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As a member of the finance team, you have been ask

As a member of the finance team, you have been asked to forecast the upcoming year’s operational budget for Krona Community Hospital. Click here for last year’s budget. After reviewing specific data, internal input, and external input from various sources, you find that the executive management team would like the budget to reflect the following: •10% increase in inpatient revenue •15% increase in outpatient revenue •5% increase in pharmacy revenue •15% increase in home health and hospital revenue •10% increase in payroll and benefits Additionally, provide discussion on the following: •How do you think that revenue would increase in each of the areas? Think outside of the box, and perform research to determine current trends in those areas. •Why would there be a forecasted need to increase payroll and benefits? •Explain the role of key leadership in the budgeting process, from the chief executive officer down through to the staff level of a financial analyst. LAST YEARS BUDGET: KRONA HOSPITAL OPERATING BUDGET FOR 20XX Revenues Inpatient $25,000,000 Outpatient 15,000,000 Emergency Room 10,000,000 Laboratory 5,000,000 Pharmacy 1,500,000 Home Health and Hospice 1,500,000 Ambulance Services 950,000 Substance Abuse 250,000 Other 850,000 Subtotal $60,050,000 Less Chartiy Care 18,000,000 Net Revenues $42,050,000 Expenses Payroll (including nursing salaries) $12,500,000 Benefits 3,000,000 Contract Labor 100,000 Insurance 300,000 General Services (laundary, security, etc) 3,000,000 Depreciation 1,500,000 Interest Expense 300,000 Professional Services 10,000,000 Total Operating Expenses $30,700,000 Net Income $11,350,000

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