Chat with us, powered by LiveChat One year ago, Metropolitan Memorial expanded its operations into a rural community located approximated a hundred miles from its main facility. The clinic offers a wide array of - Essayabode

One year ago, Metropolitan Memorial expanded its operations into a rural community located approximated a hundred miles from its main facility. The clinic offers a wide array of

 

Scenario

One year ago, Metropolitan Memorial expanded its operations into a rural community located approximated a hundred miles from its main facility. The clinic offers a wide array of outpatient services. As the Senior Accountant, you are reviewing the clinic’s operating budget from the previous year. You have been asked by the hospital’s chief administrator to create a new six-month operations budget for the clinic.

Operating-Budget.xlsx – –See attached Excel Sheet

Instructions

Using an Excel spreadsheet, create a new six-month budget for the clinic that includes the following revenue and expense projections: (See the document, notes for how to add numbers to the spreadsheet)

  • The clinic’s revenue is projected to grow by approximately 3% as a result of a new managed care contract.
  • The cost of expenses is expected to increase to 1.5%.
  • The clinic will also be adding a new roof to the facility at a projected cost of $50,000.

Then prepare a memo for the chief administrator. The memo should include a review of the previous year’s budget, an analysis of the upcoming changes (figures above), and a discussion about the impacts that these changes will have on the budget for the upcoming year.

****REMEMBER –  Create a new six-month operations budget for the clinic (Excel Spreadsheet) & THEN write a MEMO with that information.****

Deliverable #6 – HSA5400

Who Am I? Senior Accountant

What am I doing? Create a new six-month operations budget for the clinic (Excel Spreadsheet) & THEN write a MEMO with that information.

You need TWO documents here: Excel Spreadsheet & Word MEMO

· The clinic’s revenue is projected to grow by approximately 3% as a result of a new managed care contract – How do we figure this out?

· Revenue last year = $402,220.00

· We need to ADD 3% to this to come up with THIS YEARS PROJECTED REVENUE

· To do that – change the percentage to a decimal = .03

· Then you can multiple by .03 = 402,220.00 * .03 = $12,066.60

· 402,220.00 + 12,066.60 = $414,286.60 (NEW REVENUE FOR YEAR)

· The cost of expenses is expected to increase to 1.5%.

· Do the same thing – Take last years expenses = $192,206.68

· Add the 1.5% by changing the percentage to a decimal .015

· DO THE MATH

· Take that number 192,206.68 + SUM of .015 = Find your new number

· The clinic will also be adding a new roof to the facility at a projected cost of $50,000.

· Add this in ON IT’S OWN NEW LINE

· Make sure you TOTAL everything UP!

· SAVE YOUR SPREADSHEET AS YOUR LASTNAME_DATE_DEL6 Ide_862024_Del6

· Then do your MEMO

ADDITIONAL RESOURCES

Basic tasks in Excel

Overview of formulas in Excel

Additional Resources to help move those examples along that you need for the “A”:

Revenue Definition, Formula, Calculation, and Examples

Expense: Definition, Types, and How Expenses Are Recorded

,

Metropolitan Memorial

Memo

To:

CEO

From:

Student Name

cc:

Dr. M

Date:

8/7/2024

Re:

2024/2025 Budget

To get started right away, just tap any placeholder text (such as this) and start typing to replace it with your own. Want to insert a picture from your files or add a shape, text box, or table? You got it! On the Insert tab of the ribbon, just click the option you need. Find even more easy-to-use tools on the Insert tab, such as to add a hyperlink or insert a comment. Think a document that looks this good has to be difficult to format? Think again! To easily apply any text formatting you see in this document with just a click, on the Home tab of the ribbon, check out Styles.

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Budget

Budget C
REVENUES
Description Detail Yearly Budgeted Amount
Clinic Revenue Lab 325 clients per month, 3,900 total visits 163,800.00
Revenue Medications 195 of billable labs per month, 2340 labs per year 58,500.00
Revenue Procedures 162 meds per month, 1,950 per year 39,000.00
Revenue Less # of billable procedures done per year 26,000.00
Contractuals Percentage negotiated with payer 114,920.00
TOTAL CLINIC REVENUE 402,220.00
EXPENSES
Description Detail Yearly Budgeted Amount
PAYROLL
Provider salary Total salary 60,000.00
Receptionist salary 13,395.00
LPN salary 28,182.00
Total Salary & Wages: 101,577.00
Provider FICA Salary x 0.0765 4,590.00
Receptionist FICA Salary x 0.0765 1,024.68
LPN FICA Salary x 0.0765 2,155.92
Total FICA 7,770.60
Unemployment
Health Insurance 10,222.08
Life Insurance 2,216.00
Long Term Disability 666.00
401K Employer Contribution
Total Additional Benefits: 13,104.08
TOTAL PAYROLL: 122,451.68
OPERATING EXPENSES
Supplies Food 100
Misc. Supplies 1,000.00
Medications 5,000.00
Medical Supplies 4,500.00
Office Supplies 500.00
Printing 500.00
Postage UPS, Fed Ex, Postage 500.00
Professional Fees
Consulting Accountants fees 1,000.00
Audit Fee 1,500.00
Legal Fees 1,500.00
Licensing Fees Clinic 300.00
Bank Fees 250.00
Advertising 5,000.00
Insurance
Worker's Compensation 1,575.00
Gen/Pro/Med Mal liability, professional liability, employment, practice liability, property insturance, etc. 15,000.00
Umbrella Ins. 830.00
D&O Ins. 1,000.00
Professional Development Meetings Continuing education for provider and staff 1,000.00
Cont. Memberships etc. Exp. Rural Health Association 300.00
Travel & Entertainment Monies for getting to conference 1,000.00
Facility
Telephone Regular Service 1,800.00
Internet Access 300.00
Utilities Water, Electric, Garbage 5,000.00
Small Equipment & Tools 300.00
Equipment Rental 1,200.00
Capital Equipment 10,000.00
Rent or mortgage 7,200.00
Maintenance cleaning service, building & grounds upkeep 1,600.00
TOTAL OPERATING EXPENSES 69,755.00
TOTAL EXPENSES 192,206.68
Yearly Budgeted Amount
NET INCOME (Loss) [Revenue – Expenses] 210,013.32

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