Download the Lesson 5 Budget Spreadsheet
(Excel) and respond to the following questions in a Word document. Be sure to show all of your work.
- After reviewing the budget, including the Budget Assumptions on the Instructions tab, develop two Operating Plan Objectives for the HIMT department.
- Looking at the Stats and Revenue tab, which trend in budget variance will need to be monitored closely in 2019, based on the 2018 data?
- Describe the change in “Total paid hours: staff” from 2017 to 2018 found on the Expense tab. What are some possible explanations for the change?
- Describe the change in data processing software expenses from 2016 to 2017, found on the Expenses tab. What is the most likely reason for this increase?
- Turn to the Department History tab. Why are the numbers on the line “Excess of Revenue over Expenses” in parentheses?
- You have permission to hire an additional Documentation Integrity Specialist. The person you are interested in is experienced. The hospital policy is that you may not pay them any more than the average or mean amount being paid to any employee in that job category. What is the maximum amount of hourly pay that you can offer the new hire?
- Is the supply budget variance or the salary budget variance, located on the Summary page, more concerning to you? Explain your rationale.
- Locate the Summary tab. What is the average hourly wage for staff on the projected budget for 2018? What is the amount budgeted as the average hourly wage for 2019? What is the most likely cause of the change?
- What is one thing that surprised you about reviewing the budget?
- Have any gaps in your knowledge of budgeting become apparent after doing this review? If so, how will you fill those gaps?
