HCMG745 Healthcare Practice Management

Description

Week 4: Creating an Operating Budget and Best Practices

Part II:  Financial Requirements

Due:  Week 4, Day 7

Points:  200

For Part II, you are to provide a Table of Contents using the headings below. Discuss each area this week as part of your Physician Practice Business Plan:

USE THESE HEADINGS IN YOUR PAPER:

• Fixed versus Flexible Budgets (Explain the difference between fixed and flexible budget in a paragraph – what are your concerns here? How can it affect your practice?)
• Develop and display an Operating Budget (categories and totals only): Operating Monthly Budget  –  This is an example of categories: the  list is not all inclusive – you can add more categories 
• INCOME:  This is your revenue source from 3rd party: Medicaid, Medicare or the insurance companies you are contracted with refund from insurance companies (what are you expecting? Based on your office fee and schedule
• TOTAL INCOME
• EXPENSES
  • Equipment
  • Insurance:
  • Supplies: 
  • Telephone
• TOTAL EXPENSES
• Income – Expenses:
• GRAND TOTAL

A full discussion of each one below: Use each question as a HEADING:

• Capital Needs/Long-term needs
• Benefits Provided by the Practice (example – vacation – how many vacation/sick, physician & employees? life insurance, 401K? Company match? etc.) 
• Physician salaries
• Staff salaries/raises/bonuses/job performance 
• Accounts Receivable Management

Submit paper by Day 7 – to the Week 4 Research Paper link under the Written Assignments area of the course.