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Problem 3- A hospital's budgeted volume for calendar year 2024 is 200,000 procedures,...

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Accounting

Problem 3-
A hospital's budgeted volume for calendar year 2024 is 200,000 procedures, and
each FTE can do 9,200 procedures a year. A pay raise will be given to all staff on
May 1 st of each year at a rate of 5 percent. The annual hours for FTE is based on
40 hours per week for 52 weeks. The July 1,2023 rate of pay for new hires is set at
$38.00? hour regardless of hire date. The following are the current staff with FTE
values and hourly rates of pay as of October 1,2022:
The following information may or may not be needed to solve this problem. In
examining the payroll and personnel records of your department, you have
determined that productive time is 84 percent of total paid time.
a. Calculate the FTEs needed to perform the planned procedures for the calendar
year, and determine how many new staff (FTEs) need to be hired, new staff can
only be hired in full FTE increments (e.g., if you need 12.3 FTEs, 13 FTEs must be
hired).
b. Calculate the salary budget for fiscal year 2024 which runs from July 1,2023 to
June 30,2024). The new FTEs will be hired at the start of the fiscal year. Hint:
Make sure to account for salary adjustments based on the dates they went into
effect.
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