Grady Home Health has $1,050,000 in Net Patient Accounts Receivable; $350,000 in Other Operating Revenue: Total Operating Expenses of $3,250,000; and $4,500,000 in Net Patient Revenue. Determine the Days in Patient Accounts Receivable (Net AR Days) for this organization. A. 79.0 B. 90.6 C. 85.2 D. 98.3 E. 95.0
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![Grady Home Health has $1,050,000 in Net Patient Accounts Receivable; $350,000 in Other
Operating Revenue: Total Operating Expenses of $3,250,000; and $4,500,000 in Net Patient
Revenue.
Determine the Days in Patient Accounts Receivable (Net AR Days) for this organization.
A. 79.0
B. 90.6
C. 85.2
D. 98.3
E. 95.0](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fedcf757b-dd05-440f-977c-2bd2e4894d7d%2Faf0c74d1-28ec-487b-a502-cf495dbd6b91%2Fx4umbpk_processed.jpeg&w=3840&q=75)
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- 3. Please complete the journal entries for this St. Joseph’s Hospital began operations in December 2023 with patient service revenues totaling $980,000 (based on customary rates) for the month. Of this, $207,000 is billed to patients, representing their insurance deductibles and copayments. The balance is billed to third-party payors, including insurance companies and government health care agencies. St. Joseph’s estimates that 20 percent of these third-party payor charges will be deducted by contractual adjustment. The hospital’s fiscal year ends on December 31. Required: Prepare the journal entries for December 2023. Assume 15 percent of the amounts billed to patients will be reduced through implicit price adjustments. Prepare the journal entries for 2024 assuming the following: $102,000 is collected from the patients during the year, and $9,800 of price adjustments are granted to individuals. Actual contractual adjustments total $157,000. The remaining receivable from…Accounting for patient service revenue Ruby Ruth Hospital had the following transactions during the year ended December 31:1. The hospital provided services to patients insured by third-party payer A amounting to $9.0 millionat its established billing rates. The hospital’s prospective billing arrangement with this third partystipulates payment to the hospital of 70 percent of its established rates for services performed.All billings were paid during the year.2. The hospital provided services to patients insured by third-party payer B amounting to $5.4 millionat its established billing rates. Its retrospective billing arrangement with this third party stipulatesthat the hospital should receive payment at an interim rate of 90 percent of its established rates,subject to retrospective adjustment based on agreed-upon allowable costs. By year-end, B had paidall the billings. Before issuing its financial statements, the hospital estimated that the probableamount it will need to refund to B…P1.2. Alice Hospital provides you with the following information that relates to its operating results for the year ended December 31, 20X1: Nursing services expenses $3,900 Deductions from patient services revenues 1,200 Other professional services revenues 4,800 General services expenses 1,700 Nonoperating income 140 Fiscal and administrative services expenses 1,200 Daily patient services revenues 6,320 Other professional services expenses 2,610 Other operating revenues 450 Required: Prepare, in good form, a statement of operations for Alice Hospital for the year ended December 31, 20X1.
