Hcs 571 Business Management Analysis Paper
Business Management Analysis
Chennelle A. Whitely
HCS/571
November 17, 2014 The business of healthcare has many various ways to mange the business sector of the corporation. The way that healthcare industry manages themselves is by completing budget management analysis reports. Theses reports are significant to the functionality of the organization. The main individual that often utilize these reports are mangers to ensure the unit will be staff appropriately and purchasing of new equipment for the unit. The budget amount is overseen and disbursed yearly to the units based on prior year budget. Thus, the budget management analysis report is what give mangers the ability to analyze the importance of the unit needs. The paper will …show more content…
Also, in the next several years the affordable care act is scheduled to cause significant changes to the healthcare environment. Companies such as Memorial healthcare system are pressured to increase their healthcare benefits budget. This pressure comes from Memorial healthcare benefits provider whom analyze current market conditions to forecast how much more is expected to cover this cost. Due to the fluidity of the open market this forecast can come at a quarterly bases. In order to meet this challenge the healthcare system can place the burden on the employees on increasing their healthcare deductions. This action will cause a significant employee dissatisfaction and as a result the system decided to increase the budget and only a slight increase to employee deduction. This variance will be added to budget expectation bottom line. Taxes also carries a company match required by the IRS regulations. As a result our special bonus in May will increase our expected budget for taxes by the tax amount paid by employees. Other things effect taxes include employee earning due to promotions, overtime, and new hire’s. Any failure by an employee to report taxes on time; quarterly, semi annually or annually, depending on size of company will have an IRS penalty and cause a variance to the tax budget …show more content…
With the recent increase in educational requirements will cause the organization budget to experience a variance. Thus,requiring staff to participate in classes within the workplace will increase the amount of funds needed.
Benchmarking
Benchmarking is goal that many organization want to meet yearly to ensure their performance will always maintain at that level. Benchmarking is a technique that organizations use to find best practices and to incorporate those practices within the organization (Finkler, Kovner, & Jones, 2007, pg 341). Incorporating benchmarking is what sets targets and goals for the organization to meet yearly. Their are at least three benchmarks that many organization tries to incorporate in the organization which are financial, performance, and operational. Financial benchmarking is a performance way to analysis the overall productivity of the organization while still remaining competitive within your industry. This method is effective so that the financial sector of the organization will always have a goal that must be meet in order for the bottom line to not be affected to much throughout the fiscal
Chennelle A. Whitely
HCS/571
November 17, 2014 The business of healthcare has many various ways to mange the business sector of the corporation. The way that healthcare industry manages themselves is by completing budget management analysis reports. Theses reports are significant to the functionality of the organization. The main individual that often utilize these reports are mangers to ensure the unit will be staff appropriately and purchasing of new equipment for the unit. The budget amount is overseen and disbursed yearly to the units based on prior year budget. Thus, the budget management analysis report is what give mangers the ability to analyze the importance of the unit needs. The paper will …show more content…
Also, in the next several years the affordable care act is scheduled to cause significant changes to the healthcare environment. Companies such as Memorial healthcare system are pressured to increase their healthcare benefits budget. This pressure comes from Memorial healthcare benefits provider whom analyze current market conditions to forecast how much more is expected to cover this cost. Due to the fluidity of the open market this forecast can come at a quarterly bases. In order to meet this challenge the healthcare system can place the burden on the employees on increasing their healthcare deductions. This action will cause a significant employee dissatisfaction and as a result the system decided to increase the budget and only a slight increase to employee deduction. This variance will be added to budget expectation bottom line. Taxes also carries a company match required by the IRS regulations. As a result our special bonus in May will increase our expected budget for taxes by the tax amount paid by employees. Other things effect taxes include employee earning due to promotions, overtime, and new hire’s. Any failure by an employee to report taxes on time; quarterly, semi annually or annually, depending on size of company will have an IRS penalty and cause a variance to the tax budget …show more content…
With the recent increase in educational requirements will cause the organization budget to experience a variance. Thus,requiring staff to participate in classes within the workplace will increase the amount of funds needed.
Benchmarking
Benchmarking is goal that many organization want to meet yearly to ensure their performance will always maintain at that level. Benchmarking is a technique that organizations use to find best practices and to incorporate those practices within the organization (Finkler, Kovner, & Jones, 2007, pg 341). Incorporating benchmarking is what sets targets and goals for the organization to meet yearly. Their are at least three benchmarks that many organization tries to incorporate in the organization which are financial, performance, and operational. Financial benchmarking is a performance way to analysis the overall productivity of the organization while still remaining competitive within your industry. This method is effective so that the financial sector of the organization will always have a goal that must be meet in order for the bottom line to not be affected to much throughout the fiscal