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5. Explain what is meant by cost behavior, and differentiatebetween the five general types of cost behavior. Approximately 2paragraphs (reference/ source material- Chapter 14 textbook).Reference/ Textbook: | Essentials of Health Care Finance | Edition:7

citation APA style.

Thank you so much

Kind regards

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Jamar Ferry
Jamar FerryLv2
28 Sep 2019
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Related questions

Answer the following accounting related questions:

a. Explain the difference between the accrual basis ofaccounting and the cash basis of accounting.

b. Define the matching principle.

c. How are revenues and expenses defined under accrualaccounting?

d. What are the double entry accounting system and the dualityconcept? How are they related?

e. What is the basic accounting equation?

Approximately 2 paragraphs perquestion (reference/ source material- Chapter 8 textbook).

Reference/ Textbook: | Essentials of Health Care Finance |Edition: 7

citation APA style.

Thank you so much

Kind regards

7. Answer the following budget related questions:

a. Define a budget and describe how management uses them.

b. List sources of variances between budgeted and actualamounts.

c. List and describe the major types of budgets.

d. Explain how benchmarking is performed at the departmentlevel.

Approximately 2 paragraphs per question (reference/ sourcematerial- Chapter 16 text book).

Reference/ Textbook: | Essentials of Health Care Finance |Edition: 7

citation APA style.

Thank you so much

Kind regards

Put your name here

Course Title: HSM 543 Health Service Finance Class

Week 6: You Decide Assignment

Professor’s Name:

Scenario

you sat in the CFO chair, studied a real world hospital AccountsReceivable (AR) problem with your team, and came up with a ProcessImprovement Plan to reduce Days in Accounts Receivable and improvecash flow to you hospital. Well the great news is that your planworked! This morning your Days in AR stand at 67. Not perfect....but much better, and you have five payrolls of cash on hand rightnow. Things are looking up for Community Memorial! And then justbefore lunch you get a call from the Bill Jacobs, Human ResourceDirector at Commercial Intertech (CI), the largest employer in thecommunity. Bill says, "I wanted you to hear it from me first. Wesigned a contract yesterday with MegaPlan Health. They will be themanaged care organization for all 4,500 of our employees and theirfamilies. About 9,000 patients total. I'm sure that you will wantto get a contract with MegaPlan as soon as possible. I noticed thatyour hospital is not on their Preferred Provider Network (PPN), andI am pretty sure that you will want to be, so that our employeescan continue using the facility." By the time you thank Bill forthe heads up, the acid is already churning in your stomach. In thehospital world, MegaPlan is known for cut-throat tactics,negotiating steep discounts with hospitals, and fighting everyclaim the hospital makes. Commercial Intertech has every right tocontract with any health insurance provider they like, but now youhave a problem. If you cannot get a decent contract with MegaPlanand become part of their Preferred Provider Network (PPN), manylocal patients may bypass your hospital and go the next closest PPNfacility. Delivered to your office this afternoon, by nocoincidence, is a contract proposal from MegaPlan. It calls for thehospital to provide a 35% discount from charges to MegaPlan and allof its members. And it includes service pre-authorizationrequirements which will make life very difficult for your businessoffice. You know from experience that the hospital loses moneywhenever the discount from charges exceeds 20%.

Your Role

You are the hospital CFO, trying to solve the managed careproblem.

Key Players

Dr. John Evans, Chief of Staff

Katrina Eaton, CEO

Linda Freed, Business Office Manager

Nancy Stritmatter, CNO

Assignment

Given the scenario, your role and the information provided bythe key players involved, it is time for you to make adecision.

What will you do? Whose advice makes the most sense to you inthis situation, and how will you proceed?

Understanding

Here you are to demonstrate a strong grasp of the problem athand. Also, demonstrate an understanding of how the course conceptsapply to the problem.

Provide at least 3 paragraphs that contain at least 5sentences.

Analysis

Here, you are to apply original thought to solving the businessproblem. Also, apply concepts from the course material correctlytoward solving the business problem.

Provide at least 3 paragraphs that contain at least 5sentences.

Execution

Here you are to type your answer clearly and succinctly usingstrong organization and proper grammar. Use citations correctly

Provide at least 3 paragraphs that contain at least 5sentences

References

At the top of page 3, provide your references in APA Format.Provide at least 3 references for your paper.

Some of the Course Keys concepts

Financial planning

Strategic Budgeting

Strategic planning

Management and decision making

accounts receivable

Third party payers

Cost shifting

Incremental cost

Working capital

Current assets

current liabilities

financial statements

future trends

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