25 Pages 6346 Words Bondi Junction Medical Centre

Question 1 (20 marks)

The Bondi Junction Medical Capital is a 3-doctor public experience. The doctors shortness you to furnish a specie budget for the primary 3 months of the year – from January to March.

They feel fond you the forthcoming notification.

Opening bank balance: on 1 January there was $8,500 in the capital’s bank recital.

Salaries. Two receptionists procure be filled in the capital delay entirety monthly salaries of $6,000. The doctors are each hired $12,000 per month.

Monthly unoccupied expenses. Monthly mortgage repayments are $3,000. Protection for the year procure be hired in January and this procure be $5,000. Cleaning the capital requires $500 per month. Other duty expenses such as unalterable, postage etc require $100 per month.

There is a quarterly phone jaw due to be hired in January of $1500 and a quarterly electricity recital of $2,500 due to be hired in February. The three doctors are too on fickle phone plans which require $100 per month each. Entirety car lease requires for the 3 doctors are $10,000 per month and motor conveyance running requires are $1,000 per month.
In February, the doctors are planning to buy new medical and duty equipment and this procure require $85,000 which they shortness to pay in specie.

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Patient fees.

The capital has 3 types of unrepinings: volume-billed unrepinings, non-volume jawed unrepinings and non-Medicare unrepinings.
1.    The capital volume jaws 60% of the considerations and is hired $40 for each consideration by the empire.
2.    Another 30% of the considerations are not volume jawed and unrepinings are full an out-of-pocket fee of $30 – the capital too receives $40 from the empire for these considerations.
3.    The other 10% of considerations are for non-Medicare services such as history protection medical examinations and the capital charges $150 for these considerations.

For completely volume jawed unrepinings, the capital receives the empire liquidation in the month in which the consideration is executeed.

For non-volume jawed unrepinings – the unrepinings pay their gift ($30) at the era of the consideration and the empire’s liquidation is accepted in the forthcoming month.

For non-Medicare unrepinings – their liquidation is accepted in the month behind the consideration.

Payments. All salaries are hired in the month in which the services are executeed. Cleaning, duty expenses and the fickle phone jaws are hired in the month the services are accepted.

Patient ardor. The entirety reckon of unrepining considerations expected for the conclusion is:

December (real figures)    1,100
January (forecast)    1,000
February (forecast)    1,300
March (forecast)    1,200

Required:

(a)    Prepare a specie budget for each month for the January to March conclusion. (5 marks)

(b)    The doctors shortness to distinguish whether they procure be potent to pay specie for the new equipment in February or if they procure feel to attribute specie. If they insufficiency to attribute, how fur procure they insufficiency to attribute? They too shortness to conduct $8,500 in the capital’s bank recital – so you insufficiency to procure this into recital when determining how fur they procure insufficiency to attribute. (2 marks)

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(c)    A new GP experience is expected to public in February in the selfselfcorresponding street as the Bondi Junction Medical Capital and this clinic procure volume jaw all its unrepinings. If the Bondi Junction Medical Capital volume jawed all its unrepinings – but not the non-Medicare unrepinings which would quiescent be full $150 per consideration – what contact would this feel on the Centre’s specie progress and how fur it would insufficiency to attribute to finance the donation of new equipment? (5 marks)

(d)    Write a announce to the doctors summarising the expected specieprogress for the primary 3 months of the year and whether they procure insufficiency to attribute specie to pay for the new equipment and how fur they would insufficiency to attribute. Also, analyse the financial contact of the new GP experience which is publicing up. Outline the implicit contact this new GP experience procure feel on the Bondi Junction Medical Centre’s specie progress and how fur they would insufficiency to attribute etc. What order would you grant these doctors encircling the financial coming of their medical capital? (8 marks)

Question 2 (10 marks)

Strathfield Day Surgery Capital procure be publiced for the primary era on 1 June 2018 and is

developing an unoccupied budget for the month bound June 30, 2018. The Capital expects to execute 80 surgical progresss during the month. There are 2 types of

procedures.

Procedure 1 unrepinings are full $4,000 and the require of surgical victuals for these unrepinings is expected to be $800.

Procedure 2 unrepinings are full $5,000 and the require of surgical victuals for these unrepinings is expected to be $3,500. The budget expect is for 40 Progress 1 unrepinings and 40 Progress 2 unrepinings.

Strathfield Day Surgery Capital too contracts delay orthopaedic surgeons at a fee of

$1,500 per surgical progress – this is the selfselfcorresponding whether they execute progress 1 or progress 2. The monthly salaries for the Centre’s receptionist, bookkeeper, and two surgical nurses entirety $20,500.

The Centre’s tenure requires, which understand fissure, protection, and all utilities, are

expected to be $18,200 per month. Average monthly message requires are

estimated to be $1,200.

Office and unoccupied locality equipment was donationd in May 2018 for $240,000 and hired for in specie on 15th June 2018. The equipment is expected to feel a five-year

history and has no salvage treasure. So slander is $4,000 per month.

All unrepinings pay their fee anterior to the surgery and the doctors are hired in the month behind executeing the surgery. All other requires are expected to be hired in the month they are incurred.

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