Health Care Financial Management
Answer
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Get Help Now!For the initial P/L calculations assume the volume for 15,000 inpatient daysFixed Costs = $10,000,000Variable cost per inpatient Day = $200Charge per Inpatient Day = $1,000.a)Construct the hospital’s base case projected profit and loss statement.Solution:Total revenue: $1,000 × 15,000 = $ 15,000,000Total variable costs: $200 × 15,000= 3,000,000Total Contribution: $800 × 15,000= $12,000,000 MarginFixed costs: 10,000,000Profits: $2,000,000b)Explain the difference between accounting profit and economic profit.Accounting profit: this is the difference between the total revenue and the totalaccounting costs excluding the opportunity costs while,Economic profit: this is the difference between the total revenue received by anorganization from its services or sales and the total opportunity costs of all theresources used by the firm. It includes all the explicit and implicit costs incurredby an organization
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