# MMHA6400 Walden Wk 9 Budget and Variance Healthcare Financial Excel Assignment

Review the Week 9 Assignment document provided to you by the Instructor. Examine the budgeted and actual revenues and expenses for a hospital. Reflect on concepts of budgeting and variance. Refer to Chapter 10 and Chapter 11 of Financial Management of Health Care Organizations: An Introduction to Fundamental Tools, Concepts and Applications in this week’s Learning Resources for additional guidance.

The Assignment:

Using the “Week 9 Assignment Budget and Variance Excel Template” address the following:

1. Determine the total variance between the planned and actual budgets for Surgical Volume. Is the variance favorable or unfavorable?
2. Determine the total variance between the planned and actual budgets for Patient Days. Is the variance favorable or unfavorable?
3. Determine the service-related variance for Surgical Volume.
4. Determine the service-related variance for Patient Days.
5. Prepare a flexible budget estimate. Present a side-by-side budget, flexible budget estimate, and the actual Surgical Revenues.
6. Prepare a flexible budget estimate. Present a side-by-side budget, flexible budget estimate, and the actual Patient Expenses.
7. Determine what variances are due to change in volume and what variances are due to change in rates.

## Expert Solution Preview

Introduction:

This assignment requires students to use the provided Week 9 Assignment Budget and Variance Excel Template to analyze the budgeted and actual revenues and expenses for a hospital. By examining the variances, students will gain a better understanding of budgeting concepts and how to identify whether the variance is favorable or unfavorable. Additionally, students will learn how to prepare a flexible budget estimate and determine the variances due to change in volume and rates.

1. To determine the total variance between the planned and actual budgets for Surgical Volume, students should subtract the actual Surgical Volume from the budgeted Surgical Volume. If the result is negative, then the variance is unfavorable. If the result is positive, then the variance is favorable.

2. To determine the total variance between the planned and actual budgets for Patient Days, students should subtract the actual Patient Days from the budgeted Patient Days. If the result is negative, then the variance is unfavorable. If the result is positive, then the variance is favorable.

3. To determine the service-related variance for Surgical Volume, students should subtract the budgeted Surgical Volume from the flexibly budgeted Surgical Volume. This will show how much of the variance is due to changes in volume.

4. To determine the service-related variance for Patient Days, students should subtract the budgeted Patient Days from the flexibly budgeted Patient Days. This will show how much of the variance is due to changes in volume.

5. To prepare a flexible budget estimate for Surgical Revenues, students should calculate the expected revenue based on the actual Surgical Volume using the flexible budget formula. This formula is [(Variable Cost per Unit * Actual Volume) + Fixed Costs]. Students should then present a side-by-side budget, flexible budget estimate, and the actual Surgical Revenues.

6. To prepare a flexible budget estimate for Patient Expenses, students should calculate the expected expenses based on the actual Patient Days using the flexible budget formula. This formula is [(Variable Cost per Unit * Actual Days) + Fixed Costs]. Students should then present a side-by-side budget, flexible budget estimate, and the actual Patient Expenses.

7. To determine what variances are due to change in volume and what variances are due to change in rates, students should examine the service-related variances for Surgical Volume and Patient Days. If the variances are greater than the service-related variance, then the remaining variance is due to changes in rates. If the variances are less than the service-related variance, then the remaining variance is due to changes in volume.

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