WMLM1401 - CME/CMLE -LMU 20 (Fundamentals) Financial - Budget Analysis and Financial Performance-WMLM1401

WMLM1401 - Pre-Reading Assignment 3

Pdf Summary

The document provides a financial summary for the period ending October 31, 2013, for a healthcare organization. It includes a comparison of actual figures versus budgeted amounts for various revenue and expense categories. Gross revenue from outpatient tests, inpatient tests, and apheresis showed variances compared to the budget, while payor mix adjustment indicated no variance. Net revenue saw a 6% decrease compared to the budget. Direct expenses such as labor, overtime, and supplies for outpatient and inpatient services also displayed variances from the budget. Overall, total expenses were 9% higher than budgeted, leading to a net loss for the period. The summary also notes that the most recent month had a net loss, and the financial performance is tracked for the current fiscal year (January 1, 2013 – December 31, 2013) and compared to the previous year (January 1, 2012 – December 31, 2012). Payor mix adjustment is explained as payors actually paying 40% of gross revenue charges.

Keywords

financial summary

healthcare organization

October 31 2013

revenue categories

expense categories

budget variances

net revenue decrease

direct expenses

total expenses

net loss