WHAT ARE THE FOUR MAJOR BUDGETS OF A HEALTH CARE ORGANIZATION? BRIEFLY DISCUSS EACH.

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1. What are the major components of the planning/control cycle?

2. What are the four major budgets of a health care organization? Briefly discuss each.

3. Describe the four types of responsibility centers, including the characteristics of each.

4. What are transfer prices? Discuss their major disadvantages.

5. Name two financial measures used to judge the performance of investment centers that are not used to measure the financial performance of profit centers.

6. What does the term “variance analysis mean when applied of financial performance of health care organizations?

7. A new cardiac catheterization lab was constructed at Havea Heart Hospital. The investment for the lab was $450,000 in equipment costs and $50,000 in renovation costs. A desired return on investment is 12 percent. Once the lab was constructed, 5,000 patients were served in the first year and were charged $340, for each procedure. The annual fixed cost for the catheterization lab is $1 million and the variable cost is $129 per procedure. What is the catheterization labs profit? Did this profit meet its desired ROI? Why or Why not?

Q2

Reflect upon three (3) aspects of the course that resonated for you. Describe the manner in which you have grown personally and professionally as a result of completing this course.

From the e-Activity, compare and contrast the primary economic issues and policies both the Republican and Democrat parties address concerning the U.S. healthcare delivery system overall. Provide at least one (1) example of an economic and / or policy issue to support your response.