NUR 518-Finance And Management Essay 3

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Prompt: Congratulations! Because you are distinguishing yourself as a skilled healthcare manager, your boss has asked you to consult with a local physician’s group. Review the mini-case study on page 150 of the textbook then create a journal assignment in which you provide one or more recommendations for ways the physician owners can improve profitability without raising rates. Your recommendations should apply the principles in Exhibit 6.5 on page 149 and Exhibit 6.6 on page 150. Guidelines for Submission: Submit assignment as a Word document with double spacing, 12-point Times New Roman font, and one-inch margins.

Critical Elements Exemplary (100%) Proficient (85%) Needs Improvement (55%) Not Evident (0%) Value

Recommendations and Justifications

Recommendations are sound and clearly apply the principles in Exhibits 6.5 and 6.6

Recommendations are sound and reference the principles in Exhibits 6.5 and 6.6, but the application of the principles could be clearer

There are weaknesses in the recommendations and/or the principles in Exhibits 6.5 and 6.6 are not applied or applied incorrectly

No recommendations are provided

When classifying these costs in relation to a unit of product or service, fixed costs change in relation to volume, and variable costs remain constant per unit, as shown in Exhibit 6.6.

Exhibit 6.6 is somewhat unorthodox, but it is important to understand the relationship in this way to understand breakeven analysis. At any point on the volume axis, total costs equal variable costs per unit, which remain constant, plus fixed costs per unit, which decline as volume increases. Using costs per unit, the breakeven point in units or revenues is the point at which

fixed costs have been covered. Before that point, each unit sold has not only covered its variable costs, but has also contributed to fixed costs. This is called the contribution margin and can be expressed in dollars with the formula

exHIbIt 6.6 Costs per Unit

Fixed costs per unit

Volume

Ch ar

ge /C

os t

Breakeven point in revenue

Breakeven point in units

Variable costs per unit

Total revenue

Total costs

MInI-CASe STuDy✓

You are the administrator of a physician’s office practice, and

the physician owners have asked you for a presentation on im-

proving profitability without raising rates. Using both Exhibits

6.5 and 6.6, explain how profit can be increased.

You must proofread your paper. But do not strictly rely on your computer’s spell-checker and grammar-checker; failure to do so indicates a lack of effort on your part and you can expect your grade to suffer accordingly. Papers with numerous misspelled words and grammatical mistakes will be penalized. Read over your paper – in silence and then aloud – before handing it in and make corrections as necessary. Often it is advantageous to have a friend proofread your paper for obvious errors. Handwritten corrections are preferable to uncorrected mistakes.

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Use a standard 10 to 12 point (10 to 12 characters per inch) typeface. Smaller or compressed type and papers with small margins or single-spacing are hard to read. It is better to let your essay run over the recommended number of pages than to try to compress it into fewer pages.

Likewise, large type, large margins, large indentations, triple-spacing, increased leading (space between lines), increased kerning (space between letters), and any other such attempts at “padding” to increase the length of a paper are unacceptable, wasteful of trees, and will not fool your professor.

The paper must be neatly formatted, double-spaced with a one-inch margin on the top, bottom, and sides of each page. When submitting hard copy, be sure to use white paper and print out using dark ink. If it is hard to read your essay, it will also be hard to follow your argument Finance And Management Essay 3

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