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HCM 641 Final Examination Page 1 of 4

HCM 641 Final Examination Page 1 of 4

 

Fall 2021 – Final Examination ONLIN-HCM-641-B02 – Health Care Finance and Reimbursement Professor Michael Burghardt Instructions

 

• The examination will be graded based on 100 points, although the examination is worth 15% of your total grade for the course.

 

• No late examinations will be accepted without permission from Professor Burghardt.

 

• All answers must be typed and doubled spaced. You must leave a 1-inch margin at the left and right side of your pages. You may not use a font larger than 12 points. You must include page numbers of text material.

 

• You must cite all material used (except class PowerPoint material), using the APA method.

 

• You must type the question you are answering before you answer the question.

 

• You must clearly identify the parts of each question you are answering.

 

• Every examination is an English examination; grammar, spelling and sentence structure will be included in the grading of your answers.

 

• You must write in complete sentences. You should not use colloquialisms (i.e., ain’t and gonna).

 

• You must use clear examples to show that you understand the question and the answer. All examples must be health care examples.

 

• You must explain terms being used.

 

If you do not follow the above instructions, your grade will be reduced proportionately.

 

HCM 641 Final Examination Page 2 of 4

 

Class: HCM 641 – Health Care Finance and Reimbursement

 

Final Examination

 

Name:

 

Total Points 100

 

Points Lost

 

Question 1 Conduct a financial and operations analysis using the Harris Memorial Hospital financial statements and information provided in the dashboard for Harris Memorial Hospital. You must include information provided regarding its nearest competitor, Eastside Medical Center and U.S. Medians. You must address at least 10 of the following 13 Critical Performance Drivers:

 

A. Market Factors

 

B. Pricing

 

C. Coding

 

D. Contract Negotiation

 

E. Overall Cost

 

F. Labor Costs

 

G. Departmental Costs

 

H. Supply and Drug Costs

 

I. Service Intensity

 

J. Non-operating Income

 

K. Investment Efficiency

 

L. Plant Obsolescence

 

M. Capital Position

 

For each Critical Performance Driver that you choose to analyze, do not leave out any of the Data Elements under that performance driver in Table 11-1!

 

50

 

Question 2

 

Discuss conclusions relating to the above analysis and recommendations to improve the financial performance of the facility.

 

50

 

Harris Memorial Hospital

 

Harris Memorial Hospital is a 430-bed facility. It has one primary competitor, Eastside Healthcare, a 170- bed facility. Harris Memorial Hospital is in Jersey, Ohio. The facility owns and operates the Renee Center, which has 27 skilled nursing beds. During 20X7, Harris opened a continuing care hospital with 92 beds.

 

HCM 641 Final Examination Page 3 of 4

 

Memorial Hospital and Harris Community Foundation Combined Balance Sheet (in thousands)

 

December 31, 20X7

 

December 31, 20X6

 

Assets

 

Current Assets

 

Cash and Cash Equivalents $82,815 $59,696

 

Assets Limited as to Use, Current Position

 

5,327 5,088

 

Accounts Receivable

 

Patients, Less Allowance for Doubtful Accounts ($25,302 In 20X7 and $23,014 in 20X6)

 

70,025 59,939

 

Other 28,990 24,995

 

Supplies 7,078 6,663

 

Total Current Assets 194,235 156,381

 

Assets Limited as to Use

 

For Donor Restricted Purposes 84,440 67,826

 

Board Designated for Specific Purposes

 

382,835 378,4 13

 

Held by Trustees Under Bond Agreements

 

51,038 25,937

 

518,313 472,176

 

Less Current Portion 5,327 5,088

 

512,986 467,088

 

Property and Equipment, Net 563,349 458,829

 

Other Assets 34,476 34,302

 

Total Assets $1,305,046 $1,116,600

 

Liabilities and Net Assets

 

Current Liabilities

 

Accounts Payable $32,572 $24,631

 

Accrued Expenses and Other Liabilities

 

58,878 53,725

 

Due to Third-Party Payers 7380 12,633

 

Current Maturities of Long-term Debt

 

4,692 5,908

 

Total Current Liabilities 103,522 96,897

 

Long-Term Debt, Less Current Maturities

 

439,597 332,354

 

Contingent Professional Liabilities

 

33,260 48,487

 

Due to Broker 15,128 19,608

 

Other Liabilities 20,713 5298

 

Post-Retirement Benefit Obligation, Other Than Pensions

 

8,207 7,694

 

Total Liabilities 620,427 510,338

 

Net Assets

 

Unrestricted 600,179 538,436

 

Temporarily Restricted 55,213 40,393

 

Permanently Restricted 29,227 27,433

 

Total Net Assets 684,619 606,262

 

Total Liabilities and Net Assets

 

$1,305,046 $1,116,600

 

HCM 641 Final Examination Page 4 of 4

 

Harris Memorial Hospital Combined Statements of Operations (in thousands)

 

December 31, 20X7

 

December 31, 20X6

 

Unrestricted Revenues and Other Support

 

Net Patient Service Revenue $829,005 $774,662

 

Other Operating Revenue 27,055 29,334

 

Total Operating Revenue 856,060 803,996

 

Operating Expenses

 

Salaries and Wages $371,429 $329,668

 

Employee Benefits 81,532 77,231

 

Supplies and Purchased Services 228,244 225,497

 

Advertising 3,072 2,376

 

Staff Enrichment 10,767 8,591

 

Occupancy Cost 14,346 13,442

 

Depreciation 44,392 41,627

 

Interest 10,974 6,145

 

Provision for Bad Debts 55,851 57,975

 

Operating Expenses 820,627 762,552

 

Excess of Revenue Over Expenses 35,433 41,444

 

Non-Operating Gains (Losses)

 

Contributions, Gifts, And Bequests 3,189 1,318

 

Net Assets Released from Restrictions for Research Expenditures

 

14,070 14,574

 

Research, Education and Other Non- Operating Expenses

 

(22,980) (24,773)

 

Change in Interest Rate Swap Value and Put Agreements

 

1,578 9,397

 

Investment Income 30,453 18,402

 

26,310 18,818

 

Excess of Revenues and Gains Over Expenses and Losses

 

$61,743 $60,262

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