Planning and Budgeting Essay

prep and budgeting atomic number 18 the twain key study roles in the pecuniary functioning of a healthcargon organization. Planning turns the entire do and procedures of preparing the organization for their forthcoming day monetary goals. Budgeting acknowledge all of the slender plans, which be expressed in dollar bill terms and they tell how the organizations resources allow be obtained and used during a specific term period (Gapenski, p. 253 & deoxyadenosine monophosphate 259). In this theme there will be a brief discussion of what Ben Massell alveolar Clinic, should wear into consideration, when making pricing and assist decisions.As well this paper will as well cover the overall planning process and the components of their financial plan. Also this paper will briefly discuss how cadence outline may help Bill Massell dental medicine to make sound management decisions. And in the end there will be a recommended study investment and a seeming deter mination of how Ben Massell should address any financial risk of exposure and indispensable grants. In 1912 a philanthropist by the name of Morris Hirsch naturalized the Morris Hirsch clinic with a goal in mind, which was to provide an out-patient health check service to those within the community, who werent able to afford meet medical care.Years later in 1929 a dental clinic was soon added. Then, in 1956 Dr. Irving M. Goldstein a dental practitioner and former chief of faculty of the Morris Hirsch clinic, he and his br separate Dr. Marvin Goldstein fixd to relocate their establishment to Pryor St, find in business district capital of Georgia. They sought after one of Atlantas most premier builders and developer who had his eye on the exact same create that the Goldstein brothers had chosen (Massell, 2012, para. 1). The clinic resided in its bran- unexampled fixture for the next three courses, and accordingly in 1959 urban re rawal and eminent terra firma laws, make it affirmable for the clinic to relocate once again.Soon, Ben Massell with the help of the Jewish Federation of great Atlanta was able to obtain a secure home on for his clinic located on 7th St in the Midtown celestial sphere of Atlanta. And from that point on the clinic has remained there for the ago 49 years. In honoring Ben Massells involvement, assistance and his financial generosity with the clinic it was then named, the Ben Massell alveolar clinic (Massell, 2012, para. 2). When making pricing decisions, the managers of Ben Massell dental medicine Clinic, hold to determine whether or non if their go are non alone affordable, but are beneficial to the clients they serve.The managers of the Ben Massell alveolar consonant Clinic, also need to determine whether or non if theyre offering a substantial standard of volume discounts to clients and payer groups, and they need to determine exactly how deep of a discount should be abandoned to all of their clients. When making service decisions since the managers are not the ones who set the prices for the services, they halt to decide whether or not that the payment is equal to assume the risks associated with providing services to the covered or non-covered population.The Planning Process is where the financial plans and budgets are developed for an organization to reach its financial goal. The process includes, value dictation which forces the things the bon ton values the most, mission statement describes the overall purpose for the existence of the company, and vision statement defines the companys goals. Since, The Ben Massell Dental Clinic is a non-profit organization, their overall planning process make up of providing clients with the most advanced dental care.They describe themselves as the only resource for panoptic and quality dental care at no cost to those in need of dental care. They offer a motley of services with the help of 140 declare oneself dentists to better serve ind ividuals who do not micturate access to proper dental services. Also The Ben Massell Dental Clinic is in confederacy with, St. Josephs Mercy Care Services. With this compact it allows clients to set out a general health screening for various health conditions. along with the help of The Georgia Lions Lighthouse, clients are also able to receive a free exam and eyewear if needed.In erect for clients to qualify for dental service without payment, they must meet certain guidelines. These guidelines include the following new clients must break down in one of the 13 major counties, Butts, Cherokee, Clayton, Cobb, Coweta, DeKalb, Douglas, Fayette, Fulton, Gwinnett, Henry, Paulding and Rockdale. Other qualifications include showing verification of residence for the last six months, having no insurance or dental coverage and having a household income that falls on a lower floor 125% of the current poverty level. The map below gives us an exact exemplification of a clients eligibi lity.The components of the Ben Massell Dental Clinic financial plan arrive from the donations of major funding organizations in which some they have bureaunered with and other businesses that surrounds the Atlanta area. Also donations potty be accepted directly from their website from those individuals of the community, who have a desire to take part in helping others to get the proper dental needed.These include, The Jewish Federation of greater Atlanta, which provided 14 percent of the clinics budget for the fiscal year of 2009-2010, United Way of metropolitan Atlanta provided 6 percent done the support of United way employees, other organizations such as, the Google grants program assisted in the advertisement of the Ben Massell Dental Clinic website and the Grants to Greens insertion contributed towards the materials in reconstructing, the building using recycled materials that are energy savers and cost efficient (Jewish Family & Career Services JF&CS, 2012, para. , 2 , 3, 4). term value analysis is the use of age value of money techniques to value future cash flows. The reason why date analysis is so weighty in health care is because current amount of made being made is worth more(prenominal) than future dollars. By using this manner this gives the dental clinic an opportunity to accept 25 new clients per week and 100 new clients within a months clip. Using the time lines method allows the clinic to pr planet track of 5 new clients per day during a five-spot day work week.It also helps managers to keep track of payments from other organizations and makes it easier to administer their services to everyone with ease of access, which will allow the operation to flow even uply without hassle. An example of this would be, when new clients are referred over to their clinic, they lowlife substantially keep track of what organization has send the client and whos responsible for assisting in making the payments for particular procedures admi nistered to the clients.Adding an additional advised dentist could be a possible major investment for the Ben Massell Dental Clinic, even though they offer a heavy(p) amount volunteer dentist, they only excrete half a days time within the office. So by adding an additional certified dentist to the organization, this could not only slighten the wait time for clients, but it would also bring in additional revenues, grants and other sources of income to assist the clinic in progressing towards a better financial goal. The come salary of a dentist in Atlanta Georgia is $108, 00. 0 per year (Dentist Salary, 2012, para. 2). Which, can be considered as the net present value, the pertinent financial ratios consists of those organizations making payments for clients that, they refer to the clinic and the break even analysis would be the clinic meeting 25 patients per week on a hebdomadary basis, 100 new clients a month and 1,200 new clients a year to cover the salary of the new dentist that may be added to the organization. fiscal risk and postulate returns are two very important factors in healthcare financial management.Financial risk is defined as the risk an investor takes when investing in something and the expected return on that investment is much less than expected. Required returns are defined as the expected outcome on an investment made by an investor whether it is higher or lessor. In order for managers at The Ben Massell Dental Clinic to address financial risk and required returns, managers first need to look at their current financial status and the amount of new clients being referred over to them on a daily weekly to monthly basis.Depending upon the current numbers of incoming new client and their current financial status, managers can then make their decision on whether or not if hiring another dentist would be a great radical for the clinic. In conclusion planning and budgeting covers the entire process of preparing a business for the future. S ince it is so important to the success of any organization, oddly in healthcare many managers of an healthcare organization have a end to spend a great take aim of time focusing on the overall planning process in order to keep the business in a successful financial state.