HIT2400 ROI Cost Analysis Exceeding Budget and Budget Variance Questions
review the attached ROI budget report for FY 2017. XYZ hospital has been given the 2018 set budget for the ROI Unit, and your role as the HIM director is to review the FY2017 budget year report and determine what needs to be done to operate within the new budget in 2018. This includes identifying any budget variances from 2017, correlating any impact factors or department changes that took place in 2017, and assessing for how to best operate within the new budget parameters. After assessing the budget reports and key indicators, answer the following questions in your initial response:
- Did the ROI Unit operate within budget for the FY 2017?
- What Months did the ROI Unit meet budget?
- What months did the ROI Unit exceed Budget?
- What was the budget variance for the months that exceeded the budget?
- The 2018 ROI budget has been set at $950/month. What could be done differently in 2018 to close the budget variance from 2017?