HC 433 Week 2 Discussion

Post ID: 3558119

Overview

Just a Discussion. It does not have to be an Essay.

All discussion posts must be appropriate in length to provide substantive content.

Prompt:

Two major budgeting processes in healthcare include the operational budget and the capital budget. Discuss the varying types of operational budgets. Additionally, what practical considerations must be made when assessing capital budget needs for your operational area. Consider such capital needs as new radiology or laboratory equipment. Such issues as age of the equipment would be an important consideration as well cost and timing for replacement. Also consider any new technology that might be on the horizon. How would you justify the capital budget needs in your area?

Reading and Videos:

Read: Is There a Better Way

https://www.beckershospitalreview.com/finance/is-there-a-better-way-to-approach-budgeting-and-forecasting-how-you-can-avoid-an-extended-budget-process-and-create-a-more-accurate-financial-forecast/

Read: Strategic Financial Planning

https://www.kaufmanhall.com/sites/default/files/legacy_files/Martins-point-seeks-strategic-budgeting.pdf

Read: Capital Budgeting in Healthcare

https://alexanderdhca51027.wordpress.com/2017/11/20/capital-budgeting-in-healthcare/

Read: Three Financial Statements

https://corporatefinanceinstitute.com/resources/accounting/three-financial-statements/

Watch: Introduction to Balance Sheet

https://www.youtube.com/watch?v=Syu2sKv05rQ

Watch: Introduction to Income Statement