Question

Create your own facility name, background, and information about what type of healthcare facility it is. Give a brief description of your facility, including information about its history, its current financial situation, and whether it is for-profit or nonprofit.

Part two of the assignment for this unit is to outline the budget information for your facility for 2018. Include the revenues, costs, and profits (or losses). With this information, present a budget and actual results for the facility with the difference in dollar-terms and percentages based on the actual numbers. Explain the relationships of these. Based on this information, calculate and interpret the revenue, cost, and profit variances for the facility. You are creating this facility, so the budget information is up to you. For instance, if you want to concentrate on turning operations around in a struggling facility, that facility might face losses in its 2018 budget.

Part three of the assignment for this unit is to research the topics listed at the top of this assignment for the final research paper, list three of the five sources that you will use in your research paper, and give a brief description (e.g., two or three sentences) of each source. At least two of these must come from the CSU Online Library.

Answer 1

Part A

Unit Name - Sweet Life Diabetic Research Center

Specializes in Diabetes, Obesity, Thyroid, Pituitary, PCOS, and Paediatric Endocrinology.

The healthcare institute was formed in the year 2016 by a husband and a wife, who are both endocrinologist. They started their journey serving patients from their apartment, and the operations are being carried out of a 10,000 sq. ft. commercial space. It had an annual turnover of $140,000 in the year 2017 and it employs more than 40 people excluding the visiting Doctors. It is a profit making organization with a YoY profit growth of 60%.

Part B

Cost Budget 2018

Cost Type	$
Direct Cost	85,000
Indirect Cost	35,000

Total Cost 120,000

Anticipated Profit% - 40% of Total Cost

Expected Revenue for 2018 - $168,000

Budget vs Actuals ($)

	Revenue	Cost	Profit
Budget	168,000	120,000	40%
Actuals	157,000	125,500	25%
Variance	-11,000	5,500	-15%

As per the Budget vs Actual analysis, profit is at 25% in comparison to anticipated 40%, due to increased cost base and lower revenue.

Part C

Below would be the 3 sources I would use in my research paper -

a) Start with simple search - search engines such as Google, Bing etc are great places to start when we are first reading up on our research topic that we have decided upon.

b) InfoTrac - It's an online database providing a family of full-text databases of content from academic journals and general magazines. it also provides access to newspapers, thousands of images, radio and TV broadcasts.

c) LexisNexis - it's a corporation providing computer-assisted legal research as well as business research and risk management services. The company has the world's largest electronic database for legal and public-records related information.