The proposed item is a transportation van that provides free transportation to and from the healthcare clinic. I have been assigned the Venice Healthcare clinic. Link is below.
Prompt
After reviewing your proposal outline, your boss has strongly recommended that you identify options for implementing your capital proposal. Wanting to submit a successful proposal and earn a $2,500 bonus, you plan to do just that. Previously, you created a departmental budget that considered the costs and revenue associated with your capital budget item. For Milestone Three, you’ll go one step further and research the options for implementing your capital budget item(s). This research will culminate in a short paper identifying the capital item(s) you are proposing, describing:
Impacts and JustificationShort-Term Impact: What short-term impact will this request have on the overall financial statements used for decision making and on financial planning?Long-Term Impact: What long-term impact will this request have on the overall financial statements used for decision making and on financial planning?Cost-Benefit: What is the percentage increase in financial need? How does this balance with the potential value added by your requests? What is the cost-benefit of these requests?Strategic Planning: Provide an explanation for each budget request in your proposal, taking into consideration strategic plans. How do your budget requests show strategic planning and forethought?Conflicts: Describe the strategic impact and any potential ways in which your recommendations might conflict with the overall strategic vision. The strategic vision of Venice Healthcare Clinic is at this website https://venicefamilyclinic.org/about-the-clinic/#o…
When discussing the benefits, indicate whether your proposal will affect each of the key healthcare operating indicators and why the proposal will or will not have that affect.
Part One: Proposal
Introduction
The purpose of this proposal is to seek approval for the acquisition of a van for patient
transportation at the Venice Family Clinic. By implementing this initiative, we aim to improve the
accessibility of healthcare services for our low-income patients while also enhancing their overall
experience. Additionally, successfully executing this proposal will position us to win a $2,500
bonus, further benefiting the organization.
Proposal
Capital Budget Item: Van for patient transportation.
To address the transportation challenges faced by our low-income patients, we propose
acquiring a van dedicated to transporting them to and from their homes to the health clinic. The
Venice Family Clinic is a nonprofit healthcare facility that serves a predominantly disadvantaged
population. Providing transportation services will directly support our mission of improving
healthcare access and outcomes for these vulnerable individuals.
Options
In considering the van procurement, we have identified multiple options to be considered:
1. Leasing vs. Purchasing: We will explore the advantages and disadvantages of leasing a van
compared to purchasing one outright. This analysis will involve assessing costs,
maintenance responsibilities, and the flexibility of each option.
2. Different Van Models and Features: We will research and present various van models and
their features, considering factors such as capacity, accessibility features, fuel efficiency,
and overall suitability for our patient transportation needs.
3. Comparison of Costs and Benefits: Each option will be evaluated based on a
comprehensive cost-benefit analysis. This analysis will include the initial purchase or lease
costs, ongoing maintenance expenses, fuel costs, insurance, and any potential savings
resulting from reduced patient no-shows and increased patient access (Miner & Ball, 2019).
Financial Research
We will conduct thorough financial research to provide a robust analysis of the cost-benefit
of each option. This research will include:
1. Research on Van Vendors and Prices: We will gather information on reputable van
vendors, their pricing structures, and any available discounts or incentives. By obtaining
multiple price quotes, we can ensure we secure the best value for the organization.
2. Potential Savings from Reduced Patient No-shows: We will examine the impact of
providing transportation on patient attendance rates. By reducing barriers to access, we
anticipate a decrease in missed appointments, leading to increased revenue and improved
operational efficiency (Miner & Ball, 2019).
3. Estimated Revenue from Increased Patient Access: We will project the potential revenue
generated by accommodating more patients through improved transportation services. This
analysis will consider the expected increase in patient visits and the associated billing and
reimbursement.
Organizational Resources
Implementing the chosen option will require the allocation of specific organizational
resources. These include:
1. Staffing Needs: We will assess the staffing requirements for the transportation service,
considering drivers, maintenance personnel, and scheduling staff. Additionally, we will
evaluate the existing workforce and determine if any additional hiring or training is
necessary.
2. Infrastructure Requirements: We will identify the infrastructure needs for the
transportation service, including dedicated parking spaces, a maintenance facility, and the
necessary technology for managing schedules and routes (Miner & Ball, 2019).
3. Training and Certifications: We will outline the training and certification requirements for
the staff involved in the transportation service, ensuring compliance with relevant
regulations and industry best practices.
Communication
Effective communication is crucial throughout the proposal implementation process. We
will develop a comprehensive communication plan that includes:
1. Methods to Notify Departments: We will determine the most appropriate methods to
communicate the proposal to departments across the organization. This may include email
notifications, departmental meetings, or targeted presentations.
2. Communication Channels during Implementation: We will establish channels for ongoing
communication during the implementation phase (Miner & Ball, 2019). These channels
may include regular progress updates, feedback mechanisms, and a dedicated point of
contact for inquiries and concerns.
3. Justification for Selected Communication Methods: We will justify our suggestions for
communication methods based on their effectiveness, efficiency, and alignment with the
organization’s existing communication practices and culture.
Conclusion
In conclusion, this proposal outlines our plan to acquire a van for patient transportation at
the Venice Family Clinic. By considering various options, conducting thorough financial research,
assessing organizational resources, and developing a comprehensive communication plan, we aim
to implement a successful transportation service that will benefit our low-income patients and
contribute to the overall mission of the clinic. We eagerly await feedback from the boss to refine
and strengthen our proposal further.
