yes

Before you begin, save this document to your computer. You will need to submit your answers in the area indicated below.

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.

2. Please remember to SAVE this document to your computer or “My Documents” on your computer.

3. Submit the saved file to your “Assignment Drop Box”.

Tips for answering questions:

· Read the question more than twice, if necessary, to make sure you understand what you are asked to do.

· Find the key words in each question and construct your answer to address those key words or phrases of the question.

· Your answer should be organized and to the point.

· Keep your sentences short and simple. Pay attention to the answer length requirements (if stated).

· If necessary, go the extra mile and give examples to illustrate your point.

Before you continue:

· Did you save this document to your computer?

· No: Please save this document to your computer now.

· Yes: Great! Let’s get to work!

Question 1:

What is a financial policy? 

10 points

Directions to complete Question 1:

· Use short responses, in complete sentences with proper grammar and spelling

· Your answer should be no less than 4 to 8 sentences.

Answer:

Type your answer here

Question 2:

What is the purpose of a financial policy? 

10 points

Directions to complete Question 2:

· Use short responses, in complete sentences with proper grammar and spelling

· Your answer should be no less than 4 to 8 sentences.

Answer:

Type your answer here

Question 3:

List four (4) benefits of using financial policies. 

15 points

Directions to complete Question 3:

· Use short responses, in complete sentences with proper grammar and spelling

· Your answer should be no less than 4 to 8 sentences.

Answer #1:

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Answer #2:

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Answer #3:

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Answer #4:

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Question 4:

List four (4) types of information which can be included in a financial policy 

15 points

Directions to complete Question 3:

· Use short responses, in complete sentences with proper grammar and spelling

· Your answer should be no less than 4 to 8 sentences.

Answer #1:

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Answer #2:

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Answer #3:

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Answer #4:

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Question 5:

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? 

25 points

Directions to complete Question 5:

· Use short responses, in complete sentences with proper grammar and spelling

· Your answer should be no less than 4 to 8 sentences.

· Optional: You may choose to use MS Excel to help you complete this question. If you choose to use MS Excel, please submit your Excel file along with this completed document.

Answer:

Type your answer here

You will earn additional points if you:

· Submit the worksheet to the assignment dropbox correctly.

· Use proper sentence structure, grammar and spelling.

· Show your calculations and explain your answer.

5 points

TOTAL POINTS

80 points

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