As a Healthcare Management professional, having a solid understanding about financial policies and practice management ratios will help you make valuable decisions towards the growth of your company or department.
DIRECTIONS:
1. Answer the following five (5) questions in this assignment.
Question 1: What is a financial policy?
Question 2: What is the purpose of a financial policy?
Question 3: List four (4) benefits of using financial policies.
Question 4: List four (4) types of information which can be included in a financial policy
Question 5: Using the following information, calculate all possible practice management
Using the following information, calculate all possible practice management ratios:
June, 2011
Number of Patients seen = 4,785
Monthly Charges = $1,340,000
Monthly Income = $899,000
Total Operating Costs = $643,521
Total Accounts Receivable = $1,650,000
Was this practice profitable in June, 2011?