HIT2400 ROI Cost Analysis Exceeding Budget and Budget Variance Questions

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HIT2400

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review the attached ROI budget report for FY 2017. XYZ hospital has been given the 2018 set budget for the ROI Unit, and your role as the HIM director is to review the FY2017 budget year report and determine what needs to be done to operate within the new budget in 2018. This includes identifying any budget variances from 2017, correlating any impact factors or department changes that took place in 2017, and assessing for how to best operate within the new budget parameters. After assessing the budget reports and key indicators, answer the following questions in your initial response:

  1. Did the ROI Unit operate within budget for the FY 2017?
  2. What Months did the ROI Unit meet budget?
  3. What months did the ROI Unit exceed Budget?
  4. What was the budget variance for the months that exceeded the budget?
  5. The 2018 ROI budget has been set at $950/month. What could be done differently in 2018 to close the budget variance from 2017?

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ROI Cost Analysis The following two charts indicate the FY2017 expenses and revenue for the Release of Information Unit: Expenses: Jan Feb Mar Staff 1650 1650 1650 ROI Tracking System 745 745 745 Paper Office Supplies 215 215 185 Copier/Fax 45 45 45 Total 2,655 2,655 2,625 ROI Expenses FY2017 Apr May Jun Jul Aug Sep Oct Nov Dec 1650 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 745 745 745 745 745 745 745 745 745 175 170 175 160 118 125 110 115 110 45 45 45 45 45 45 45 45 45 2,615 3,460 3,465 3,450 3,408 3,415 3,400 3,405 3,400 Revenues: Disability Requests Attorney Requests Personal Requests Total ROI Revenues FY2017 Apr May Jun Jul Aug Sep Oct Nov 660 660 615 585 610 590 640 575 820 780 755 770 740 745 680 595 115 110 130 95 105 90 95 80 1,595 1,550 1,500 1,450 1,455 1,425 1,415 1,250 Jan Feb Mar 800 765 715 1900 995 875 375 210 175 2,375 1,970 1,765 Dec 590 630 85 1,305 Key Factors of 2017 ROI Cost Analysis • • • • • • Facility went live with an EHR and Patient Portal in January 2017 In May 2017, ROI increased by 0.5 FTE to assist with oversight of ROI review rooms E-fax was implemented for use with external requestors in Jan 2017, ROI Monthly Budget for 2017 was $975.00 ROI uses a standalone ROI system through a vendor. The new EHR does have an ROI management/tracking system built in that could be used Cost for external copies is set below the state regulated cap In a Separate WORD document, answer the following questions: 1. Did the ROI Unit operate within budget for the FY 2017? 2. What Months did the ROI Unit meet budget? 3. What months did the ROI Unit exceed Budget? 4. What was the budget variance for the months that exceeded the budget? 5. The 2018 ROI budget has been set at $950/month. What could be done differently in 2018 to close the budget variance from 2017? *Be sure to include a cover page with your name, course name, assignment title and date.
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Explanation & Answer

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Running head: ROI COST ANALYSIS

1

ROI COST ANALYSIS
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ROI COST ANALYSIS

2
ROI COST ANALYSIS

Question One
ROI unit did not operate within the budget. The total for the expenses for the FY 2017
was $37,953, and the total revenue in the same year was $19,055 creating an excess expenditure
of $18,898 ($37,953-$19,055). ROI's monthly budget was $975, which is equivalent to $11,700
for the FY2017. Therefore, the ...


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