Intro to Healthcare Management
Discussion Prompt 1-3 Paragraphs
Read the case study from pp. 580â€“581 of your text: My Parents Are Turning 65 and Need Help Signing Up for Medicare (Document attached)
- What is Medicare? Who is eligible to be covered?
- What are these different Parts (A, B, C, and D) of Medicare? What are the differences between the parts? What services are covered? Does everyone automatically get coverage under these parts? What is the cost to the individual enrollee?
- Given the parentsâ€™ medical conditions, do they need Parts A, B, and D?
Assignment: Understanding Finance Formulas for Healthcare Administrators
Objective: To understand some of the most often used formulas in healthcare facilities
To understand some of the most often used formulas in healthcare facilities
***A Video is presented but cannot download explaining Working Capital, assests, liabilities, Etc. ( If you need it I can record with my phone let me know**
Answer the following questions; please show your work.
- Your facility has $789,456 in assets and $356,987 in liabilities. What is your available working capital? (10 points)
- Your facility has $396,399 available in working capital. With $589,118 in assets, what does the facility currently owe? (10 points)
- Your facility has an available working capital of of $247,831. With $126,741 in liabilities, what are your assets? (10 points)
- A facility has current liabilities of $448,923 and current assets of $562,244. What is the facilityâ€™s current ratio? (10 points)
- A facility has current liabilities of $496,277 and current net assets of $199,896. What is the facilityâ€™s current ratio? (10 points)
- Your facility has 195 residents and it requires 14 labor minutes per meal. How many labor hours are required per week? (10 points)
- Last yearâ€™s food costs for your 130-bed facility were $172,430. Your facility had an average occupancy rate of 91% last year. What was the food cost per patient day (PPD)? (20 points)
- If your assisted living facility needs to purchase a piece of equipment 5 years from today, and you can invest 6% compound interest, how much would your facility have to invest today to have approximately $13,382 in 4 years? (20 points)
Submit your answers, showing your work to the assignment link as a Word or PDF document.