Do you need this or any other assignment done for you from scratch?
We have qualified writers to help you.
We assure you a quality paper that is 100% free from plagiarism and AI.
You can choose either format of your choice ( Apa, Mla, Havard, Chicago, or any other)
NB: We do not resell your papers. Upon ordering, we do an original paper exclusively for you.
NB: All your data is kept safe from the public.
Introduction
Health Information Management Program is a new two-year educational program, awarding an associate degree upon completion. The conceptual feature of this type of training is a conscious attitude to the practice of information management in healthcare systems in terms of the acquisition, storage, processing, analysis, and competent interpretation of factual data in a medical institution. It is important to note that taking into account the current trends in the labor market, the implementation of this “project” is critical and necessary since the management of medical information is a vital part of the healthcare field, appealing to the peculiarities of development of technologies that directly affect the industry (Coursera, 2022). This paper attempts to make the best proposal for a working budget for the new program to execute effective teaching and learning in an academic environment.
A Proposal
Before proceeding directly to the study of the alleged financial elements, it is necessary to consider the following equally important aspects. Firstly, it must be recognized that the document outlines preliminary proposals for the preparation of the budget for a specific period (1 year) and calculations of the budget volume. Accordingly, mistakes, errors, and shortcomings in identifying accurate data are possible. Secondly, the information provided will allow one to pre-assess the picture of the situation, correct the deficiencies and make the right decision regarding the budget allocated to support the program.
This budget cycle will enable better adapt the budget to changing circumstances. However, the exact parameters of the budget discussion have not been discussed in detail before. The successes achieved or a change in the external situation may lead to the need to reduce or increase the initial budget, as well as possible changes in performance indicators and benchmarks or even the expected results of the program. It seems that these preliminary proposals, while remaining in the general mainstream, should not be limited to the technical procedure for making budget adjustments only based on a detailed recalculation of expenditures but should also include instructions on the desirability and possible consequences of approving a particular budget option, presenting both comparative advantages and possible risks of such a choice. In this regard, the following primary considerations should be taken into account first of all when preparing the document.
Students
It is assumed that Health Information Management Program will accept 20 students per semester. Nevertheless, considering the forecast of an unfavorable level of loss of students, 3 people are more likely to wish to interrupt their studies ahead of time for specific reasons. In addition, one must highlight those 17 students will be able to continue gaining knowledge and developing professional skills to obtain the sought-after specialty.
Revenue
Analysis of a wide range of essential details allows one to predict that the annual tuition per student will be $29,000. Hence, a student can expect to spend this amount not only on education but also on consumables, books, accommodation, meals, and much more related to education (How much does health information management school cost?, n.d.). Tuition costs are primary, and living expenses, respectively, are secondary in magnitude, and questions about whether it will be cheaper to live on campus or outside depending on local markets (Hanson, 2022). Moreover, this correct idea of the income cycle was obtained by using the right tools (O’Connor, 2022). In this case, it is required to focus on this figure since it is “averaged” by a state. Consequently, based on this information, the total annual tuition will be $493,000,00.
Expenses
In particular, one should account that more than half of all expenses will fall on the payment of pedagogical labor. The program will be taught by three-full time faculty and two adjunct faculty. Thus, the full-time faculty salary per year will be $73,000, and adjunct faculty salaries for the same period will be $47,000. Moreover, about $7,000 will be spent on training, development, and advanced staff training. Additional benefits for work and various advantages will total $11,500. Approximately $1,750 will be required for monthly expenses for classroom supplies and offices for comfortable work for staff and students. Accordingly, one must spend $220 on utilities and phones every month. Therefore, maintenance of technical equipment will take $10,000 per year, and capital expenses will be $20,000. Hence, the total net will be 272,530, with total revenue of $493,000 and total costs of $220,470.
Conclusion
Summarizing the above, it is necessary to state that the preliminary compilation of the main financial components of the Health Information Management Program as income and expenses, is a rather complex process that requires taking into account many essential indicators and in-depth analysis of relevant information. It is recommended to consider that the total profit will be 272,530, based on the fact that 17 students will spend 29,000 on tuition. Accordingly, a large share of the costs will be paid for pedagogical work and ensuring a good quality of education. The remaining expenses are related to the payment of consumables, equipment maintenance, provision of benefits, training, and much more.
References
Coursera. (2022). Health information management degrees: a guide. Coursera Inc. Web.
Hanson, M. (2022). Average cost of college & tuition. EducationData.org. Web.
How much does health information management school cost? (n.d.). CareerIgniter.com. Web.
O’Connor, S. (2022). The impact of health information management services on the revenue cycle. Advanced Data Systems. Web.
Appendix A
Do you need this or any other assignment done for you from scratch?
We have qualified writers to help you.
We assure you a quality paper that is 100% free from plagiarism and AI.
You can choose either format of your choice ( Apa, Mla, Havard, Chicago, or any other)
NB: We do not resell your papers. Upon ordering, we do an original paper exclusively for you.
NB: All your data is kept safe from the public.