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Essay / Research Paper Abstract
This 6-page paper examines budgeting examples and benchmark strategies, using an ICU as an example. Bibliography lists 6 sources.
Page Count:
6 pages (~225 words per page)
File: AS43_MTicubudge.doc
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Unformatted sample text from the term paper:
Bryants article is penned for eHow, but his commentary is right on. Budget planning in any hospital requires consensus between administrative and hospital operations. Furthermore, he points out, budgets need
to take in the big picture, rather than being developed in silos. This is definitely true when it comes to a budget pertaining
to an intensive care unit. Unless that ICU budget takes into account other parameters and other departments, it could be asking for fund amounts that are unrealistic and/or impossible to
maintain. As such, a flexible budget, complete with variances (and explanation of those variances) need to be put into play. The holistic budgeting
is necessary - for example, in the budget to follow, we see that staffing needs in the ICU went over budget. The explanation for this was because of an increased
patient load referred from other departments that was not anticipated based on previous years forecasts. In this paper, well provide an example of
an ICU budget, complete with estimated budgets, actual budgets and variances. Well then offer variance explanations and follow up with strategies for budget management. Example of an ICU Budget
Hospital departments operating budgets include components such as labor, supplies and other (Ganti and Ganti, 2004). Labor typically comprises between 60% and 70%
of a departments operating budget and is divided into payroll and non-payroll (Ganti and Ganti, 2004; Brady et al, 1998). Supplies, in the meantime, takes up between 15% and 25%
of a budget (Ganti and Ganti, 2004). Below is an example of an annual budget that an ICU might formulate. These numbers are not based on anything specific, they are
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