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Investigating My First Variable Variance Report:

1082 words - 5 pages

Investigating my First Variable Variance Report:
Beginning the Road to Precision in Variable Planning
Oh, bemusing variance report! However will I explain to Bob Schuler, Hahnemann Hospitals’ vice president, the ineffectiveness of my plan, how my supplies came in under budget and salaries were overextended during my first thirty days in the department?! I had hoped the variance percentages would be consistent with the unexpected revenue created by the increased patient volumes we experienced last month - but that could only explain the salary end of things because supplies and procedures didn’t increase. Furthermore, since patient volumes increased, it would make sense that more supplies ...view middle of the document...

Despite the harrowing perseverance of inflation costs, did inflation take a long, tropical vacation - causing my supply costs to plummet and my estimates to be too high? I will simply pull up a list of all the supplies used last month and check to see how the input prices compared to the previous months’. Additionally, there is a direct relationship between the increase in relative value units (RVU’s) of treatment and the supply costs which, probably, could not explain my problem because it should already be accounted for (but inconsistent weighted measurements may explain why they needed someone else to run this department’s finances so I’ll check it). Inflation is still on the rise, so that’s not my current problem. Furthermore, I endeavor to create my first flexible budget model for this department but before I can do that I have to make sure all of the categories are separated “into price and utilization components (Cleverley, 2011, p. 391)” at the departmental level (while at it, I’ll check to see if the RVU’s are consistent at the facility-level for more insight moving forward with decision-theory, also because the cost of supplies in this department will change relative to patient volumes). But for now, the next thing I can check is the efficiency variance.
To make my life easier, Mr. Schuler should just be happy that money was saved on supplies this month and move on to the next problem but I know he’ll be concerned that the hospital’s commitment to excellence, in quality of care, may be jeopardized by a shortage in supplies; furthermore, it is my job. So, I need to verify the supply expense variances, myself, by using the following function: “Efficiency variances ([Ia – Ib] × Pb) (actual quantity – budgeted quantity) × budgeted price (Cleverley, 2011, p. 390).” This will help to determine whether or not each of the supplies was actually used efficiently. Additionally, there were some periods in time, during the month, when we had more staff than we needed (to administer the amount of supplies that were used) and I need to pinpoint when that was by investigating more diligently.
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