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Follow the Money: Financial Management Series
Budgeting
4.5 CME Credits- (InterAct Express)
Non Member Price: $700.00
Member Price: $400.00 -
You Save $300.00
InterAct Express
Follow the Money: Financial Management Series - Budgeting
Course Description
A careful plan, or budget, is essential to the success of any organization.
This module contains four lessons designed to add to your knowledge of budget preparation,
as well as forecasting techniques that can be used to project costs, number of patients, and many other variables for the coming year.
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Operating Budget Part I - Overview
This course provides an introduction and overview to budgeting.
It addresses questions such as: What is a budget and why do we prepare one?
What are the different types of budgets? What are the steps that must be undertaken in the budget process?
What is a position, FTE, unit of service, and activity report? How are census and occupancy rates calculated?
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Operating Budget Part II - Budget Computations
This course focuses on essential computations needed in the budget process.
The starting point for next year's budget is this year's actual results.
However, next year's budget must be prepared before the end of this year.
Therefore it is critical to have a good approach for projecting what this year's actual results will be, based on
just the information available when the budget process is started.
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Operating Budget Part III - Calculations
This lesson focuses on the computations needed to budget for staff.
It looks at not only the total amount of staff needed, but also how staff positions are allocated by shift and by category of staff member.
Issues of productive versus non-productive time are considered, as are calculation of FTEs, shift premiums, overtime, and fringe costs.
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Forecasting
A critical element of budgeting, is the ability to make forecasts for the coming year.
This course discusses techniques that can be used to not only to project these items for the coming year,
but also to provide seasonal projections month by month.
release date: 09/08
Objectives
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Operating Budget Part I - Overview
- Define budget and budgeting
- Explain the purpose of different types of budgets (eg. operating, capital, cash budgets)
- Calculate fundamental metrics, such as census and occupancy rate
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Operating Budget Part II - Budget Computations
- Project full current year results based on partial year actual results using the annualizing and seasonalizing approaches
- Explain how relative value units (RVU) are used in budgeting
- Apply the RVU approach
- Discuss how patient classifications systems can be used in budgeting
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Operating Budget Part III - Calculations
- Convert total care hours into shifts per day
- Calculate FTEs needed to cover productive and non-productive time
- Allocate staff by shift and type
- Compute overtime and shift premium costs
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Forecasting
- Discuss the differences in historical random, seasonal, trend and seasonal with trend patterns
- Explain how to forecast when random, seasonal, trend, and seasonal with trend patterns exist
- Explain how computer software can be used to make improved seasonal forecasts
- Explain how the Delphi and Nominal Group Techniques can be used for forecasting when no historical data is available
Faculty
Professor Emeritus of Public and Health Administration, Accounting, and Financial Management
CME
4.5 CME Credits
Delivery
Video online
Purchase
Non Member Price: $700.00
Member Price: $400.00 -
You Save $300.00
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