Homework Answers
Net patient service revenue:
= Gross patient service revenue – Contractual allowances – Charity care – Provision for doubtful debts
The above is the formula for calculating the Net patient service revenue.
Hence, correct option is “The revenue that the organisation has a right to collect after contractual allowances and charity care are deducted”
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Net patient service revenue is defined as? The revenue that the organization has a right to...
Under Lennon Hospital’s rate structure, it earned patient service revenue of $8.1 million for the year...
Under Lennon Hospital’s rate structure, it earned patient service revenue of $8.1 million for the year ended December 31, 2017. However, Lennon did not expect to collect this entire amount because it deemed $0.95 million to be charity care and estimated contractual adjustments to be $710,000. During 2017, Lennon purchased medical supplies from Harrison Medical Supply Company at a cost of $3,100. Harrison notified Lennon that it was donating the supplies to the hospital. Lennon is a private not-for-profit entity:...
Under Lennon Hospital’s rate structure, it earned patient service revenue of $9.6 million for the year...
Under Lennon Hospital’s rate structure, it earned patient service revenue of $9.6 million for the year ended December 31, 2017. However, Lennon did not expect to collect this entire amount because it deemed $1.70 million to be charity care and estimated contractual adjustments to be $860,000. During 2017, Lennon purchased medical supplies from Harrison Medical Supply Company at a cost of $4,600. Harrison notified Lennon that it was donating the supplies to the hospital. Lennon is a private not-for-profit entity:...
During 2017, the following selected events and transactions were recorded by Milos County Hospital. 1. Gross...
During 2017, the following selected events and transactions
were recorded by Milos County Hospital.
1.
Gross charges for hospital services, all charged to accounts
and notes receivable, were as follows:
Patient service revenues
$1,666,500
2.
The hospital cafeteria and gift shop had cash sales of
$296,100.
3.
Additional information determined subsequently to recording
patient service revenues and relating to the current-year is as
follows:
Contractual adjustments
$
640,000
Provision for bad debts
31,000
Charity care
262,200
4.
A federal cost...
prepare a statement of revenue, expenses, and change in net position. Problem 3 - Government Hospital...
prepare a statement of revenue, expenses, and change in net
position.
Problem 3 - Government Hospital Financial Reporting The following selected information is taken from the accounting records of the Jackson County Hospital for fiscal year 20X0. All accounts have a normal balance and are listed in alphabetical order. Also, all amounts are in thousands of dollars. Administrative expenses. Cafeteria sales. $440 440 Charity services (at gross amounts) Contractual adjustments. Depreciation-Building Depreciation-Other. Estimated uncollectible accounts. Federal grant restricted for heart...
E6-34 (similar to) Question Help Health World is a retail store selling home oxygen equipment Health...
E6-34 (similar to) Question Help Health World is a retail store selling home oxygen equipment Health World also services home oxygen equipment, for which the company bills customers monthly Health World has budgeted for increases in service revenue of $800 each month due to a recent advertising campaign. The forecast of sales and service revenue for March-June 2018 is as follows: (Click the icon to view the forecast of sales and service revenue.) (Click the icon to view the collection...
During its current fiscal year, Evanston General Hospital, a not-for-profit health care organization, had the following...
During its current fiscal year, Evanston General Hospital, a not-for-profit health care organization, had the following revenue-related transactions (amounts summarized for the year). Services provided to inpatients and outpatients amounted to $9,792,000, of which $466,000 was for charity care; $944,000 was paid by uninsured patients; and $8,382,000 was billed to Medicare, Medicaid, and insurance companies. Donated pharmaceuticals and medical supplies valued at $281,000 were received and utilized as general expenses. Medicare, Medicaid, and third-party payors (insurance companies) approved and paid...
E6-34 (similar to) Health World is a retail store selling home oxygen equipment. Health World also...
E6-34 (similar to) Health World is a retail store selling home oxygen equipment. Health World also services home oxygen equipn due to a recent advertising campaign. The forecast of sales and service revenue for March-June 2018 is as fc (Click the icon to view the forecast of sales and service revenue.) (Click the icon to view the coll Read the requirements. Requirement 1. Calculate the cash that Health World expects to collect in May and in June 2018. Show calcu...
During its current fiscal year, Evanston General Hospital, a not-for-profit health care organization, had the following...
During its current fiscal year, Evanston General Hospital, a
not-for-profit health care organization, had the following
revenue-related transactions (amounts summarized for the
year).
1.
