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In This Issue:
Brigham and Women’s/Faulkner Hospital budget planning for fiscal year 2007 kicked off this month. For FY 2007, which begins Oct. 1, BW/F has a target budget margin of 5.5 percent in order to maintain the hospital’s commitment to reinvesting in its future over the next five years.
“Next year will be a very challenging year because health care inflation and our costs of doing business—labor, employee benefits and supplies—are growing faster than regular inflation, and we’re not adding any new beds until we open the Shapiro Center in 2008,” BW/F Controller Michael Reney, said.
The budget planning process for department directors and managers begins this week. Budget analysts in Partners Finance began training this week to show directors and managers how to enter their budgets, and managers can schedule one-on-one sessions with analysts through the next two weeks. Budget input runs April 20 to May 3.
Vice presidents will receive summary budget reports May 10 with review sessions with VPs scheduled from May 12 to May 19, and BW/F will submit its final budget to Partners HealthCare Systems June 15. This year’s schedule is accelerated compared to last year.