You are the laboratory manager of a medium-sized 120-bed hospital and are called to a hospital leadership meeting by the CEO of the facility. You are told that the hospital is having problems meeting some debt responsibility and there is a possibility that budgetary cutbacks will be needed to alleviate the situation. Each departmental manager is being given one week to plan how to accomplish a cost reduction of 10% within his/her department, should it become necessary. You are also told that this situation is highly confidential because it is not yet known whether the cost reduction will be needed. What type of information will you need to gather to assess your current state and develop a plan?
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You are the laboratory manager of a medium-sized 120-bed hospital and are called to a hospital leadership meeting by the CEO of the facility. You are told that the hospital is having problems meeting some debt responsibility and there is a possibility that budgetary cutbacks will be needed to alleviate the situation. Each departmental manager is being given one week to plan how to accomplish a cost reduction of 10% within his/her department, should it become necessary. You are also told that this situation is highly confidential because it is not yet known whether the cost reduction will be needed.
- What type of information will you need to gather to assess your current state and develop a plan?
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- The administrator of ABC Hospital, Mr. Stevens, has just received the latest financial report, and the news is not good. The hospital has been losing money for over a year, and if things don't improve, it may lose its AA bond rating. Stevens has met with his VP of finance, Mr. Sanger, and has asked him to identify areas for cutting costs, beginning with services that are operating at a loss. The following information is for services provided by ABC Hospital's ambulatory care clinic: Annual volume in patient visits: 7,000 Charge per visit: $155 Variable cost per visit: $45 Avoidable Fixed costs: $300,000 Calculate the impact on the product margin if ABC drops the ambulatory care clinic. What should Mr. Sanger recommend to Mr Stevens regarding the dropping the clinic? You will enter DROP or KEEP as your answer.Pete manages the nursing department of a local long-term rehabilitation center. He has positions for 200 nurses working under him. However, due to 35% annual turnover, he has a difficult time staying fully staffed. Caroline, the CEO of the facility pointed out to Pete that he needs to maintain full staffing in order for the facility to serve the maximum number of patients. She directs him to prepare a plan to lower the turnover rate to 20%. After doing a thorough review, Pete has determined that it costs him $2,000 to recruit and $3,000 to on-board a new nurse. If he is willing to spend all the money he saves by getting the turnover rate to 20%, how much would be the maximum Pete should spend on his new plan? Please show work in excel. Thanks! A. $350,000 B. $200,000 C. $175,000 D. $150,000In addition to salary, managers need to determine the number of staff necessary to accomplish the various tasks performed in the department and the workload for each staff member. If additional care units are added, or the workload increases by 20%, due to a sharp increase in outpatient services, a staffing reevaluation becomes necessary and additional staff may be needed. Also, it may be imperative to reduce staff hours or lay-off staff, should the alternative occur: Determine the annual salary paid to a part-time employee who works 15 hours a week for the entire year at a base rate of $20 an hour. $
- Your department head wants you to perform a cost analysis and provide data to the CFO next week. The budget information below comes directly from your accounting department and the figures are correct, however you know that your CFO's time is important and she often asks for ratios that are not calculated by your accounting department. Your department head has challenged you to present common ratios as he wants to mentor you for a potential assistant director position. Your figures need to be specific and accurate. Since you do not know "exactly" which figures to present, you decided to cover the Eight Basic Ratios Used in Health Care. This way, you can answer any question intelligently. Use the data listed below to calculate (show your work) each of the Eight Basic Ratios Used in Health Care. Explain for each ratio what your answer means to the company. (You should have 8 explanations.) Current Assets = $18,000,542.00 Current Liabilities = $12,240,543.00 Cash & Cash…You have just begun your summer internship at Omni Instruments. The company supplies sterilized surgical instruments for physicians. To expand sales, Omni is considering paying a commission to its sales force. The controller, Matthew Barnhill, asks you to compute: (1) the new breakeven sales figure, and (2) the operating profit if sales increase 15% under the new sales commission plan. He thinks you can handle this task because you learned CVP analysis in your accounting class. You spend the next day collecting information from the accounting records, performing the analysis, and writing a memo to explain the results. The company president is pleased with your memo. You report that the new sales commission plan will lead to a significant increase in operating income and only a small increase in breakeven sales. The following week, you realize that you made an error in the CVP analysis. You overlooked the sales personnel’s $2,800 monthly salaries, and you did not include this fixed…John Fleming, chief administrator for Valley View Hospital, is concerned about the costs for tests in the hospital's lab. Charges for lab tests are consistently higher at Valley View than other hospitals and have resulted in many complaints. Also, because of strict regulations on amounts reimbursed for lab tests, payments received from insurance companies and governmental units have not been high enough to cover lab costs. Mr. Fleming asked you to evaluate costs in the hospital's lab for the past month. The following information is available: a. Two types of tests are performed in the lab-blood tests and smears. During the past month, 900 blood tests and 3,300 smears were performed in the lab. b. Small glass plates are used in both types of tests. During the past month, the hospital purchased 16,500 plates at a cost of $35,640. 2,300 of these plates were unused at the end of the month; no plates were on hand at the beginning of the month. c. During the past month, 2,300 hours of labor…