Services provided to inpatients and outpatients amounted to
$9,660,000, of which $455,000 was for charity care, $933,000 was
paid by uninsured patients, and $8,272,000 was billed to Medicare,
Medicaid, and insurance companies.
2.
Donated pharmaceuticals and medical supplies valued at $270,000
were received and utilized as general expenses.
3.
Medicare, Medicaid, and third-party payors (insurance companies)...
4. KEY TERMS Multiple Choice Circle the letter of the choice that best matches the definition...
4. KEY TERMS Multiple Choice Circle the letter of the choice that best matches the definition or answers the question 1. A list of the medical services covered by an insurance policy C. Noncovered services D. Fee-for-service A. Health care claim B. Schedule of benefits 2. Health plans are often referred to as: C. Providers D. Payers A. Policyholders B. Subscribers managed care network of providers under contract to provide services at discounted fees. A. Health Maintenance Organization (HMO) B....
20-34 (Simal 10 World is a real store selling home oxygen equipment. He World also services...
20-34 (Simal 10 World is a real store selling home oxygen equipment. He World also services home oxygen equipment for which the company is customers monthly Heath World has budgeted for increases in service revenue of $800 each Onth due to a recent advertising campaign. The forecast of sales and service revenue for March June 2018 is as follows: Click the icon to view the forecast of sales and service revenue) Click the icon to view the collection information) Beard...
During 2017, the following selected events and transactions
were recorded by Milos County Hospital.
1.
Gross charges for hospital services, all charged to accounts
and notes receivable, were as follows:
Patient service revenues
$1,666,500
2.
The hospital cafeteria and gift shop had cash sales of
$296,100.
3.
Additional information determined subsequently to recording
patient service revenues and relating to the current-year is as
follows:
Contractual adjustments
$
640,000
Provision for bad debts
31,000
Charity care
262,200
4.
A federal cost...
prepare a statement of revenue, expenses, and change in net
position.
Problem 3 - Government Hospital Financial Reporting The following selected information is taken from the accounting records of the Jackson County Hospital for fiscal year 20X0. All accounts have a normal balance and are listed in alphabetical order. Also, all amounts are in thousands of dollars. Administrative expenses. Cafeteria sales. $440 440 Charity services (at gross amounts) Contractual adjustments. Depreciation-Building Depreciation-Other. Estimated uncollectible accounts. Federal grant restricted for heart...
E6-34 (similar to) Question Help Health World is a retail store selling home oxygen equipment Health World also services home oxygen equipment, for which the company bills customers monthly Health World has budgeted for increases in service revenue of $800 each month due to a recent advertising campaign. The forecast of sales and service revenue for March-June 2018 is as follows: (Click the icon to view the forecast of sales and service revenue.) (Click the icon to view the collection...
E6-34 (similar to) Health World is a retail store selling home oxygen equipment. Health World also services home oxygen equipn due to a recent advertising campaign. The forecast of sales and service revenue for March-June 2018 is as fc (Click the icon to view the forecast of sales and service revenue.) (Click the icon to view the coll Read the requirements. Requirement 1. Calculate the cash that Health World expects to collect in May and in June 2018. Show calcu...
During its current fiscal year, Evanston General Hospital, a
not-for-profit health care organization, had the following
revenue-related transactions (amounts summarized for the
year).
1.
Services provided to inpatients and outpatients amounted to
$9,660,000, of which $455,000 was for charity care, $933,000 was
paid by uninsured patients, and $8,272,000 was billed to Medicare,
Medicaid, and insurance companies.
2.
Donated pharmaceuticals and medical supplies valued at $270,000
were received and utilized as general expenses.
3.
Medicare, Medicaid, and third-party payors (insurance companies)...
4. KEY TERMS Multiple Choice Circle the letter of the choice that best matches the definition or answers the question 1. A list of the medical services covered by an insurance policy C. Noncovered services D. Fee-for-service A. Health care claim B. Schedule of benefits 2. Health plans are often referred to as: C. Providers D. Payers A. Policyholders B. Subscribers managed care network of providers under contract to provide services at discounted fees. A. Health Maintenance Organization (HMO) B....
20-34 (Simal 10 World is a real store selling home oxygen equipment. He World also services home oxygen equipment for which the company is customers monthly Heath World has budgeted for increases in service revenue of $800 each Onth due to a recent advertising campaign. The forecast of sales and service revenue for March June 2018 is as follows: Click the icon to view the forecast of sales and service revenue) Click the icon to view the collection information) Beard...
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