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Week 5 Part II & Part III Rough DraftPart II – Forecasting F

    Week 5 Part II & Part III Rough DraftPart II – Forecasting Forecasting is becoming more and more common in healthcare facilities. Although forecasting may appear similar to predicting the future, forecasting is completed by considering many different external and internal factors that affect a healthcare facility. Below you will find historical data and current data, as well as a future forecast for a local medical center of total patients seen. After analyzing the data answer the following questions: (Note: * next to any number represents a forecasted value) Quarter One Quarter Two Quarter Three Quarter Four Total Previous Year (Actual) Jan – 59 Feb – 63 Mar – 27 Apr – 70 May – 88 Jun – 95 Jul – 97 Aug – 110 Sep – 125 Oct – 70 Nov – 50 Dec – 35 889 Current Year Jan – 68 Feb – 60 Mar – 65 Apr – 70 May – 90 Jun – 90 Jul – 95 Aug – 125 Sep – 120 Oct – 65 Nov – *50 Dec – *25 923 Next Year Jan – *64 Feb – *62 Mar – *48 Apr – *72 May – *88 Jun – *90 July – *100 Aug – *115 Sep – *125 Oct – *68 Nov – *50 Dec – *30 912 Evaluate the forecasted values on the table. Explain in detail why you agree or disagree with the projected values. Identify and explain possible reasons for the change in total patients seen over the three years in the table. Forecast how the projected numbers for the three years would affect revenues for the medical center. Explain how these numbers allow the practice manager to estimate the cash flow for the facility. Part III – Budgeting in Healthcare Please respond to the following items regarding budgets in healthcare facilities. Identify and describe: The four types of budgets that are developed by a healthcare facility. The components included in a break-even analysis. Evaluate the importance of the break-even analysis and each of its components in managing a healthcare facility. Calculate the facilities Commercial Quarter 1 Gross Revenues with the admission fee as $55 and the follow-up fee as $35. Explain how the four types of budgets are interrelated. Estimating revenues and cash flow is an important part of a break-even analysis. Changing fee structures will have an impact on budgeting. The following table contains the weighted encounters for the four quarters of the past year for a particular facility; use this information to answer the questions that follow: Commercial Quarter 1 Quarter 2 Quarter 3 Quarter 4 Admissions 1562 1670 1250 1345 Follow-Up 1050 900 850 750 Medicare Admissions 1750 1230 1525 1800 Follow-Up 750 600 955 1250Calculate the facilities Commercial Quarter 1 Gross Revenues with the admission fee as $55 and the follow-up fee as $35. Calculate the facilities Medicare Quarter 1 and 3 Gross Revenues with the admission fee as $55 and the follow-up fee as $35. o Calculate the Net Revenue if the discount for Medicare were 70 percent.

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