1. Planning:
Forecasting costs (e.g., drugs, labor) and estimating revenues from sales and services.
2. Approval:
Once finalized, the budget usually undergoes approval from senior hospital administration or a finance committee.
3. Communication:
It's crucial to disseminate the budget details to pharmacy staff so they understand the financial goals and constraints for the upcoming period.
4. Monitoring:
Conduct regular reviews, often monthly, to track actual revenues and expenditures against budgeted figures. Identify variances and understand their causes.
5. Adjustments:
If unforeseen events or significant variances arise, it may be necessary to adjust the budget or reallocate resources.
6. Feedback Loop:
Create channels for pharmacy staff to offer insights, identify potential savings, or highlight financial concerns.
7. Annual Review:
At year-end, evaluate the budget's performance, noting successes and areas for improvement, to inform the next year's budgeting process.
