Capital Budget Proposal – Venice Family Clinic

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Florida State College at Jacksonville *

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450

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Medicine

Date

Dec 6, 2023

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pptx

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23

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Capital Budget Proposal – Venice Family Clinic A P R I L V O H S S O U T H E R N N E W H A M P S H I R E U N I V E R S I T Y I H P 4 5 0 – H E A L T H C A R E M A N A G E M E N T A N D F I N A N C E D R . N A T H A N C R E E R O C T O B E R 1 5 , 2 0 2 3
Financial Condition • Run through federal grants, donations, fundraisers and insurance payments • No outstanding debts • $4,000,000,000 line of credit • Increase in assets and revenue from 2021-2022 • Greater revenue than expenses for 2022
Healthcare Trends Covid-19 Telehealth
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Proposal Items M E D I C A L T R A N S P O RTAT I O N VA N
Organizational Strategic Goals • Provide quality healthcare to those in need • Improve communities through accessible care • Continue to be profitable and expand services
Proposal: Options • Multiple options for customizable ADA compliant vans • RAM ProMaster • Ford Transit Connect • RAM ProMaster City
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Financial Research • Ford Transit -Fits up to 6 passengers or 4 passengers and a wheelchair -cheapest option • RAM ProMaster City -Fully customizable -fits up to 7 passengers or 5 passengers and a wheelchair • RAM ProMaster -Full size -Average $70,000
Organizational Resources • Accounting department approval • Insurance • Employee hiring/training • Maintenance
Communication • Weekly email • Weekly departmental head meetings
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Budget: Statements • Net Cash • Total financial assets • Expenses • Revenue • Transportation Expenses
Expenses and Budgetary Accounts • Initial purchase • Insurance • Employee salary/training • Maintenance • Fuel
Reasoning • Excess cash • Departmental budget allocation • Line of credit
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Ratios • ROI’s • Liquidity Ratios
Ratio Calculations • ROI –Profitability/cost • Liquidity Ratio – Current assets – Current liabilities = Net working capital • Quick Ratio – assets – invcentory – prepaid expenses/current liabilities
Projected Departmental Budget • Medical Transportation Van with equipment installation - $70,000 • Employee salary (annually) –$35,000 • Fuel(annually) - $15,000 • Insurance(annually) – 10,000 • Maintenance (annually) – $5,000 • Estimated annual fees – $65,000
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Short-Term Impact • Initial purchase of the van • Employee training fees • Registration fees
Long-Term Impact • Increased revenue for the clinic • Increased patient appointments
Cost-Benefit • Increased financial need – 1.18% for the first year and 0.57% each year after that • ROI for medical transportation vans averages $6 per $1 spent • 3.4% increase in annual profit for the clinic
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Strategic Planning • Strict budget adherence
Conflicts • Congruent with the clinics core mission and values • Inflation costs
Resources • Hasselfeld, B. (2022, January 18). Benefits of telemedicine. Johns Hopkins Medicine. https://www.hopkinsmedicine.org/health/treatment-tests-and-therapies/benefits-of-telemedicine • Health centers on the front lines of COVID-19 - NACHC . (2020). https://nachc.org/wp-content/uploads/2020/04/Financial-Loss-Fact-Sheet.pdf • Helping patients and communities get healthy and stay healthy. Venice Family Clinic . (n.d.). https://venicefamilyclinic.org/?view=vfc_home • Social determinants of health series: transportation and the role of hospitals: AHA. American Hospital Association. (n.d.). https://www.aha.org/ahahret-guides/2017-11-15-social-determinants-health-series-transportation-and-role-hospitals
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Resources • Bloomenthal, A. (2023). Financial ratio analysis: Definition, types, examples, and how to use. Investopedia . https://www.investopedia.com/terms/r/ratioanalysis.asp • Fernando, J. (2023). Return on investment (ROI): How to calculate it and what it means. Investopedia . https://www.investopedia.com/terms/r/returnoninvestment.asp • Hayes, A. (2023). Understanding liquidity ratios: Types and their importance. Investopedia . https://www.investopedia.com/terms/l/liquidityratios.asp • Vans . Accessible Vans | Ford Transit Accessible Vans. (n.d.). https://www.fordupfits.com/accessibility/ford-accessible-vehicles/accessible-vans/transit-connect
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Resources • Cote, C. (2020, October 6). Why is strategic planning important?: HBS Online . Business Insights Blog. https://online.hbs.edu/blog/post/why-is-strategic-planning-important • Lyon, B. K. (2023, April 19). Offering transportation pays off for health care providers. Momentm. https://momentmtech.com/insights/offering-transportation-pays-off-for-health-care-providers/
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