NURS 6211: Finance and Economics in Healthcare Delivery Sample
The most obvious explanation for the budget variance is that the original budget was unrealistic. It is likely that the department overestimated how much they could save by making certain changes, or underestimated the cost of necessary supplies and equipment. Another possibility is that some of the expenses may have been misclassified or inaccurately tracked. Finally, it is possible that some of the funds may have been used illegally or inappropriately. If there is evidence to support this theory, it should be reported to appropriate authorities.
There are many things that can be done to manage budget variances. One option is to look for ways to cut costs. Another option is to find new sources of revenue (Iftekhar, 2019). One may also want to consider ways to optimize spending or renegotiate contracts with vendors. Whatever solutions one chooses, it is important to act quickly and decisively in order to minimize the impact of budget variances on the organization.
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There are a few key things to remember when trying to keep the budget under control. -Make a budget and stick to it. This may seem like common sense, but it is easy to get carried away and spend more than one intended if they do not have a plan in place. – Being mindful of the spending habits (Knardal & Bjørnenak, 2020). Are there certain items or categories of items that one tends to overspend on? An individual/organization should try to be more conscious of their spending and try to stick within their budget for those categories (Wanna et al., 2020). Finally, to control the budget, one should use cash instead of credit cards whenever possible. To control the budget based on the proposed healthcare product or service solution, one important tip is to make sure that there is a clear understanding of the organization’s financial situation. This means having a clear understanding of the income and expenses. This will allow the management to make more informed choices about where to cut costs and how to increase revenue.
NURS 6211: Finance and Economics in Healthcare Delivery References
Iftekhar, R. (2019). Impact of budget variance on donor funding in NGOs: case study on “Stichting BRAC International”. http://hdl.handle.net/10361/12474
Knardal, P. S., & Bjørnenak, T. (2020). Managerial characteristics and budget use in festival organizations. Journal of management control, 31(4), 379-402. https://link.springer.com/article/10.1007/s00187-020-00305-0
Wanna, J., Kelly, J., & Forster, J. (2020). Managing public expenditure in Australia. Routledge.
NURS 6211: Finance and Economics in Healthcare Delivery
For this Discussion, you consider what causes budget results that are different than planned results, and you explore approaches healthcare organizations use to take corrective action to ensure resources are available to maintain performance.
To Prepare
Review the information in this week’s Resources dealing with variance analysis, how it is calculated, and how it can be used in decision-making, including the video Variance Analysis.
Use the Variance Discussion Case document, provided in the Resources, to calculate budget variances for the case presented.
By Day 3 of Week 5
Post a description of your insight into the budget variances in the scenario. In your opinion, what can be done, in general, to manage budget variances? Propose some best practices and/or strategies for budget control, both in general and as to how it relates to your proposed healthcare product or service solution.
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