volumes
by 3.25%.
THREE DEPARTMENTS ARE INVOLVED IN OUR BUDGET EXERCISE. THEY ARE NURSING,
LABORATORY, PHARMACY AND OUTPATIENT/AMBULATORY SERVICES.
STATISTICAL DATA
2012
Admissions In Pt (Nursing)
Laboratory Test
2013
7,395
399,330
2014
2015
7,400
7,370
411,810
421,564
Pharmacy Rx
99,832
100,011
99,642
Radiology Exams
68,222
69,124
68,950
Laboratory spent $79,866 on supplies in 2012. They spent $86,480 in 2013 and $96,959 in
2014. These figures represent the cost of supplies to do tests at the hospital. The hospital spent
$122,000 to perform tests outside the hospital last year. The cost of lab supplies is expected to
increase 10% in the next budget year as a result of inflation. The hospital also had supplies costs in
Radiology of $ 395,205 in 2012, $405,222 in 2013 and 410,100 in 2014. There is expected to be an
industry wide increase in radiology supplies costs of 6.5% in the next budget year.
LABORATORY EXPENSES
2012
2013
2014
Supplies
$79,866
$86,480
$96,959
$395,205
$405,222
$410,100
RADIOLOGY EXPENSES
Supplies
NURSING JOB CLASSIFICATION LISTING
POSITION TITLE
AUTHORIZED POSITIONS
Director of Nursing
1 ft
Assistant Director
2 ft
Nurse Supervisors
4 ft
Head Nurse
8 ft
Staff Nurses RN
80 ft
15 pt
LPN
25 ft
10 pt
Nurses Aides
10 ft
Orderlies
6 ft
Unit Desk Clerks
6 ft
4 pt
Secretary
1 ft
LABORATORY
Department Head
1 ft
Med Technologist
12 ft
2 pt
Lab Tech
4 ft
Lab Assistant
2 ft
Secretary
1 ft
PARIENT REVENUE
Gross Revenue Projected for the 2014-2015 budget year is as follows:
In Patient
$30,675,000
Out Patient
$36,878,000
Total
$67,553,000
Current Reimbursement Formulas:
In Patient
Medicare
HMO
Other Insurance
$5760/case
$1215.00/pat day
$7655.00/discharge
Out Patient
38% of Charge
31% of Charge
42.5% of Charge
Expected length of stay (LOS) in 2015 is 3.4
INSTRUCTIONS:
1. Describe the mission, assumptions and objectives for the upcoming budget year for the
departments involved. (Nursing, Laboratory, Pharmacy & Radiology)
2. Establish statistics volume projections for the budget year 2015 for all four (4) departments.
3. Establish a position control plan for the new Psychiatric Unit. (Part of Nursing)
4. Establish a position control plan for nursing and laboratory.
5. Complete expense item for laboratory & radiology for 2015.
6. Project the expected net revenue for all Medicare, HMO, and all Other Insurance patients.
Be sure to explain all work in detail!!

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