14 1) Using a medical practice scenario. Construct an example of what the income

Question

14 1) Using a medical practice scenario. Construct an example of what the income/expense sheet may look like for your practice. 2).A new patient seeks care from your practice. On completion of the visit, the patient states that he is from out of town and is low on cash. He wants to write a check to pay for his visit. What would you say to him? Explain your decision.

3). you have a meeting scheduled with the physician to discuss the financial condition of the practice. Explain how you would prepare for this meeting and describe the reasons behind your preparations

4). The physician feels that the office accountant is not providing the services that are needed. He does not have many health care clients and therefore does not always understand the needs of a medical practice .How would you interview for a new accountant? Explain what you feel is important for the practice in selecting a new accountant.

This is the 3rd time I am sending this please answer all I am mad.

Explanation / Answer

1. Example of Income / Expenses which will be earned / incurred as a medical practitioner are as follows:

2. In case the patient does not have cash, a check can be accepted. However, along with the check basic details of the patient should be taken in case there is a default in payment

3. The following preparations can be done prior to the meeting with the physician:

4. A new accountant should have experience in health care services. The interview should be more on practical lines wherein the physician should ask questions about how the accountant has taken care of specific scenarios in the past. He should also understand how the health care industry works in general and provides industry best practices.

Dec-16 Revenue: Consulting Fees 500000 Other Income 50000 Total Income 550000 Expenses: Salaries for support staff 120000 Rent for premises 120000 Clinical supplies 200000 Medications 50000 Administration Expenses 12000 Printing & Stationery 6000 Laundry charges 1200 Housekeeping charges 12000 Total Expenses 521200 Net Income 28800

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