100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
Previously searched by you
Summary Zero Based Budgeting.docx MHA 612 Zero€“Based Budgeting The University of Arizona Global Campus MHA 612: Financial & Managerial Accounting Zero€“Based Budgeting As a zero-based budget consultant coupled with my experience, I can see why Windsor Memo$7.49
Add to cart
Summary Zero Based Budgeting.docx MHA 612 Zero€“Based Budgeting The University of Arizona Global Campus MHA 612: Financial & Managerial Accounting Zero€“Based Budgeting As a zero-based budget consultant coupled with my experience, I can see why Windsor Memo
1 view 0 purchase
Course
UAGC
Institution
Ashford University
Zero Based B MHA 612 Zero€“Based Budgeting The University of Arizona Global Campus MHA 612: Financial & Managerial Accounting Zero€“Based Budgeting As a zero-based budget consultant coupled with my experience, I can see why Windsor Memorial Hospital may look to implement this type of ...
zero based budgetingdocx mha 612 zero€“based budgeting the university of arizona global campus mha 612 financial amp managerial accounting zero€“based budgeting as a zero based budget consul
Written for
Ashford University
UAGC
All documents for this subject (718)
Seller
Follow
helperatsof1
Reviews received
Content preview
MHA 612
Zero–Based Budgeting
The University of Arizona Global Campus MHA
612: Financial & Managerial Accounting
Zero–Based Budgeting
As a zero-based budget consultant coupled with my experience, I can see why
Windsor Memorial Hospital may look to implement this type of budget. By focusing on the
building of budgets from the bottom up instead of the top-down, zero-based budgeting allows
the organization to rethink how they’ve done things in the past while entertaining varying
approaches to maximize their standard of care. There can be a heavy burden on the staff and if
an organization can minimize unnecessary activity, maximize their efficiency, improve quality
and, balance workload all while minimizing costs, this can prove to be critical in driving an
organization to its end goal in a beneficial way. The sole purpose of this paper is to specify how
Windsor Memorial Hospital can implement a zero-based budget while providing my
recommendations to the Board of Directors. I’d also emphasize how my recommendations will
benefit Windsor Memorial Hospital.
Windsor Memorial Hospital - ZBB
Windsor Memorial Hospital has had a grand record of success. As we all know, however,
without innovation and thinking one step ahead, any organization can become a place of the
past. Windsor Memorial Hospital, however, has had unprecedented growth in programs,
services, patient volume, staffing, and facilities proving this success by obtaining high amounts
of
revenues and activity to the tune of $270 million. Nonetheless, Windsor Memorial Hospital has
experienced an operating loss and a working capital deficit of $55 million due to its rapid
growth. They have worked diligently to reduce operating costs from a 26% higher than
, expected cost from five years ago to only around 10% above of expected cost per weighted
case. Still, the organization must continue to think innovatively to further cut costs and that is
where zero-based budgeting will come into play. While an organization might have a budget
that is set according to adjustments from the prior year, I will recommend building a budget
from zero as it would allow Windsor Memorial Hospital to show what they currently need
rather than paying what is believed to be necessary based on past information. A zero-based
budget would also allow Windsor Memorial to be able to instill a boost to their current practice,
even include a grand re- opening showcasing the improvements to their practices. I will also
recommend having a financial plan in place developed strategically. To have a great plan in
place would mean depending on an exceedingly competent management team paired with
analysts to adapt to adversity in the market and among the competition as well as adapting to
new regulations put in by the city or state that may affect Windsor Memorial as a whole
(Withaar, 2020). The objective of the strategy should influence the financial strategy as it can
sync with the vision Windsor Memorial has while also allowing to reevaluate and adapt as
situations unfold.
Effectiveness and Efficiency
Coupled with an organization maximizing its effectiveness and efficiency, a zero-based
budget can certainly improve the operations of an organization. Setting goals that are
quantifiable and achievable can inspire confidence and drive determination even further to
achieve the goals in mind, short term, and long term. As their consultant, I would recommend
setting short-, medium- and long-term goals. By setting long-term goals, the organization can be
provided a direction when strategically planning for the short-term goals. The medium-term
goals would allow Windsor Memorial to assess where they currently are and see where stand in
achieving their long-term goals while short-term goals can prove to be vital in mapping out
what’s to come by gaining the smaller “victories”. A well-managed operation should be both
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller helperatsof1. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.49. You're not tied to anything after your purchase.