20180224165245venice_family_clinic_proposal_milestone_three.docx

20180224165245venice_family_clinic_proposal_milestone_three.docx

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Milestone 3: The Venice Family Clinic Milestone 3: The Venice Family Clinic Oodusanya Olawunmi February 11, 20118 IHP-450 Professor David Abalat 1
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Milestone 3: The Venice Family Clinic A departmental budget can be described as a tool used to project both income and expenses of a given department within a healthcare organization. In the year 2012, the Venice Family Clinic’s total income amounted to $41,052,317 and had expenses amounting to $42,866,572. The income to expenses ratio of 41:42 indicates that the clinic suffered a loss for the represented year. However, with proper budgeting, the clinic can avoid such miscalculations in the future. The major part of the expenses related to the healthcare and the “Children First” program, while a bigger part of the income came from donations from third-party reimbursements, community support, and government support. The budget for the upcoming 2017 fiscal year would raise departmental income from $41,052,317 to $42,250,000 and would lower departmental expenses from $42, 866,562 to $42,000,000, leading to a profit of $250,000. This would largely be from more fundraising through community support and through decreasing the numbers of patients seen who couldn't afford healthcare costs or caring for people with bad debts (which resulted in a loss of $113,446 for the 2012 fiscal year). Strategic planning involves predicting the financial future of an organization for the next 3 to 10 years, and planning such budgeting accordingly. One important thing to consider is the
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  • Summer '15
  • Generally Accepted Accounting Principles, Venice Family Clinic

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