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A group of physicians in the Bowling Green metro area have poorly managed their practice in the past. As a result, they have decided to contract with your physician practice management firm. Given the information they provided, you determined the following. In 2018, the group received approximately $80 per patient in revenue, while the cost of providing the care was approximately $50 per patient. The fixed costs needed to establish and run the clinic is estimated to be approximately $ 10 million dollars. Please address the following questions: a: How many patients did the physician practice have to see in order to break even? To make 1 million and then 2 million dollars in profit. Also, which breakeven would be categorized as accounting breakeven and economic breakeven, what is the difference between the two? (10 points) b: What generic strategies would you advise them to undertake so that they can better their chances of hitting their profit targets? (5 Points) You have also performed an extensive external environmental analysis and have noted that United Health Group, which is one of the, main payers for the physician practice, has been aggressively renegotiating reimbursement contracts. It is highly likely that approximately 50% of the current $80 per patient revenue contract will be reduced to approximately $70. c: If this should happen, would you advise the group to reject the proposal or accept the proposal? Why? (Use the previous calculated breakeven number and calculate both scenarios associated with accepting and rejecting the proposal.) (15 points) A group of physicians in the Bowling Green metro area have poorly managed their practice in the past. As a result, they have decided to contract with your physician practice management firm. Given the information they provided, you determined the following. In 2018, the group received approximately $80 per patient in revenue, while the cost of providing the care was approximately $50 per patient. The fixed costs needed to establish and run the clinic is estimated to be approximately $ 10 million dollars. Please address the following questions: a: How many patients did the physician practice have to see in order to break even? To make 1 million and then 2 million dollars in profit. Also, which breakeven would be categorized as accounting breakeven and economic breakeven, what is the difference between the two? (10 points) b: What generic strategies would you advise them to undertake so that they can better their chances of hitting their profit targets? (5 Points) You have also performed an extensive external environmental analysis and have noted that United Health Group, which is one of the, main payers for the physician practice, has been aggressively renegotiating reimbursement contracts. It is highly likely that approximately 50% of the current $80 per patient revenue contract will be reduced to approximately $70. c: If this should happen, would you advise the group to reject the proposal or accept the proposal? Why? (Use the previous calculated breakeven number and calculate both scenarios associated with accepting and rejecting the proposal.) (15 points)