90.2K

Verified Solution

Link Copied!

Scenario: You are the HIM director at Green Valley Medical Center, a mid$-$sized hospital. As part of your role, you are responsible for managing the HIM department's budget. The hospital$$s fiscal year just ended, and you have noticed some significant variances between the budgeted and actual figures for your department.

The following is a summary of the budget and actual figures for the HIM department for the last fiscal year:

Health Information Management Budget Summary

Budget Item Budgeted Amount Actual Amount Variance $($dollar amount$)$ Variance Percentage

Salaries and Wages $$1,200,000$ $$1,250,000+$$$50,000+4\mathrm{.}2\%$

Training and Development $$50,000$ $$30,000$

Office Supplies $$20,000$ $$25,000$

IT Equipment Maintenance $$100,000$ $$120,000$

External Coding Services $$200,000$ $$180,000$

Revenue from ROI Services $$500,000$ $$460,000$

Calculate the Variances: Fill in the variance and variance percentage columns for each budget item.

Responses for the Variance $($dollar amount$)$ must indicate a positive $(+)$ or negative $(-)$ variance and the dollar amount. I provided the Variance $($dollar amount$)$ for the Salaries and Wages section in the table above to demonstrate how answers must be formatted.

Responses for the Variance Percentage must indicate a positive $(+)$ or negative $(-)$ variance and the percentage amount. I provided the Variance Percentage for the Salaries and Wages section in the table above to demonstrate how answers must be formatted.

Training and Development Variance $($dollar amount$)$: $\_\_\_\_\_\_\_\_\_\_$

Training and Development Percentage: $\_\_\_\_\_\_\_\_\_\_$

Office Supplies Variance $($dollar amount$)$: $\_\_\_\_\_\_\_\_\_\_$

Office Supplies Percentage: $\_\_\_\_\_\_\_\_\_\_$

IT Equipment Maintenance Variance $($dollar amount$)$: $\_\_\_\_\_\_\_\_\_\_$

IT Equipment Maintenance Percentage: $\_\_\_\_\_\_\_\_\_\_$

External Coding Services Variance $($dollar amount$)$: $\_\_\_\_\_\_\_\_\_\_$

External Coding Services Percentage: $\_\_\_\_\_\_\_\_\_\_$

Revenue from ROI Services Variance $($dollar amount$)$: $\_\_\_\_\_\_\_\_\_\_$

Revenue from ROI Services Percentage: $\_\_\_\_\_\_\_\_\_\_$

Answer & Explanation Solved by verified expert

See Answer