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HCA-530 Health Care Policies and Economics
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Get Help Now!Variance Analysis There are various types of reports that can be generated to assess performance in the hospital setting. One of those reports that are consistently used is a variance report, which compares the difference between a budgeted amount and the actual amount. Hospitals rely on variance reports to investigate variances and determine their causes. Evaluation of actual and budgetary goals and proper action taken in response to variances, can dramatically improve the operations of a hospital. A variable department manager needs to prepare a variance report that is clear, simple, and straightforward. Factors that should be considered the report include: budgeted values, actual values, overspending, under spending, and trends. Many types of variances can occur including favorable and unfavorable variations. For example, when analyzing revenues, an unfavorable variation is seen when the variation is negative; when analyzing costs, a favorable variation is seen when the variation is negative. Mathematically, variations can be computed by deducting the projected or budgeted amount from the actual amount for each variable. The variable amount is then divided by the projected amount in order to determine a percentage of the variance. For example, when analyzing wages, an unfavorable variation is seen when wages are over the budgeted amount.
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HCA-530 Health Care Policies and Economics