- John Fleming, chief administrator for Valley View Hospital, is concerned about the costs for tests in the hospital's lab. Charges for lab tests are consistently higher at Valley View than other hospitals and have resulted in many complaints. Also, because of strict regulations on amounts reimbursed for lab tests, payments received from insurance companies and governmental units have not been high enough to cover lab costs. Mr. Fleming asked you to evaluate costs in the hospital's lab for the past month. The following information is available: a. Two types of tests are performed in the lab-blood tests and smears. During the past month, 1,250 blood tests and 3,900 smears were performed in the lab. b. Small glass plates are used in both types of tests. During the past month, the hospital purchased 19,500 plates at a cost of $73,320. 2,900 of these plates were unused at the end of the month; no plates were on hand at the beginning of the month. c. During the past month, 2,900 hours of…You are the laboratory manager. The hospital administration wants to penetrate the market and expand the business by performing Parathyroid Surgeries (reimbursement $15,000). They have enticed a prominent surgeon to join the staff He plans on scheduling four surgeries per week - two on Tuesday and two on Thursdays. Every case will need on intact Parathyroid Hormone (PTH) performed STAT during surgery. You currently send this test to your reference laboratory with a minimum 24-hour TAT. None of the analyzers currently in your lab are capable of running this test. The best pricing you obtain is from Siemens Diagnostics for an Immulite 1000. The price of the analyzer is $75,000. The price of the test kit is $800 for 100 tests. The test requires three levels of controls run per 24 hours. The stability of the test kit once opened is eight weeks. Reimbursement for the test is $20. You realize that you will only be able to run on average 32 tests (patient reportable results) before discarding…You are the laboratory manager. The hospital administration wants to penetrate the market and expand the business by performing Parathyroid Surgeries (reimbursement $15,000). They have enticed a prominent surgeon to join the staff He plans on scheduling four surgeries per week - two on Tuesday and two on Thursdays. Every case will need on intact Parathyroid Hormone (PTH) performed STAT during surgery. You currently send this test to your reference laboratory with a minimum 24-hour TAT. None of the analyzers currently in your lab are capable of running this test. The best pricing you obtain is from Siemens Diagnostics for an Immulite 1000. The price of the analyzer is $75,000. The price of the test kit is $800 for 100 tests. The test requires three levels of controls run per 24 hours. The stability of the test kit once opened is eight weeks. Reimbursement for the test is $20. You realize that you will only be able to run on average 32 tests (patient reportable results) before discarding…
- You are the laboratory manager. The hospital administration wants to penetrate the market and expand the business by performing Parathyroid Surgeries (reimbursement $15,000). They have enticed a prominent surgeon to join the staff He plans on scheduling four surgeries per week - two on Tuesday and two on Thursdays. Every case will need on intact Parathyroid Hormone (PTH) performed STAT during surgery. You currently send this test to your reference laboratory with a minimum 24-hour TAT. None of the analyzers currently in your lab are capable of running this test. The best pricing you obtain is from Siemens Diagnostics for an Immulite 1000. The price of the analyzer is $75,000. The price of the test kit is $800 for 100 tests. The test requires three levels of controls run per 24 hours. The stability of the test kit once opened is eight weeks. Reimbursement for the test is $20. You realize that you will only be able to run on average 32 tests (patient reportable results) before discarding…You are the laboratory manager. The hospital administration wants to penetrate the market and expand the business by performing Parathyroid Surgeries (reimbursement $15,000). They have enticed a prominent surgeon to join the staff He plans on scheduling four surgeries per week - two on Tuesday and two on Thursdays. Every case will need on intact Parathyroid Hormone (PTH) performed STAT during surgery. You currently send this test to your reference laboratory with a minimum 24-hour TAT. None of the analyzers currently in your lab are capable of running this test. The best pricing you obtain is from Siemens Diagnostics for an Immulite 1000. The price of the analyzer is $75,000. The price of the test kit is $800 for 100 tests. The test requires three levels of controls run per 24 hours. The stability of the test kit once opened is eight weeks. Reimbursement for the test is $20. You realize that you will only be able to run on average 32 tests (patient reportable results) before discarding…You are the laboratory manager. The hospital administration wants to penetrate the market and expand the business by performing Parathyroid Surgeries (reimbursement $15,000). They have enticed a prominent surgeon to join the staff He plans on scheduling four surgeries per week - two on Tuesday and two on Thursdays. Every case will need on intact Parathyroid Hormone (PTH) performed STAT during surgery. You currently send this test to your reference laboratory with a minimum 24-hour TAT. None of the analyzers currently in your lab are capable of running this test. The best pricing you obtain is from Siemens Diagnostics for an Immulite 1000. The price of the analyzer is $75,000. The price of the test kit is $800 for 100 tests. The test requires three levels of controls run per 24 hours. The stability of the test kit once opened is eight weeks. Reimbursement for the test is $20. You realize that you will only be able to run on average 32 tests (patient reportable results) before discarding…