Answered step by step
Verified Expert Solution
Question
1 Approved Answer
It is January 2, 2012 and you have started your first day of work as the Practice Administrator for the Tri-Cities Geriatric Center (a physician
- It is January 2, 2012 and you have started your first day of work as the Practice Administrator for the Tri-Cities Geriatric Center (a physician practice serving older adults). Your first job is to project a budget for calendar year 2012. In gathering information for this task, you come across budgets for the past 3 years. However, the former Director did not complete budget worksheets (maybe the reason he was fired), so you dont have complete information.
- Complete the CY 2009, 2010, and 2011 budgets (Table 1a). 2 points
-
CY 2009 CY2010 CY2011 Number of visits 12,000 12,120 12,241 Private insurance visits 9,793 TennCare visits 2,400 2,424 Net Revenue $557,520 $563,090 Private revenue $480,000 $484,800 TennCare revenue $72,000 $73,440 Expenses Salaries and wages $134,933 $136,283 $137,644 Physician fees $179,512 $181,307 $183,119 Malpractice insurance $32,013 $32,333 $32,656 Travel and education $4,488 $4,533 $4,578 General insurance $8,377 $8,461 $8,546 Utilities $12,267 $12,389 $12,513 Equipment and lease $1,496 $1,511 $1,526 Other operating expenses $89,756 $90,654 $91,559 Total Operating Expenses $462,842 $467,471 $472,141 Net profit (loss)
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