Norfolk State University Economic Challenges in Business Discussion

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Assignment #7 Economic Challenges
As the PowerPoint lecture indicated, healthcare is a business in which money is brought in via
payment for services and money is spent toward providing those services. Every effort is made to
anticipate the dynamics of revenue and expenditures by developing a budget. However, when
those two have a gap in which revenue is less than expenditures, then a manager must find a way
to bring the two together. One way to address the issue is to look at the salary and benefits being
provide to the employees. Below is a sample of salary and benefits for an employee at your
facility:
Salary and Benefit
Base Salary
Medical Insurance
Life Insurance
Accidental Death and Dismemberment
Long Term Care Insurance
Paid Time Off
Retirement Plan
Dollar Amount $ per year
47,000.00
7,600.00
500.00
600.00
2,000.00
3,100.00
1,700.00
Consider and Discuss the following:
• In the event of a budget shortfall, which of the benefits would you cut to meet your budget
and still be an attractive job to prospective employees?
• Describe the reason and rationale for your choice of benefits to cut.
If the opposite were true and the revenue exceeds the expenditures, then you would have money to enhance the
working benefits for your employees. In that case:
• If you could add a benefit for your employees, what would that benefit that you would add?
• Describe the reason and rationale for your choice of benefits to add.

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business

Economy

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