Free «Fiscal Management in Health Services» Essay Sample

Fiscal Management in Health Services

A hospital budget preparation is a primary factor to take into consideration for the smooth operations and effective delivery of medical services. The finance and accounting departments are entrusted with the task of preparing the budget before the beggining of each of the fiscal year, it  must also ensure that all the departments in the hospital are catered for in the budget, all the anticipated  revenues and the expected expenditures should be analyzed in the budget preparation.

Budget setting for various departments in the hospital

The crona community Hospital financial team together with the departmental heads base their strategic plans for the fiscal year to cater for the financial needs and gains for some of the major departments in the hospiatal that includes the Emergency room, Pediatriac unit and the intensive care unit. Each distinct department is alocated a certain percentage of the total budgeted sum depending on the health strategy. All the fiscal years budget plans are guided by the past financial records of each department,and the internal and external benchmarks including the overal budget goals as provided by the heads of departments (Liebler & McConnell. 2012).

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An executive budget summary: A compiled report  for the fiscal year  for July 1,2011 to June 30, 2012

The emergency room

The Crona Community Hospital’S  emergency room  managed to sail through the past fiscal year. All the three strategic plans that were outlaid for the one year period were successfuly achieved, these includes; the increase in revenue earnings, increase in the staff salaries especially the Nurses and availind funds for the suggested improvements within the department.

Having achieved all the planed strategies in the emmergency room, some of the suggested improvements are still underway eventhough the funds for the undertakings had been released. The  main project that is still in progress are partitioning of the emmergency rooms into small cubicals.

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Paediatric unit

The paediatric unit of crona community Hospital successfuly acomplished three out of the four goals it had in its strategic plan for the fiscal year. The three goals are; increase in the Nurses pay within the department, improved  paediatric facilities such as the playing kits for the children and the third achivement was training parents on the infants and adolescents care.

The department did not complete one goal, increase in revenue as was anticipated in the strategic plan, this was not  100 percent achived as was planned. The major problem that the department faced leading to decline in revenue for the department was due to the reduction in the number of patients resulting to improved medical and home care by parents as the knowledge in infants, children and adolescents care is advancing.

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Intensive care unit

The crona community hospital’s intensive care Unit also managed to  successfuly complete all its strategic goals for the fiscal year. The success was as a result of honouring the Nurses pay rise in the department, it also managed to allocated all the proposed funds for the improvement of facilities within the department and also the increase in its evenue earnings for the past fiscal year,the intensive care unit was not faced with operational and financial problems in the past fiscal year.

Another kind of direct costs that the Hospital must allocate much revenue is on reinbursement on inprovements such as bulding of new facilities and infrustructure in the Hospital premises and purchasing of other new Hospital equipments and machines like ambulances for the emergency unit or play equipments for the paediatric department. Other kinds of direct costs that the Hospital must budget for also includes; fringed benefits such as medical insurance for the staffs, social security and retrenchment compensation, travel expenses for the staff, consultants fee and supplies.

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Indirect costs are also known as the facitity and administrative costs are the hiden costs that may not directly relates to a given projects such as the overheads, indirect costs generaly takes a much less percentage of the total budget as compared to direct costs. This can be shown in the sample budget allocation for the entire budget as shown below.

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