You are working on a big project for the hospital’s chief financial officer (CFO). You must develop a system to justify the full-time employees of the laboratory department.
Decide how many hours during the week the department must be staffed to fully operate.
Calculate, using one of the FTE formulas to justify, how many full-time employees are necessary.
Provide details as to the services this department offers and the revenue it can
generate for the hospital.
Provide a cost analysis of the day-to-day operation expenses of the department.
Analyze cost using the cost classifications of direct versus indirect and
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Can you provide me with some background information? How do I go about undertaking this project?
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The main source of this analysis is from Measuring the Profitability of a Hospital Pulmonary Function Laboratory: A Case Study by M.C. Kocakulah PhD, J.T. Morris PhD, and B. Kessler MBA published in volume 37 issue 4 of Journal of Health Care Finance in 2011.
In order to address all topics in this analysis it is best to start with a cost analysis of the day-to-day operations. Once a complete list of all procedures conducted in the laboratory department is verified then the charge per procedure, length of each procedure, and reimbursement data may be included preferably during a fiscal year period. Then an itemised list of all costs associated with the operation of the laboratory department is necessary to calculate the profitability of this department. This should include such expenses as salaries, travel, supplies, equipment, one-time labor costs, utilities, real estate, and maintenance costs. It is necessary to verify the number of hours that the laboratory has operated during the given time period in order to calculate the day-to-day operating expenses. The average day-to-day operating expense may then be calculated as average daily revenue received less the average daily cost associated with operation of the laboratory given a standardised definition of the number of hours that comprise one day of operation in this laboratory. A very complete analysis of the revenue would include data on the type of reimbursement received from each patient such as private or government-subsidised and the percentage of the full charge received from each type of patient in addition to costs of depreciation on …
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