Executive Summary on Finance and Budgeting

Executive Summary on Finance and Budgeting

Executive Summary on Finance and Budgeting

Instructions/Descriptions

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The Golden Age Hospital is a project that will help provide quality healthcare to seniors in the Mission Viejo region. The projected has to be financed in terms of structure, equipment, and the overall operation to ensure its functionality. The federal government is funding the construction of the facility and also the equipping of the hospital. The state will cater all the requirements and machines(De Nardi,et al(2016). The facility will be set up to serve seniors ranging from 65 years of age and above. Since the seniors may be unable to finance their treatment because they are all retired, the Medicare Insurance program will step in to settle their medical bills. The insurance will use the Medicare Prospective Payment System(Miller et al. (2016), which will also enable the continued functioning of the hospital. The project is also expected to make some profits from the payment system in place. The profit expectations depend on how the payment plan will fund the bills incurred by the seniors. Underfunding by the federal government will bring a loss to the facility, while overfunding will automatically bring a profit. Projections of performances relative to the national government standards show a loss in the first year of operation (Abbey, (2018).

References

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Abbey, D. C. (2018). Prospective Payment Systems. Productivity Press.

De Nardi, M., French, E., Jones, J. B., & McCauley, J. (2016). Medical spending of the US elderly. Fiscal Studies, 37(3-4), 717-747.

Miller, E. A., Decker, S. L., & Parker, J. D. (2016). Characteristics of Medicare Advantage and fee-for-service beneficiaries upon enrollment in Medicare at age 65. Journal of Ambulatory Care Management, 39(3), 231-241.

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Matthew Mangum posted Nov 11, 2019 3:55 PM

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Good evening all,

Calculating the projected financing and budgeting issues correctly is critical to assessing the long-term viability of Golden Age Hospital. As a non-for-profit hospital, money is not the motiving factor in why we do business. We must ensure though, that our expenditures don’t outpace our revenue and leave us going further and further into the negative each year.

The funding for GAH facilities and equipment will come from the state of California as a grant to further the healthcare of the senior population.  The patient population will be 65+ with Medicare insurance. It is expected that the Medicare payments will fully cover all operating expenses for the wing and community clinic.

Reimbursements for patient procedures/treatments will come from the Medicare Prospective Payment System MPPS. Under a PPS system, services/treatments are assigned a Diagnosis related group, a defined period of treatment, and payment amount (“Medicare Prospective Payment Systems,” n.d.). If the hospital uses less resources and time than expected to discharge the patient, they still are paid the same amount and keep the profit. If they exceed the amount of paid resources and time, they are not reimbursed extra to cover the cost.

v/r,

Matthew Mangum

References:

Medicare Prospective Payment Systems. (n.d.). American Speech-Language-Hearing Association.

Retrieved from https://www.asha.org/practice/reimbursement/medicare/pps_sum/

Finance and Budgeting

Gloribel Torres posted Nov 13, 2019 3:11 PM

The Golden Age Hospital will focus on delivering care to the senior population of Mission Viejo and its municipalities. Therefore, the projected budget and financed will be determined upon de services the medical center will support, which are Cardiology, Orthopedic, Pulmonary, Palliative care, Rehabilitation, and Stroke service. The funding for GAH facilities and their equipment will come from the state of California as a grant and the Federal Medicare health insurance will be the insurance for the senior population above the age of 65 with major pieces of coverage defined by the Medicare Prospective Payment System, which will also allow the constant performance of the hospital. (Miller et al. (2016). The reimbursements assigned for the procedures perform and treatments given will be based on assigned Diagnosis-related group (DRG). If the medical center utilizes a smaller amount of resources or time than what is expected, the reimbursement will be the same amount. According to Abbey, 2018 “the revenue will depend on how the payment plan will fund the bills incurred by the seniors.” If the federal government under finance it will bring a cost to the facility, but if they overfund it will profits.  GAH financial gains or losses will be calculated to determine the standing of the GAH.

References

Abbey, D. C. (2018). Prospective Payment Systems. Productivity Press.

Miller, E. A., Decker, S. L., & Parker, J. D. (2016). Characteristics of Medicare Advantage and fee-for-service beneficiaries upon enrollment in Medicare at age 65. Journal of Ambulatory Care Management, 39(3), 231-241.

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Executive Summary on Finance and Budgeting

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