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Managing Your Departmental Budget September 24, 2014

Managing Your Departmental Budget September 24, 2014. Revenue Sources. Main Sources Medicaid Medicare Private Pay Insurance MSHO. Medicaid. States set the rate Most States, payments do not cover expenses ND is cost-based reimbursed Rate equalization in MN and ND

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Managing Your Departmental Budget September 24, 2014

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  1. Managing Your Departmental BudgetSeptember 24, 2014

  2. Revenue Sources Main Sources • Medicaid • Medicare • Private Pay • Insurance • MSHO

  3. Medicaid • States set the rate • Most States, payments do not cover expenses • ND is cost-based reimbursed • Rate equalization in MN and ND • Pays for semi-private room • Some allowances for private room reimbursement

  4. Medicare • Set by Federal Government • Includes therapies, lab, x-ray, pharmacy • Premium Payer • Provides a Margin • Does not pay for private room • Length of Stay (LOS) • 20-25 days typical

  5. Major Expense Categories

  6. Labor Expense Management • Nursing Labor – Flexing hours • Adjusting for Census and Case Mix

  7. Labor Expense Management • Other Departments should flex labor, too!

  8. Non-Salary Expense Management • Supplies • Food • Nursing Supplies • Linens • Purchased Services • Other

  9. Cost Management Tools

  10. Cost Control Log

  11. Budget Control Sheet

  12. Do you have any thoughts to share?

  13. The End Questions

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