HCMG750 Financial Mgmt for Health Care
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HCMG 750 Financial Management for Healthcare
Assignment: Statement of Revenues and Expenses
You have been given the Statement of Revenues, Expenses, and Changes in Net Position from Sarasota County Public Hospital for years 2019 and 2018 including financial notes and other hospital data. (Refer to link under required readings in week 2 weekly materials or in the assignment section). Make sure to look at the entire document prior to doing your calculations. Review the statement and answer the following questions.
Make sure to show your work!
| Create a document to answer questions 1-7 and submit via Assignments–due day 5.
Complete question 8 in the designated Discussion Board thread–inital post due day 5, response post due day 7 |
- What are the gross patient charges for both years? (2)
- The 2019 gross patient service revenue was __________
-
- The 2018 gross patient service revenue was __________
- Explain the difference between the two terms: contractual adjustments and provision for bad debt. Do not give a numerical answer.(4)
3 a. What percentage of gross patient charges are written off via contractual adjustments for each of the years? (2)
The 2019 contractual adjustment percentage was __________
The 2018 contractual adjustment percentage was __________
- If the national average percentage is 60%, what strategies (more than one) can Sarasota put into place to improve the adjustments that they have to absorb? (6)
- What percentage does the provision for bad debts account for based on the gross patient charges for each of the years? (2)
The 2019 bad debt percentage was __________
The 2018 bad debt percentage was __________
- Compare Sarasota County Hospital District’s bad debt percentage for 2019 to the AHD national average for 2018 (Refer to link under required readings in week 2 weekly materials or in the assignment section. NOTE: It is hard to see, but in the table, each of the percentages has two decimal places).
Sarasota is a not for profit hospital that is a member of a multihospital system. It has 839 beds and is a high volume hospital. When making your comparison, make sure to evaluate Sarasota in the following 4 categories: system, type of control, volume, and bed size.
- How does Sarasota compare with the rest of the country in the above four categories? For example, if a hospital was a governmental hospital (type of control) and their bad debt percentage was 3%, they would be doing better than the rest of the country since the bad debt percentage for governmental hospitals in 2018 was 3.23%. (4)
- What strategies could Sarasota implement to bring their percentage in line with the rest of the country? (more than one is required) (6)
- What percentage of total operating expenses do salaries, wages and fringe benefits account for each year? (2)
The 2019 salaries, wages and fringe benefits percentage was __________
The 2018 salaries, wages and fringe benefits percentage was __________
- The “excess of revenues over expenses” represents either the profit or loss for the institution. What would be the profit or loss per admission (not adjusted admissions) for Sarasota in 2019 and 2018. (2)
2019 ________________
2018 _________________
Rubric for Discussion Question
| Maximum 20 | Strong contributor | Shows potential | Needs Development |
| Content (18) | (18-16) Answered all the questions. Provided thoughtful analysis. Included data to back up answer. Provided new ideas or suggestions.
Responded to one other student. Response was pertinent to discussion and provided good feedback to student |
(15-12) Answered questions but not completely. Somewhat supported answer with data.
Responded to one other student, but response was limited in content. |
(11-0) Did not answer questions or answers were incomplete. Did not support answer with data. Answer was extremely brief.
Did not respond to another student. |
| Context (2) | Good word choice; accurate grammar, spelling, sentence construction. | Good word choice; mostly accurate grammar, spelling, sentence construction. | Many grammar, spelling, sentence construction errors |
Description
HCMG 750 Financial Management for Healthcare
Assignment: Statement of Revenues and Expenses
You have been given the Statement of Revenues, Expenses, and Changes in Net Position from Sarasota County Public Hospital for years 2019 and 2018 including financial notes and other hospital data. (Refer to link under required readings in week 2 weekly materials or in the assignment section). Make sure to look at the entire document prior to doing your calculations. Review the statement and answer the following questions.
Make sure to show your work!
| Create a document to answer questions 1-7 and submit via Assignments–due day 5.
Complete question 8 in the designated Discussion Board thread–inital post due day 5, response post due day 7 |
- What are the gross patient charges for both years? (2)
- The 2019 gross patient service revenue was __________
-
- The 2018 gross patient service revenue was __________
- Explain the difference between the two terms: contractual adjustments and provision for bad debt. Do not give a numerical answer.(4)
3 a. What percentage of gross patient charges are written off via contractual adjustments for each of the years? (2)
The 2019 contractual adjustment percentage was __________
The 2018 contractual adjustment percentage was __________
- If the national average percentage is 60%, what strategies (more than one) can Sarasota put into place to improve the adjustments that they have to absorb? (6)
- What percentage does the provision for bad debts account for based on the gross patient charges for each of the years? (2)
The 2019 bad debt percentage was __________
The 2018 bad debt percentage was __________
- Compare Sarasota County Hospital District’s bad debt percentage for 2019 to the AHD national average for 2018 (Refer to link under required readings in week 2 weekly materials or in the assignment section. NOTE: It is hard to see, but in the table, each of the percentages has two decimal places).
Sarasota is a not for profit hospital that is a member of a multihospital system. It has 839 beds and is a high volume hospital. When making your comparison, make sure to evaluate Sarasota in the following 4 categories: system, type of control, volume, and bed size.
- How does Sarasota compare with the rest of the country in the above four categories? For example, if a hospital was a governmental hospital (type of control) and their bad debt percentage was 3%, they would be doing better than the rest of the country since the bad debt percentage for governmental hospitals in 2018 was 3.23%. (4)
- What strategies could Sarasota implement to bring their percentage in line with the rest of the country? (more than one is required) (6)
- What percentage of total operating expenses do salaries, wages and fringe benefits account for each year? (2)
The 2019 salaries, wages and fringe benefits percentage was __________
The 2018 salaries, wages and fringe benefits percentage was __________
- The “excess of revenues over expenses” represents either the profit or loss for the institution. What would be the profit or loss per admission (not adjusted admissions) for Sarasota in 2019 and 2018. (2)
2019 ________________
2018 _________________
Rubric for Discussion Question
| Maximum 20 | Strong contributor | Shows potential | Needs Development |
| Content (18) | (18-16) Answered all the questions. Provided thoughtful analysis. Included data to back up answer. Provided new ideas or suggestions.
Responded to one other student. Response was pertinent to discussion and provided good feedback to student |
(15-12) Answered questions but not completely. Somewhat supported answer with data.
Responded to one other student, but response was limited in content. |
(11-0) Did not answer questions or answers were incomplete. Did not support answer with data. Answer was extremely brief.
Did not respond to another student. |
| Context (2) | Good word choice; accurate grammar, spelling, sentence construction. | Good word choice; mostly accurate grammar, spelling, sentence construction. | Many grammar, spelling, sentence construction errors |
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