400-600 words APA 6 format, in-text citation, Use at least two (2) scholarly references to substantiate your work. Please provide a copy of all references used.
Assignment Details:
Scenario
Established in 1977, Krona Community Hospital is a 60-bed, acute care hospital located in the heart of Banconota County. With a staff of nearly 100 physicians and specialists, 400 employees and 75 volunteers, they offer a full range of health care services. They are accredited by The Joint Commission.
Nouveau Health, a private, not-for-profit health care chain, took over management Krona Hospital. Last year, state officials began to discuss Nouveau’s proposal to build a new, replacement hospital in Banconota County. The new facility would have 74 acute care beds, four observation rooms, four surgical operating rooms, one c-section room, a 24-hour emergency department, a maternity center, an intensive care unit, and an extensive outpatient center that will provide service such as diabetes treatment, physical therapy, speech pathology, and so forth.
You are a staff member in the finance department at Nouveau Health, whose sole responsibility is to advance the success of the organization through assisting in planning, forecasting, and finance management.
Primary Task Response: A wellness program includes services with exercise programs and chronic disease management to catch problems early so that a customer can be seen in urgent care or a doctor’s office instead of ending up in the hospital. It increases outpatient revenue and decreases inpatient admissions and readmissions thereby, hopefully, decreasing risk for financial loss. Familiarize yourself with an example of a wellness center at the following web site:
https://www.bswhealth.com/locations/waco-getterman-wellness-center
Based on Krona’s budget, consider the effects that a Wellness Program provides to Krona. If the wellness program is to include outpatient revenue, home health revenue, and pharmacy revenue, discuss how outpatient and inpatient revenue will differ with these budgetary goals. Include the following:
What has to occur for inpatient revenue to increase?
How do readmission rates affect inpatient revenue?
How do outpatient services increase reimbursement in a Wellness Center?
How can expenses be controlled to improve revenue?
Click here for last year’s budget.** Attached in documents**20XX
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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