Period No. of patients seen Total costs 1 650 USD17,125 2 940 USD17,800 3 1260 USD18,650 4 990 USD17,980 5 1150 USD18,360 Based on the record above shows that the cost of carrying out health checks in the last five accounting periods and by using the high-low method and ignoring inflation: What are the estimated cost of carrying out health checks on 850 patients in period 6?

Period No. of patients seen Total costs 1 650 USD17,125 2 940 USD17,800 3 1260 USD18,650 4 990 USD17,980 5 1150 USD18,360 Based on the record above shows that the cost of carrying out health checks in the last five accounting periods and by using the high-low method and ignoring inflation: What are the estimated cost of carrying out health checks on 850 patients in period 6?

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter3: Cost Behavior And Cost Forecasting

Section: Chapter Questions

Problem 6MCQ

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Mendez Hospital showed the following major hospital costs at various levels of activity for CY 2020: Month Hospital Admission Major Hospital Cost(P) February 1,300 P850,000.00 March 8,500 P1,350,000.00 April 1,600 P1,150,000.00 May 1,400 P950,000.00 June 1,200 P800,000.00 July 200 P50,000.00 August 1,650 P1,200,000.00 September 1,550 P1,050,000.00 The breakdown of the major hospital costs in the month of May at 1,400 hospital admission is as follows: Accommodation Expense (Variable) P400,000.00 Utilities (Fixed) P300,000.00 Medicine (Mixed) P250,000.00 Total Overhead Cost P950,000.00 Determine how much of major hospital cost for the month of August of P1,200,000.00 consisted of medicine cost Using high-low method, determine the cost function for Medicine Using high-low method, determine the cost function for major hospital cost
Mendez Hospital showed the following major hospital costs at various levels of activity for CY 2020: Month Hospital Admission Major Hospital Cost(P) February 1,300 P850,000.00 March 8,500 P1,350,000.00 April 1,600 P1,150,000.00 May 1,400 P950,000.00 June 1,200 P800,000.00 July 200 P50,000.00 August 1,650 P1,200,000.00 September 1,550 P1,050,000.00 The breakdown of the major hospital costs in the month of May at 1,400 hospital admission is as follows: Accommodation Expense (Variable) P400,000.00 Utilities (Fixed) P300,000.00 Medicine (Mixed) P250,000.00 Total Overhead Cost P950,000.00 Requirements: Determine how much of major hospital cost for the month of August of P1,200,000.00 consisted of medicine cost Using high-low method, determine the cost function for Medicine Using high-low method, determine the cost function for major hospital cost What would be the…
Mendez Hospital showed the following major hospital costs at various levels of activity for CY 2020: Month Hospital Admission Major Hospital Cost(P) February 1,300 P850,000.00 March 8,500 P1,350,000.00 April 1,600 P1,150,000.00 May 1,400 P950,000.00 June 1,200 P800,000.00 July 200 P50,000.00 August 1,650 P1,200,000.00 September 1,550 P1,050,000.00 The breakdown of the major hospital costs in the month of May at 1,400 hospital admission is as follows: Accommodation Expense (Variable) P400,000.00 Utilities (Fixed) P300,000.00 Medicine (Mixed) P250,000.00 Total Overhead Cost P950,000.00 Using high-low method, determine the cost function for Medicine Using high-low method, determine the cost function for major hospital cost What would be the total major hospital cost if hospital admission is at 2,000?
Mendez Hospital showed the following major hospital costs at various levels of activity for CY 2020: Month Hospital Admission Major Hospital Cost(P) February 1,300 P850,000.00 March 8,500 P1,350,000.00 April 1,600 P1,150,000.00 May 1,400 P950,000.00 June 1,200 P800,000.00 July 200 P50,000.00 August 1,650 P1,200,000.00 September 1,550 P1,050,000.00 The breakdown of the major hospital costs in the month of May at 1,400 hospital admission is as follows: Accommodation Expense (Variable) P400,000.00 Utilities (Fixed) P300,000.00 Medicine (Mixed) P250,000.00 Total Overhead Cost P950,000.00 Requirements: Determine how much of major hospital cost for the month of August of P1,200,000.00 consisted of medicine cost Using high-low method, determine the cost function for Medicine Using high-low method, determine the cost function for major hospital cost.
