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Case study

Category: Case Study

Subcategory: Health

Level: College

Pages: 1

Words: 275

Case Study Analysis
Student’s name
Institutional affiliation
Analyzing the Los Reyes Hospital
Organizations use departmental budgets to project the income and expenses used by different departments with an objective of achieving monetary goals (Maher, M. H., Fakhar & Karimi, 2018). A departmental budget will allow the organization to examine costs and expenses that are related to each department and determine the sufficiency of the firm’s income to meet the costs identified. Additionally, with departmental budgeting, there is a possibility of coordinating all activities between departments hence enhancing strategic planning (Roberts, McWilliams, Hatfield, Gerovich, Chernew, Gilstrap & Mehrotra, 2018). As a result, the firm will be faced with the responsibility of decision making which is very significant towards improving the performance of the organization.
Financial officers do have steps to be followed when formulating departmental budgets. In the case study, Mr. Cohn the Chief Financial Officer used the past information to determine the budget that various departments in the hospital will need. This was the first step towards his departmental budgeting. The four service department that he was dealing with include radiology, laboratory, routine care and pharmacy. As the leader, he met with all department heads to discuss the amount of money needed. The third step he used in his was analyzing the fixed costs within each department and additional expenses …

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