Part Two: Departmental Budget
Introduction
The purpose of creating the departmental budget is to allocate financial resources and plan
for the upcoming year. In the context of this proposal, we need to incorporate the costs of the
capital budget item, which is the acquisition of a van for patient transportation. Allocating the
appropriate funds and estimating expenses and revenue is crucial for the successful
implementation of the proposal.
Budget
1. Statements Used for Formulating the Proposal: We will identify the financial statements that
were utilized in formulating the proposal. This may include the income statement, balance
sheet, and cash flow statement. Justification will be provided for each statement selected,
explaining how it contributes to the understanding of the organization’s financial position and
performance.
2. Major Expenses Associated with the Proposed Items: We will outline the major expenses
associated with acquiring and maintaining the van for patient transportation. This may include
the initial purchase or lease cost, fuel expenses, insurance, maintenance and repairs, and any
necessary modifications or equipment installation.
3. Budgetary Accounts Impacted by the Proposal: We will identify the specific budgetary
accounts that will be impacted by the proposal (Menifield, 2020). This may include salaries
for transportation staff, vehicle maintenance expenses, fuel budget, and any additional costs
related to scheduling and tracking patient transportation.
4. Reasoning for Selecting Specific Budget Items: We will explain the reasoning behind selecting
specific budget items for adjustment. This will involve analyzing the previous year’s budget
data, identifying areas that require improvement, and justifying the prioritization of the
proposed changes over other options.
5. Research on Ratios Used for Financial Statement Review: We will conduct research on various
ratios used for reviewing financial statements. This may include profitability ratios, liquidity
ratios, and efficiency ratios. The selection of appropriate ratios will be based on their relevance
to the proposal items and their ability to provide valuable insights into the financial health and
performance of the organization.
6. Selection of Ratios for Proposal Items: We will select specific ratios to be used for evaluating
the proposal items, such as the return on investment (ROI) for the van acquisition. The
justification for the chosen ratios will be provided, emphasizing how they align with the
objectives of the proposal and provide meaningful information for decision-making.
7. Calculation of Ratios to Support Recommendations: Using the budget statements and financial
data, we will calculate the selected ratios to support each recommendation. This will provide
quantitative evidence of the financial impact and benefits of the proposed changes,
strengthening the rationale for their implementation (Menifield, 2020).
Projected Departmental Budget
We will create a projected departmental budget for the upcoming year, incorporating the
costs of the proposed changes. This budget will take into account the following considerations:
1. Costs of the Proposed Changes: We will estimate the costs associated with acquiring the
van, including purchase or lease expenses, modifications, insurance, and ongoing
maintenance costs. Additionally, we will consider the costs of hiring new staff, training,
and any necessary technology implementation for the transportation service.
2. Revenue and Expenses Related to the Capital Budget Item: We will project the potential
revenue generated as a result of the improved patient access facilitated by the transportation
service. Additionally, we will consider any additional expenses related to the operation of
the transportation service, such as fuel costs and staffing requirements.
3. Estimates for Hiring New Staff, Training, Technology, etc.: In addition to the capital
budget item, we will include estimates for other relevant expenses, such as hiring new staff
members for the transportation service, conducting necessary training programs, and
implementing technology solutions to support scheduling and tracking (Menifield, 2020).
Conclusion
In conclusion, the departmental budget is an essential component of the proposal, as it
enables us to allocate resources effectively and plan for the successful implementation of the van
transportation service. By considering the statements used, major expenses, budgetary impacts,
reasoning for budget adjustments, selected ratios, and the projected departmental budget, we can
ensure a comprehensive and financially sound plan. The projected departmental budget will be
submitted as an Excel spreadsheet, providing detailed information and calculations to support our
recommendations.
References
Menifield, C. E. (2020). The basics of public budgeting and financial management: A handbook
for academics and practitioners. Hamilton Books.
Miner, J. T., & Ball, K. C. (2019). Proposal Planning & amp; Writing. ABC-CLIO.
Category
Current Year
GROSS REVENUE
Outpatient Revenue
Office visits
$1,000,000
Immunizations
$500,000
Well Child Exams
$500,000
Pregnancy Care
$300,000
Diabetes education
$150,000
Mammography
$2,500,000
MRI
$5,000,000
Total
Gross
Patient
$9,950,000
Services Revenue
EXPENSES
Salaries
MD
$2,500,000
RN
$800,000
LPN
$350,000
Other Staff
$180,000
Total Salary Expense
$3,830,000
SUPPLIES
Medical Supplies
Office Supplies
Total Supplies
OTHER EXPENSES
Equipment
Legal Fees
Professional Fees
Utilities
Repairs and Maintenance
Equipment Lease
Insurance
Bad Debt Expense
TOTAL OTHER EXPENSES
Total All Expenses
$6,514,257
Excess (Deficit) Revenues
$3,435,743
over Expenses
New Budget
$1,100,000
$550,000
$550,000
$330,000
$165,000
$2,600,000
$5,200,000
$10,495,000
$2,600,000
$850,000
$380,000
$200,000
$4,030,000
$500,000
$280,000
$780,000
$250,000
$110,000
$160,000
$520,000
$530,000
$200,000
$170,000
$90,000
$2,020,000
$6,830,000
$3,665,000
Order an Essay Now & Get These Features For Free:
Turnitin Report
Formatting
Title Page
Citation
Outline
