we discussed in class. The objectives underlying this extra credit paper are the following:nn Describe the challenges ofdeveloping and operating the unit/agency budget based on institutional history. Incorporate research finding whereapplicable.nnUtilize various financial decision tools such as budget development and analysis, medical staff productivity,expense variance analysis, and breakevencalculations.nnCritique various management/financial models from theperspective of mission, organizational culture and business strategy. nnThe paper is to be done individually. Pleaseanswer the questions as indicated. The paper should be in APA style and cited as appropriate. There is a potential for 20additional points added to your grade for complete and correct responses. Please pay close attention to the backgroundinformation as it will help you to answer the questions correctly.nThis will require you to use your analytical skills and applythe concepts learned in class.nnThe paper is due on the last day of class.nCase StudynHealthcare BudgetingnnTheAtlantic Medical Center is a 562 bed full service acute care hospital on the east coast of New Jersey. By full service, itmeans that the hospital provides all services such as trauma, obstetrics, inpatient psychiatry, oncology services, operatingrooms, same day surgery, clinics, etc. In addition, they are a teaching hospital meaning that they are affiliated with AtlanticCoast Medical School and University. Residents rotate through the organization as do nursing students, physical therapystudents, respiratory therapy students, etc. The occupancy of the hospital is 75% which has become a concern to the Boardof Trustees. They are looking at multiple mechanisms to increase volume in the hospital. nThe mission of the hospital is:“To provide exceptional patient care and health education to consumers in the region.”nThe hospital has a visionstatement which reads:n“Atlantic Medical Center will be the hospital of choice on the eastern coast due to the high qualityof care, commitment to education of staff and exceptional working environment.”nThe values of the organization are:patient safety, high quality patient care, efficiency, staff education, and patient centered care.n Some of the difficulties thehospital is experiencing at present are:n?Decreased volume due to competition from other hospitalsn?Excessive staffovertime n?Lack of educational inservices
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