210 Chapter 9 Statistics Computed within the Health Information Management De pa

Question

210 Chapter 9 Statistics Computed within the Health Information Management De partment 7. What is the variance and percent of variance for each item listed in the HU department budget shown in the table below? Round to two decimal points. Community Hospital Health Information Department Fiscal Year 20XX Budget Amount Actual Amount Variance/% of Variance Item Supplies Outside temp service Travel Conference fees Postage Subscriptions Maintenance contracts $1,500 $10,500 $2,500 $750 $2,000 $325 $6,000 $1,495 $8,500 $2,575 $800 $1,035 $320 $3,525

Explanation / Answer

Variance (Supplies) = Actual Amount - Budget Amount = 1495 - 1500 = -5, Percent Variance = (-5/1500) X 100 = -0.33%.

Variance (Outside Temp Service) = Actual Amount - Budget Amount = 8500 - 10500 = -2000, Percent Variance = (-2000/8500) X 100 = -23.53%.

Variance (Travel) = Actual Amount - Budget Amount = 2575- 2500 = 25, Percent Variance = (25/2500) X 100 = 1.00%.

Variance (Conference Fees) = Actual Amount - Budget Amount = 800 - 750 = 50, Percent Variance = (50/750) X 100 = 6.67%.

Variance (Postage) = Actual Amount - Budget Amount = 1035 - 2000 = -965, Percent Variance = (-965/2000) X 100 = -48.25%.

Variance (Subscriptions) = Actual Amount - Budget Amount = 320 - 325 = -5, Percent Variance = (-5/325) X 100 = -1.54%.

Variance (Maintainence Contracts) = Actual Amount - Budget Amount = 3525 - 6000 = -2475, Percent Variance = (-2475/6000) X 100 = -41.25%.

8) Rate of compliance = 33/45 X 100 = 73.33%

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