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Managerial Accounting of Primary Care Physicians

Managerial Accounting of Primary Care Physicians

1 Assume that a primary care physician performs only mental examinations.  However, 2 A pharmacy fills three types of presciptions.  Prescription 1) requires refrigeration. 3 A pharmacy fills three types of presciptions.  Prescription 1) requires refrigeration. 4 The managers of the Samalamadingdong Clinic are setting the price on a new 5 6
 there are four levels of exams:  A, B, C, and D.  An RVU analysis indicates that a Presciption 2) requires careful review and handling by pharmacist. Presciption 2) requires careful review and handling by pharmacist. outpatient service.  Here are the relevant data estimates: Ironman Manufacturing Company uses ABC.  The FOH budget for the coming period is Consider the following data from the past year for the BSU General Hospital
 level A exam requires 10 RVU’s, level B requires 20 RVU’s, level C requires Presciption 3) is basic Presciption 3) is basic Varialbe Cost / visit $10.00 $1,000,000 consisting of the following:
30 RVU’s, and level D requires 40 RVU’s.  The total cost to run the practice is Annual Prescription Volume, Total Direct Costs, and Total Charges Annual Prescription Volume, Total Direct Costs, and Total Charges Annual direct fixed costs $1,000,000 Cost Pool Budgeted amount Static Flexible Actual
$1,000,000 annually.  The number of exams administered annually are Rx – A Rx – B Rx – C Rx – A Rx – B Rx – C Annual overhead allocation $100,000 Supervision $ 300,000 Budget Budget Results
 10,000 for A, 8,000 for B, 6,000 for C, and 4,000 for D. Annual Volume 100 400 2000 Annual Volume 100 400 2000 Expected annual utilization (visits) 20,000 Machine Usage 400,000 Revenues 9,400,000 9,200,000 9,100,000
Total Direct Costs $10,000 $50,000 $30,000 Total Direct Costs $10,000 $50,000 $30,000 Machine Setups 200,000 Costs 5,200,000 5,300,000 5,500,000
a) using RVU methodology, what is the estimated cost per type of exam? Total Charges $40,000 $100,000 $60,000 Total Charges $40,000 $100,000 $60,000 a) What per visit price must be set for the service to break-even? Design Changes 100,000 Profits ? ? ?
$ 1,000,000
b) If the goal of the practice is to earn a 20% profit margin on each examination, how should Budgeted Overhead Costs and Activity Data Budgeted Overhead Costs and Activity Data b) What per visit price must be set for the service to earn an annual The potential allocation bases and their estimated amounts were as follows: a) Calculate and interpret the profit variance
the exams be priced? Annual Cost Driver Consumption/ one Rx Annual Cost Driver Consumption/ one Rx profit of $200,000? Allocation Base Budgeted Amount b) Calculate and interpret the revenue variance
Costs Cost Driver Rx – A Rx – B Rx – C Costs Cost Driver Rx – A Rx – B Rx – C Number of design changes 25 c) Calculate and interpret the cost variance
c) If the goal of the practice is to earn a 40% profit margin on each examination, how should Refrigeration $20,000 # of refrig units 2 0 0 Refrigeration $20,000 # of refrig units 2 0 0 Number of setups 100 d) Calculate and interpret the volume and price variances on revenue side
the exams be priced? Materials Handling $70,000 # of feet to storage 100 40 20 Materials Handling $70,000 # of feet to storage 100 40 20 Machine hours 5,000 e) Calculate and interpret the volume and management variances on cost side
Presciption Review $90,000 # of Pharmacist min 30 120 6 Presciption Review $90,000 # of Pharmacist min 30 120 6 The managers of the Samalamadingdong Clinic are setting the price on a new Direct labor hours 10,000 f) How are the variances calculated above related?
$180,000 $180,000 outpatient service.  Here are the relevant data estimates:
Varialbe Cost / visit $5.00 Instructions:
a) Using the CCR method, determine the overhead that would be allocated to each a) Using ABC, determine the allocation rate for each OH activity Annual direct fixed costs $500,000 a. Determine the overhead rate for each cost pool, using the most
type of prescription Annual overhead allocation $50,000 appropriate allocation base for each pool.
b) Determine the total cost of each type of prescription b) Determine the overhead that would be allocated to each type or Rx. Expected annual utilization (visits) 10,000
b. Job 90210 required $50,000 for direct materials, $20,000 for direct
c) Determine the total cost of each type of prescription c) What per visit price must be set for the service to break-even? labor, 2,000 direct labor hours, 1,000 machine hours, six setups,
and five design changes.
d) What per visit price must be set for the service to earn an annual Determine the cost of Job 90210.
profit of $200,000?

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