Financial Management in Healthcare Organization: Staffing Budgets/FTEs/Variance Analysis

Description

REQUIREMENTS

First, Perform multistep calculations of FTEs and projection of future FTE needs for a selected nursing unit. The second section involves the calculation of budget variance and its analysis. Each section requires a supported written interpretation of findings.
Criteria for Content
Answer the questions and complete the calculations required for the two sections of the assignment.
Key points related to Calculations:

1. When performing calculations, standard rounding rules apply. If the number to the right of the decimal is less than 5, round down to the nearest whole number, e.g., 33.4 = 33 If the number to the right of the decimal is 5 or greater, round up to the nearest whole number, e.g. 33.5 =34.
2. Read the question carefully. Pay close attention to the units be asked and keep them consistent. For example, hours vs FTEs; days vs months vs years.
3. Provide ALL formulas with references. Designate which formula associates with which source. It is not sufficient to simply list the source at the beginning of the section. Write out the formula used BEFORE filling in the numbers.
   Example: Efficiency Variance + Volume Variance + Cost Variance = Total Variance
   Rundio, A. (2016). The nurse manager’s guide to budgeting and finance. 2nd. Ed., Indianapolis, IN Sigma Theta Tau International.
   • Section One: Staffing Budget and FTEs
   o Calculations of full-time equivalents (FTEs)
   o Project FTE needs related to census changes
   • Section Two: Variance Analysis
   o Calculating variance
   o Variance analysis with an explanation
   Download the Assignment Word Document and submit your answers directly onto the form. When completed, upload it into the assignment portal in your course. For the questions requiring a written response, please adhere to proper grammar and syntax, and provide references. For the questions requiring calculations, show all your work including the formula used. Include the references for the formula chosen.

4
Description

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