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Running Head: EXERCISE: ADJUSTING THE BUDGET 1

Exercise: Adjusting the Budget

Your Name Here

Date

EXERCISE: ADJUSTING THE BUDGET 2

Exercise: Adjusting the Budget

Please provide a brief introduction. This will be approximately 4 senteces.

Exercise: Adjusting the Budget

Using the sample Budget for the health information management service, adjust the

budget to reflect the changes described below. Indicate the line item and the amount of change,

and make any note about the change (e.g., that an item can not be eliminated or further reduced).

Assume that is possible to move funds from one line to another.

1. What would the dollar impact if the 5% increase planned for January 1 were reduced to

3.5% and postponed until April 1?

The 5% increase for all staff for all 6 months of the new year is worth $XX,XXX. Therefore,

3.5% for 3 months is worth about $X,XXX. The total saving through this action is approximately

$XX,XXX for the budget year.

2. As an alternative to cost-saving strategy, determine the annual savings if all hoursly staff

were reduced from 40 to 37.5 hours as their standard work week. Consider the top three

staff – director, compliance specialist, and registries coordinatior – as salaried and thus

unaffected by the workweek change.

Reducing hourly staff from 40 to 37.5 hours per week (but keeping the 5% increase on January 1

intact) would save approximately $XX,XXX for the budget year.

3. Determine the total dollar impact if both of the foregoing strategies were implemented

together. Remember that the pay increase affects everyone, but the 37.5-hour week affects

just the hoursly staff.

Since the two forgoing strategies were costed out separately, the net effect of implementing both

would be their straight sum or approximately $XX,XXX for the budget year. (The numbers

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Running Head: EXERCISE: ADJUSTING THE BUDGET Exercise: Adjusting the Budget Your Name Here Date 1 EXERCISE: ADJUSTING THE BUDGET 2 Exercise: Adjusting the Budget Please provide a brief introduction. This will be approximately 4 senteces. Exercise: Adjusting the Budget Using the sample Budget for the health information management service, adjust the budget to reflect the changes described below. Indicate the line item and the amount of change, and make any note about the change (e.g., that an item can not be eliminated or further reduced). Assume that is possible to move funds from one line to another. 1. What would the dollar impact if the 5% increase planned for January 1 were reduced to 3.5% and postponed until April 1? The 5% increase for all staff for all 6 months of the new year is worth $XX,XXX. Therefore, 3.5% for 3 months is worth about $X,XXX. The total saving through this action is approximately $XX,XXX for the budget year. 2. As an alternative to cost-saving strategy, determine the annual savings if all hoursly staff were reduced from 40 to 37.5 hours as their standard work week. Consider the top three staff – director, compliance specialist, and registries coordinatior – as salaried and thus unaffected by the workweek change. Reducing hourly staff from 40 to 37.5 hours per week (but keeping the 5% increase on January 1 intact) would save approximately $XX,XXX for the budget year. 3. Determine the total dollar impact if both of the foregoing strategies we ...
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