Return to the waiting times given for the physicians office in Problem 19. a. Considering only offices without a wait-tracking system, what is the z-score for the 10th patient in the sample (wait time 5 37 minutes)? b. Considering only offices with a wait-tracking system, what is the z-score for the 6th patient in the sample (wait time 5 37 minutes)? How does this z-score compare with the z-score you calculated for part a? c. Based on z-scores, do the data for offices without a wait-tracking system contain any outliers? Based on z-scores, do the data for offices without a wait-tracking system contain any outliers? 19. Suppose that the average waiting time for a patient at a physicians office is just over 29 minutes. To address the issue of long patient wait times, some physicians offices are using wait-tracking systems to notify patients of expected wait times. Patients can adjust their arrival times based on this information and spend less time in waiting rooms. The following data show wait times (in minutes) for a sample of patients at offices that do not have a wait-tracking system and wait times for a sample of patients at offices with such systems. a. What are the mean and median patient wait times for offices with a wait-tracking system? What are the mean and median patient wait times for offices without a wait-tracking system? b. What are the variance and standard deviation of patient wait times for offices with a wait-tracking system? What are the variance and standard deviation of patient wait times for visits to offices without a wait tracking system? c. Create a box plot for patient wait times for offices without a wait-tracking system.
The indirect cost because of lost productivity for heart failure was estimated by using human capital approach among 100 patients for next five years. The wage rate of $25/hr per patient was considered for this estimation. On average, patient were assumed to miss 10 days of work per year. Calculate the net present value of this total indirect cost by using 5% discount rate asuming cost incurred at the end of the year?
VIP-MD is a health maintenance organization (HMO) located in North Carolina. Unlike the traditional fee-for-service model that determines the payment according to the actual services used or costs incurred, VIP-MD receives a fixed, prepaid amount from subscribers. The per member, per month rate (PMPM) is determined by estimating the health care cost per enrollee within a geographic location. The average health care coverage in North Carolina costs $376 per month, which is the same amount irrespective of the subscriber’s age. Because individuals are demanding quality care at reasonable rates, VIP-MD must contain its costs to remain competitive. A major competitor, National Physicians, entered the North Carolina market early in the current year with a monthly premium of $333. VIP-MD wants to maintain its current market penetration and hopes to increase its enrollees in the current year. The latest data on the number of enrollees and the associated costs follow: Age Enrollment in…
Bluegrass Community Hospital (BCH) has the following payer groups: Number of Admissions Average Revenue per Admission Variable Cost per Admission Commercial 1,000 $5,000 $3,000 BCBS 4,000 $4,500 $4,000 Medicare 8,000 $7,000 $2,500 Given: BCH annual fixed costs are $38M What is BCH’s net income? If half of the 100,000 covered lives in the Commercial group moved to a capitated rate and utilization and cost data remained the same, what PMPM rate should be charged to maintain the Commercial group net income share? What would BCH net income be if the Commercial capitated group admissions decreased by 10%? What would BCH net income be if the Commercial capitated group admissions decreased by 10% and variable costs for the Commercial capitated group decreased to $2,200?
Calculate FTE/AOB for the following results: If last year ratio was 4.82 – How does this year’s data compare? Inpatient Revenue $175,314,276 Inpatient Days 25,200 Outpatient Revenue $123,009,100 Productive labor hours 922,332 ( well explain all point of question and type the answer).
H3. Sacramento Memorial Hospital has the following financial data and operational metrics: Number of beds--> 250 Total inpatient stays--> 12,250 Total outpatient visits--> 90,754 Total patient revenues--> $111,900,050 Outpatient mix--> 16.2% Medicare payment percentage(revenues)--> 28.0% Average length of stay--> 5.8 days Net price per discharge--> $7,653 Cost per discharge--> $6,292 f. What is the hospital’s occupancy rate? (Hint: Start by calculating available bed days.) Show proper step by step calculation
In the cost formula, the term 12,000 a. is the variable rate. b. is the dependent variable. c. is the independent variable. d. is the intercept. e. cannot be determined from the above formula. Use the following information for Multiple-Choice Questions 3-4 through 3-7: The following cost formula was developed by using monthly data for a hospital. Total Cost = 128,000,000 + (12,000 Number of Patient Days)
The NYU hospital has an arrangement with Queens College to provide hospital care to the QC’s members at a specific rate per member, per month. In April the QC paid the hospital $500,000 per agreement for patients treated in March. Based on pre-established billing rates, the hospital would have billed the QC $600,000. How much revenue should NYU recognized? $0 $500,000 $600, which is correct