2 2 Deliverable 3 – Financial Forecasting Memo Top of Form Bottom of Form Assignment Content 1. Top of

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2

Deliverable 3 – Financial Forecasting Memo

Top of Form

Bottom of Form

Assignment Content

1.

Top of Form

Competency

Apply the principles of economics as they relate to nursing and healthcare.

Student Success Criteria

View the grading rubric for this deliverable by selecting the “This item is graded with a rubric” link, which is located in the Details & Information pane.

Scenario

The nurse manager in orthopedics has asked for your assistance with a finance project. She is being asked to estimate revenue for the next fiscal year based on the projected number of hip replacements increasing from 300 this year to 340 next year.

The nurse manager must also factor in the expected changes in sources of revenue by payer. It is estimated that the hospital will lose some contracted insurers due to local competition, and see an increase in Medicare and Medicaid patients due to area demographics and economic conditions. She has provided you with the numbers from this year’s budget and the projections on numbers and payment amounts for next year.

Instructions

Prepare a financial forecasting memo to your nurse manager that:

Part One – Financial Forecasting Model

· Contains a completed financial forecasting model by downloading:

NUR4327-Deliverable03-Financial-Forecasting-Memo-Template_Revised.xlsx

· Calculate the income projected from each payer source and total for the year to compare next year’s revenue to this year’s revenue.

· Provide your nurse manager with your estimates on the increase/ decrease in revenue for next year’s budgeting.

Part Two – Financial Forecasting Memo

· Explains how the change in payer mix will impact the overall projected revenue of the unit.

· Describes the financial impact of a changing payer mix.

· Lists recommendations for the manager to consider in expenses, so that the budget will balance as neutral.

· Provides stated ideas with professional language and attribution for credible sources with correct APA citation, spelling, and grammar in the memo.

Resources

Library Databases

·
Health Policy Reference Center

Guides & FAQs

·
Memo FAQ

·
APA Guide

·
Credible Sources FAQ

·
Nursing Guide

·
Rasmussen’s Answers/FAQs

Bottom of Form

NUR4327-Deliverable03-Financial-Forecasting-Memo-Template_Revised.xlsx

Prior Year Revenue Budget

 

300 patients

 

Source of Payment

Percent

Number

Payment

Income

Medicare

34%

102

22,436

2,288,472

Medicaid

11%

33

18,400

607,200

Contracted Insurance

45%

135

29,540

3,987,900

Non-contracted Insurance

3%

9

32,350

291,150

ACA Plans

5%

15

16,400

246,000

Self-pay

2%

6

17,400

104,400

Total

100%

300

7,525,122

Next Year Revenue Projections

 

340 patients

 

Source of Payment

Percent

Number

Payment

Income

Medicare

42%

143

22,463

 

Medicaid

18%

61

18,400

 

Contracted Insurance

18%

61

29,549

 

Non-contracted Insurance

1%

3

32,350

 

ACA Plans

18%

61

16,400

 

Self-pay

3%

11

16,400

 

Total

100%

340

 

To be cut from the budget to serve same number of patients (Will this result in a financial loss or gain?)

 


Memorandum

Student Name

Rasmussen University

COURSE#: NUR4327CBE

Mindy Fadell

Date:

*Remember not to copy or paste from references or use student websites with examples of their work for the creation of this Deliverable

Memorandum

To: who will you send it to- out their name and title here

From: your name

Date:

Re: Financial Forecast or whatever title you want here

First paragraph – Explains how the change in payer mix will impact the overall projected revenue of the unit. This means you will want to explain

· What type of insurance/payment is increasing

· What kind is decreasing?

· Is there a loss of money or a gain of money?

Second paragraph- Describes the financial impact of a changing payer mix.

· Since the components of your payer mix has changed, how does that influence your budget?

· If the payment for each payor the same or different? If different, then who reimburses more or less?

· Did the number of patients increase? If so, did that help increase your revenue (the amount paid to you) ? Why or why not?

· Reference support here would be helpful.

Third paragraph- Lists recommendations for the manager to consider in expenses, so that the budget will balance as neutral.

· Think of supplies, staffing, things patients might need to get you started


References

Add supporting resources here

·

· criterion 1

0% of total grade

A – 4 – Mastery

Completed financial forecasting model with correct calculations and comparisons.

0

B – 3 – Proficiency

Completed financial forecasting model with minimal errors in calculations and comparisons.

0

C – 2 – Competence

Completed financial forecasting model with errors in calculations and comparisons.

0

F – 1 – No Pass

Incomplete financial forecasting model or numerous errors in calculations and comparisons.

0

I – 0 – Not Submitted

Not Submitted

0

· Criterion 2

0% of total grade

A – 4 – Mastery

Exemplary explanation of how the change in payer mix will impact the overall projected revenue of the unit with comprehensive supporting details.

0

B – 3 – Proficiency

Accurate explanation of how the change in payer mix will impact the overall projected revenue of the unit with supporting details.

0

C – 2 – Competence

Basic explanation of how the change in payer mix will impact the overall projected revenue of the unit with minimal supporting details.

0

F – 1 – No Pass

Confusing or incomplete explanation of how the change in payer mix will impact the overall projected revenue of the unit missing supporting details.

0

I – 0 – Not Submitted

Not Submitted

0

· Criterion 3

0% of total grade

A – 4 – Mastery

Exemplary description of the financial impact of a changing payer mix with comprehensive example(s).

0

B – 3 – Proficiency

Accurate description of the financial impact of a changing payer mix with example.

0

C – 2 – Competence

Basic description of the financial impact of a changing payer mix with minimal example.

0

F – 1 – No Pass

Confusing or incomplete description of the financial impact of a changing payer mix missing example.

0

I – 0 – Not Submitted

Not Submitted

0

· Criterion 4

0% of total grade

A – 4 – Mastery

Exemplary recommendations for the manager to consider in expenses, so that the budget will balance as neutral with comprehensive example(s).

0

B – 3 – Proficiency

Accurate recommendations for the manager to consider in expenses, so that the budget will balance as neutral with example.

0

C – 2 – Competence

Basic recommendations for the manager to consider in expenses, so that the budget will balance as neutral with minimal example.

0

F – 1 – No Pass

Confusing or incomplete recommendations for the manager to consider in expenses, so that the budget will balance as neutral missing example.

0

I – 0 – Not Submitted

Not Submitted

0

· Criterion 5

0% of total grade

A – 4 – Mastery

Provided stated ideas with professional language and attribution for credible sources with correct APA citation, spelling, and grammar in the memo.

0

B – 3 – Proficiency

Provided stated ideas with professional language and attribution for credible sources with minimal APA citation, spelling, and grammar errors in the memo.

0

C – 2 – Competence

Attempted to provide stated ideas with professional language and attribution for credible sources with some APA citation, spelling, and grammar errors in the memo.

0

F – 1 – No Pass

Provided confusing ideas with an attempt at professional language and attribution for credible sources with numerous APA citation, spelling, and grammar errors in the memo.

0

I – 0 – Not Submitted

Not Submitted

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