Currently I am working for Mercy Family medicine in Iowa City in which it is owned by Mercy hospital or MHN(Mercy Health Network). When speaking to my boss to gather information the Mercy clinics report on several different spreadsheets on in which is a financial reports which shows what is projected from the clinic for that month and what has actually came in revenue, contractual write offs by insurance including Medicare and Medicaid, salaries of staff including physicians. Malpractice insurance, postage, advertising, medical supplies, drugs, lab and many more. Productive and non productive time by staff costs. There is also a monthly trend report in which you find total RVUs, miscellaneous revenue, salaries, total outpatient revenue, and deductions from revenue such as bad debt, insurance write off. These two monthly reports show the ratios in regards to cash flow, revenue, salaries and where there is any positive or negatives. In speaking with my manager she states rarely do you ever see outpatient clinics with the exception of specialty clinics show a positive revenue as the outpatient family medicine, internal medicine, and urgent care clinics are used as a hub to refer patients to the specialty clinics within the Mercy system and to the hospital for radiology, labs, emergency department, and obstetrics. By looking at the print out of last months financial statement the clinic is down 2 FTE (full time employees) in regards to nursing staff and front desk staff. In which this helps to balance some of the other areas and overall the clinic is breaking even, when these positions are filled it the trend report and financial report with show some changes in areas (Gapenski, 2016).
Gapenski, Louis C., Reiter, Kristin L. (2016). Healthcare Finance: An Introduction to Accounting and Financial Management. Chicago, Il: Health Administration Press.
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.Read more
Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.Read more
Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.Read more
Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.Read more
By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.Read more