Finance and Accounting
final benchmarking project
Project description
please read the below instruction CAREFULLY:AND follow all steps.actually you have to fill out highlighted portion on excel sheet and fill the blank cells. i don’t need to write any paper for me.
Finals Project and Instructions and Benchmarks
See added tab on excel with new data for finals project. No narrative other than references used and rationale for benchmark/changes selected.
Preparing the Spreadsheet
1.Cut and paste the New Rows 2-7(hosp & md); Rows 2-5 (diag) to your corrected midterm project results.
2.Cut and paste the New Cols H through L to your corrected midterm project results.
Or you may simple copy and paste your corrected midterm project results onto the Finals excel model. Just make sure it lines up correctly.
1.Complete the new data cells at the top for each as follows:
1.Hosp Maximum Occupancy, Actual Occupancy and Avg. Length of Stay
2.MD Avg. visits per Patient, Actual MD Visits per Day
3.Diag Ctr Max MRIs, MRI Utilization %
Benchmarks:
Benchmark references and your rationale columns (Cols I & K) are set at a font of 8 and wrapped text.
Must include at least one article for each of the following (3 articles minimum assuming all expense projections can be found in one article).
1.Volume (expected to grow)
2.Revenue
3.Expenses – Using the 80/20 theory select a minimum of 3 major expense (hint: Salaries, Benefits and Contract Staff added together count as 1 of the 3)
4.Put the benchmark data in the following order:
1.The articles projected % change in Col H (you may have more than 1 benchmark);
2.The articles website in Col I (again you may have several);
3.Your projected % (usually less than that projected) in Col J (only use 1 line for your final selection); and
4.Your rationale for the % selected in Col K (the same row as your final selection in 4c.).
Calculate the 2015 Budget Results
1.Project the revised Volume for 2015 (you may have done this for a few Payers in your benchmark work, but the one in the shaded box in Col L should be the total for 2015.
2.Project the revised Revenue for 2015 in the shaded box Col L
3.Calculate the Profit Target that was given based upon your 2015 projected Net Revenue
4.Calculate the Maximum Expenses based upon the Profit Target
5.Project the Revised 3 or 4 key Expenses (These will all be reductions).
6.Assume all other expenses stay at the 2014 level and enter as Other Expenses.
7.Calculate the Net Operating Expenses
8.Calculate your resulting Profit and Profit %.
9.Make final adjustments
1.Profit Targets (Goals) should be at least met, BUT not go over 2% above the target.
2.Profit Targets must include at least a change in Volume, and reductions in 3 key expenses. You may need to adjust your projections accordingly.
Complete Cash Flow and Balance Sheet requirements
BENCHMARKS
Vol/Rev
On Google: Projected Hospital Utilization 2015
NEW http://www.chcf.org/publications/2014/07/health-care-costs-101
NEW http://www.beckershospitalreview.com/finance/5-things-to-know-about-healthcare-spending-projections-for-2015.html
http://www.sciencecodex.com/us_health_spending_projected_to_grow_an_average_of_58_percent_annually_through_2022-120837
http://www.cms.gov/Research-Statistics-Data-and-Systems/Statistics-Trends-and-Reports/NationalHealthExpendData/Downloads/Proj2011PDF.pdf
Hospitals
NEW http://www.beckershospitalreview.com/lists/200-hospital-benchmarks-2013.html
NEW http://kff.org/other/state-indicator/expenses-per-inpatient-day/
NEW http://www.healthcarefinancenews.com/news/future-hospital-inpatient-volumes
NEW http://content.healthaffairs.org/content/25/3/w141.long
http://www.healthcarefoodservice.org/CMS/Resources/2012%20Conference%20Presentations/Wed.June20CSBenchmarkingPPT.pdf
http://www.seagatealliance.com/Data/Documents/US%20Foods%20-%20True%20Cost%20per%20Patient%20Day.pdf
http://www.oshpd.ca.gov/HID/Products/Hospitals/AnnFinanData/HospFinanTrends/HospitalTrendsAllCh
( i chose the hospital one for my midterm so you have to complete the hospital part for me. please please follow all steps as my teacher wants . choose three articles for completing my excel spreadsheet and fill all highlighted portion in the final project excel sheet. also, i uploaded my midterm excel sheet for needed information. if you have any question please let me know. thank you
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Added on 07.12.2014 17:33
i attached my midterm excel spreadsheet to have needed information for complete the final excel spreadsheet.also, I attached the main excel spreadsheet (final project) to complete the order. t
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