health care business analysis

Jun 28th, 2015
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College America - Phoenix
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Write a 1050 to 1,400 word paper in which you detail the following: Explain the decision-making processes in creating a budget. Explain the role of variance analysis in maintaining an operating budget. Differentiate between managerial accounting and financial management. Analyze how generally accepted accounting principles in the health care industry apply to your Operating Budget Projection. Analyze the decision between the two labor alternatives facing the management of PFCH and the annual cost increase of each. Evaluate the labor alternative you would recommend. Your justification should present numbers related to fiscal management including how each decision impacts the 2010 Budget Projection. Analyze the effect of the labor alternative you recommended would have on the operating budget with respect to each of the following: The opportunity cost of your recommendation. How your recommendation impacts employee satisfaction. How your recommendation impacts patient care and patient

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Health Care Business AnalysisNameCourseTutorDate of submissionCreating a budget is an important tool in the management of any company. A budget enables a company to allocate funds available at the most reasonable way to avoid losses in future. The decision making process when creating budget involves reviewing of the past financial statement to analyze how a company allocates its funds to different department in the company. Reviewing of financial statements involves looking at the past balance sheets, income statements and statement of cash flows. The next step will be to assess the company's needs. In this case, the management will assess different departments of the company noting down things that need to be done and improved (Tanaka, 2007). For this reason, the budgeting planning team will have an idea of the amount of money it will ask for from the finance department. The next step is to forecast the company's productive level in future and the expenses it will incur in future. Finally, it is important for the decision-making team to compare the amount of money the company has that will be enough to sustain the budget. If the budget exceeds the available amount of money, the budgeting team will meet to decide on areas they can cut down expenses so that the company does not dwell on loans (Tanaka, 2007). Variance analysis refers to the process of investigating the difference between actual values and projected values. In our case, variance analysis will i

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