Norfolk State University Provision of Benefits to HealthCare Employees Discussion

Description

Assignment #7 Economics of HealthCareAs 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 BenefitDollar Amount $ per yearBase Salary47,000.00Medical Insurance 7,600.00Life Insurance 500.00Accidental Death and Dismemberment 600.00Long Term Care Insurance 2,000.00Paid Time Off 3,100.00Retirement Plan 1,700.00Consider 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?

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