Question
3. As clinic manager, you want to estimate the total monthly revenue your clinic can earn by taking on new patients each month. From your
3. As clinic manager, you want to estimate the total monthly revenue your clinic can earn by taking on new patients each month. From your research, you know that your clinic is equally likely to see anywhere from 50 to 100 new patients each month. The office visit revenue per new patient per month ranges from $50 to $125 and is most likely $80. The average procedure revenue per new patient per month is $250 with a standard deviation of $25. Which probability distribution should be assigned to new patients per month? Which probability distribution should be assigned to office visit revenue per patient? Which probability distribution should be assigned to procedure revenue per patient? Which probability distribution should be assigned to procedure revenue per patient? To the nearest percent, what percentage of simulation trials indicate that the clinic would earn $30,000 or more in new patient revenue per month?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started