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Healthcare Management vocabulary · Budgets and Finance

Budget

Meaning in healthcare management, with examples

/ˈbʌdʒɪt/nounCore term

In healthcare management, budget means: A plan that sets out how much money a hospital or department expects to receive and spend over a period, usually a financial year.

In Turkish: bütçe

How it is used

Managers prepare, set, approve and manage a budget and try to stay within it; a department can be over budget or under budget. Budget meetings, budget holders and budget cuts are part of every manager's year.

Example sentences

  1. The surgery department is 4% over budget, mainly because of agency staff costs.

  2. Each ward manager now has a budget for supplies and overtime.

Common collocations

  • set a budget
  • stay within budget
  • over budget
  • budget holder
  • annual budget
  • varianceThe difference between the amount planned in a budget and the amount actually spent or earned in a period.
  • operating costsThe everyday costs of running a hospital or service, such as salaries, medicines, supplies, energy and maintenance, not including large investments.
  • capital expenditureMoney spent on buying, building or upgrading long-term assets, such as buildings, scanners or IT systems, rather than on daily running costs.
  • cost centerA department or unit, such as radiology or a ward, whose costs are recorded separately so that managers can see and control what it spends.
  • revenueThe total money a hospital receives for its services, such as payments from insurers, public funds and patients, before any costs are taken away.

This word in other fields

The same English word can have a different meaning in another field:

More terms: Budgets and Finance

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This page explains English vocabulary for learners. It is not medical advice.