Budgeting is the key to financial success in health care.

Budgeting is the key to financial success in health care. How does budgeting in health care differ from your personal budget, or does it? Explain the differences and similarities you have found in budgeting for health care and your household budget.
Your journal entry must be at least 200 words in length. No references or citations are necessary.

SAMPLE SOLUTION

Budgeting is an important aspect in healthcare as it ensures that funds are only directed towards priority services. A budget can also allow healthcare organizations to better understand the amount of funds to be spent on specific projects and the value that may likely come with such an investment. There are however notable similarities as well as differences when doing healthcare budgeting as compared to household budgeting.
The first similarity is that both budgets have some fixed expenses that have to be considered. For instance, household budgets must cater for the basic needs which cannot be treated as luxury. For instance, buying food, clothing, rent and paying for other social amenities. Similarly, health budgeting has mandatory expenses like paying for the…