NURS 6211 – Finance and Economics in Healthcare Delivery Essays Assignments and Exams
Students in this course learn about the fundamentals of finance and budgeting in healthcare delivery. They apply financial principles, such as budgeting processes used in multiple healthcare settings and the nurse administrator’s responsibilities within the context of leading and managing resources. Through these applications, students explore budget development and management of operational and capital resources. They examine the influence of private and public policies and budgeting models that effect quality outcomes within the aspect of financial planning using information systems. Students also explore budget and resource decisions contributing to the achievement of organizational outcomes within the context of providing efficient and cost-effective quality care.
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Assignment: Using Variance Analysis in Decision Making
Having a budget is critical for the financial stability of an organization. Keeping track of how well the organization is actually adhering to the budget, and subsequent identification of why the budget numbers are being missed is equally important. Without this critical “why” piece, it is difficult to make the necessary adjustments to the budget or to organizational behavior that might be promoting overspending. NURS 6211 – Finance and Economics in Healthcare Delivery Essays Assignments and Exams.
A good budget is built with thoughtful consideration of future costs and revenue. Though your budget is formulated with expected figures in mind, the actual resulting values may vary considerably. This variance–from projected to actual–can be a pleasant surprise or a fiscal nightmare and can make financial decision making difficult. Fortunately, variance analysis can enable management to determine why variance occurred and what can be done to mitigate its effects.
For those not comfortable with the use of Microsoft Excel, this week’s Optional Resources suggest several tutorials. NURS 6211 – Finance and Economics in Healthcare Delivery Essays Assignments and Exams.
To prepare:
- Review the information in this week’s Learning Resources dealing with variance analysis, how it is calculated, and how it can be used in decision making.
- View the video Week 8 Application Assignment Tutorial: Variance Analysis, provided in this week’s Learning Resources.
- Use the Week 8 Application Assignment Template, provided in this week’s Learning Resources, to complete this assignment. Carefully examine the information in each of the scenarios and provide the necessary calculations. Using this information will help you answer the questions.
By Day 7
Note: For those Assignments in this course that require you to perform calculations you must:
- Use the Excel spreadsheet template for the Week 8 assignment
- Show all your calculations and formulas in the spreadsheet.
- Answer any questions included with the problems (as text in the Excel spreadsheet). NURS 6211 – Finance and Economics in Healthcare Delivery Essays Assignments and Exams.
A title and reference page are NOT needed in this assignment. Put your name and assignment at the top of the Excel spreadsheet.
Use the Week 8 Application Assignment Template for the Week 8 assignment
Salary Variance Scenario
For this Assignment run a variance analysis. Based on the information you obtain: assess the results of the analysis, suggest potential causes of the budget variances and an explanation for addressing the situation.
Using the following performance data calculate the volume adjusted labor rate variance and volume adjusted efficiency variance. Your Variable Expense Factor is 40% and your Volume Change Factor is 50%. NURS 6211 – Finance and Economics in Healthcare Delivery Essays Assignments and Exams.
Note: Submit the Excel spreadsheet containing your Salary Variance Scenario calculations to the Assignment submission link.
Variance Analysis
| Name: | Assignment: | ||
| A good budget is built with thoughtful consideration of future costs and revenue. Though your budget is formulated with expected figures in mind, the actual resulting values may vary considerably. This variance–from projected to actual–can be a pleasant surprise or a fiscal nightmare and can make financial decision making difficult. Fortunately, variance analysis can enable management to determine why variance occurred and what can be done to mitigate its effects. | |||
| Using the following performance data, calculate the volume adjusted labor rate variance and volume adjusted efficiency variance. Your Variable Expense Factor is 40% and your Volume Change Factor is 50% NURS 6211 – Finance and Economics in Healthcare Delivery Essays Assignments and Exams | |||
| Actual | Budget | ||
| Salaries | 345,000 | 413,000 | |
| Payroll Hours | 11,000 | 9,500 | |
| Service Volume | 75,000 | 150,000 | |
| Actual | Budget | . | |
| Salaries | 345,000 | 413,000 | |
| Payroll Hours | 11,000 | 9,500 | |
| Service Volume | 75,000 | 150,000 | |
| Actual Volume | 75,000 | ||
| Budget Volume | 150,000 | ||
| Variable Expense Factor | 40% | ||
| Volume Change Factor | -50% | ||
| Volume Adjustment Factor | -20% | ||
| Description | Actual | Budget | Variance (Unfavorable) |
| Salaries | 345,000 | 413,000 | 68,000 |
| Volume Adjustment | |||
| Volume Adjusted Salaries | |||
| Paid Hours | |||
| Volume Adjustment | |||
| Volume Adjusted Hours | |||
| Labor Rate | |||
| Labor Rate Variance | $0.00 | ||
| Efficiency Variance | $0.00 | ||
| Total Variance | $0 | ||
| For this Assignment, run a variance analysis. Based on the information you obtain,assess the results of the analysis, suggest potential causes of the budget variances and an explanation for addressing the situation. NURS 6211 – Finance and Economics in Healthcare Delivery Essays Assignments and Exams. |