September 2023 NOTE You will be performing this assignment in Excel See attached file to get you started Let

2024 Finance Assignment Help

NOTE You will be performing this assignment in Excel See attached file to get you started Let 2023

NOTE: You will be performing this assignment in Excel. See attached file to get you started. Let Excel do the work for you. here is Price List of Rumford Hospital https://drive.google.com/file/d/0B9wJJ2CbytfARGpMaTJJVUxaRDA/view Each of the budget reports (2017 and 2018) are worth 65 points each. Points are awarded on the accuracy of the calculations and the appropriate use of the information provided. You are the financial manager at Savalife Physician Group. It is budget time. You have to create the operating budget for the Board meeting in two weeks. You have the following information: In 2017 you had the following breakdown of office visits. Category # of visits New Patients Level 1 100 Level 2 200 Level 3 150 Established Patients Level 1 10440 Level 2 1950 Level 3 660 Initial Inpatient Consult 20 minutes 900 40 minutes 400 55 minutes 200 Office Consult 30 minutes (level 2) 2000 40 minutes 1500 60 minutes 1800 Save life bases their operating income on the Price List of Rumford Hospital. See materials in Week 6 materials. You are to create an operating budget for 2017 based on the following information (revenues and expenses). Use the Excel file provided to create the budget. Information for 2017 Calculate the gross revenue that was generated by Savalife Physician Group in 2017. Assume that 9% of the revenue was uncollected due to bad debt. Calculate the net revenue for Savalife for 2017. There are 4 physicians on staff. Two make a salary of 198,000 per year Two make a salary of 220,000 per year There are 7 staff members 1 office manager makes a salary of 60,000 per year 4 RNs make a salary of 55,000 per year 3 clerical staff make a salary of 37,000 per year Supplies are based on office visits only (new and established patients). The supply cost per visit is $23.50. You pay professional dues for the nurses and the physicians. Nurses: $180 per year Physicians: $250 per year Rent for the building and furniture is 15,600 per month Utilities, phone and the internet cost 5000 per month Payroll taxes are 20% of the total salaries. Now that you know the activity for 2017, you must prepare a proposed budget (revenues and expenses) for 2018. Here are the assumptions for 2018. Your number of visits and consults will remain the same 35% of your total revenue comes from Medicare Because you met your value based goals, Medicare will increase your payment by 1% for Medicare patients. You have improved your collections and therefore, your allowance for doubtful accounts has decreased to 7.5% The physicians will receive a 5% raise Your manager will receive a 2% raise Your nurses will receive a 3% raise Your Clerical staff will receive a 3.5% raise Rent will increase to 16000 per month Payroll taxes are still 20%, but are based on the new total salaries (based on the raises). All other numbers remain the same. Make sure to use the attached Excel file to enter in your formulas and results. Let Excel do the work for you.

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