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How Better Budgeting Can Demonstrate An FMís True Value

  by Megan Headley | February 05, 2016
   
  Budgeting may be a crucial part of every healthcare facility managersí job, but not all FMs are savvy in this area. In a new article from Health Facilities Management, HCI member Todd Wilkening, CEO of FMAdvantage LLC and former Director of Facilities at Ridgeview Medical Center in Minnesota, provides a concise education on budget models, categories, and measures of predictability and variation.

According to Wilkening, the most critical element for an environmental service professional to consider when preparing a departmental budget is alignment with the future vision of the healthcare organization. Understanding the organizationís master budget and forecasted income and expenditures can help FMs and EVS professionals better plan for their own capital and operating expenses.
Moreover, Wilkening notes, facilities professionals often overlook the revenue stream that their department can provide to a healthcare organization. Expense reduction can be a form of revenue, but so too can recycling, furnishings reuse and resale, and tenant services. A little creativity can help facilities professionals further increase revenue and demonstrate their true value to the organization.

For additional tips and insight into better budgeting, read the full article.