Miracle Med has the following patient characteristics: 5% are self pay and pay at the time of service. 30% are covered by commercial insurance that pays in 45 days. 35% are covered by Medicare that pays in 60 days. 30% are covered by Medicaid that pays in 100 days.

a) What is Miracle Meds Average Collection Period? (15 points)

Miracle Med has annual sales of $4,000,000.

b) What is Miracle Meds Average Daily Sales? (15 points)

c) What is Miracle Meds Average Accounts Receivable Balance?