- A Record the gross charges for patient services, all charged to Patient Accounts Receivable, amounting $1,675,000. B Record the estimated contractual adjustments for patient services with third-party payors amounting $405,000. C Record the hospital estimated implicit price concessions would total $35,000. D Charity services, not included in transaction 1, would amount to $66,000 had billings been made at gross amounts. E Other revenues received in cash were parking lot, $20,000; cafeteria, $35,000; gift shop, $5,000. F Record the cash gifts restricted by the donor for programs amounting $32,000 for the year. G Record the $50,000 technician salaries supporting the program. H Record the reclassification of assets in satisfaction of program restrictions. I Mortgage bond payments amounted to $50,000 for principal and $28,000 for interest. Assume unrestricted resources are used. J During the year, the hospital received, in cash, unrestricted…Projected revenue for year 20X1 is as follows: $823,155 in January, $685,546 in February, $454,050 in March, and $811,904 in April. Historical net revenues categorized by payer: Payer Revenue Percent Medicare 8,931,228 Medicaid 11,906,868 Blue Cross 10,159,306 Private 5,082,192 Total ? Collection patterns by payer: Payer Within 1 Month Within 2 Months Within 3 Months Within 4 Months Total Medicare 18% 26% 28% ? 100% Medicaid 6% 20% 49% ? 100% Blue Cross 11% 43% 26% ? 100% Private 59% 28% 6% ? 100% How much revenue do we expect to collect in total in March? (Do not round intermediate calculations. Round your final answer to 2 decimal places. Omit the "$" sign and commas in your response. For example, $12.3456 should be entered as 12.35.)3. St. Joseph’s Hospital began operations in December 2023 with patient service revenues totaling $980,000 (based on customary rates) for the month. Of this, $207,000 is billed to patients, representing their insurance deductibles and copayments. The balance is billed to third-party payors, including insurance companies and government health care agencies. St. Joseph’s estimates that 20 percent of these third-party payor charges will be deducted by contractual adjustment. The hospital’s fiscal year ends on December 31. Required: Prepare the journal entries for December 2023. Assume 15 percent of the amounts billed to patients will be reduced through implicit price adjustments. Prepare the journal entries for 2024 assuming the following: $102,000 is collected from the patients during the year, and $9,800 of price adjustments are granted to individuals. Actual contractual adjustments total $157,000. The remaining receivable from third-party payors is collected. Note: For all…
- 3. St. Joseph’s Hospital began operations in December 2023 with patient service revenues totaling $980,000 (based on customary rates) for the month. Of this, $207,000 is billed to patients, representing their insurance deductibles and copayments. The balance is billed to third-party payors, including insurance companies and government health care agencies. St. Joseph’s estimates that 20 percent of these third-party payor charges will be deducted by contractual adjustment. The hospital’s fiscal year ends on December 31. Required: Prepare the journal entries for December 2023. Assume 15 percent of the amounts billed to patients will be reduced through implicit price adjustments. Prepare the journal entries for 2024 assuming the following: $102,000 is collected from the patients during the year, and $9,800 of price adjustments are granted to individuals. Actual contractual adjustments total $157,000. The remaining receivable from third-party payors is collected. Note: For all…Projected revenue for year 20X1 is as follows: $845,622 in January, $517,629 in February, $528,674 in March, and $847,032 in April. Historical net revenues categorized by payer: Payer Medicare Medicaid Blue Cross Private Payer Revenue Percent Medicare 8,331,224 Medicaid 12,723,238 Blue Cross 10,763,087 Collection patterns by payer: Private Total Within 1 Month 21% 9% 5% 54% 5,527,687 Within 2 Months 33% 17% 40% 30% ? Within 3 Months 35% 48% 36% 5% Within 4 Months Total ? 100% ? 100% ? 100% ? 100% How much revenue do we expect to collect in total in March? (DoPrepare journal entries to record the following transactions of a nonprofit hospital, with expense transactionscategorized by function:1. The hospital billed its uninsured patients for $300,000. Based on historical experience, it expects tocollect 45 percent of that amount over time.2. Nurses and doctors employed by the hospital were paid their salaries, $120,000.3. The chief administrative officer was paid her salary of $12,000.4. The hospital paid its utility bill, $6,000.5. Depreciation on the equipment was $40,800.6. Several adults donated their time (worth $6,000) selling merchandise in the hospital gift shop.7. The hospital billed Medicare $120,000 for services provided at its established rates. The prospectivebilling arrangement gives Medicare a 40 percent discount from these rates.8. A contribution without donor restrictions of $4,800 was received. If no adjustment is necessary, select 'No debit (or credit) entry needed' in the account fields and enter 0 in the amount fields.
- Transactions (a) through (e) took place in Stoney Heights Private Hospital during the year ending December 31, 2019.a. Gross revenues of $5,000,000 were earned for service toMedicare patients.b. Expected contractual adjustments with Medicare, a third-party payor, are $2,500,000; and an allowance for contractual adjustments account is used by Stoney Heights.c. Medicare cleared charges of $5,000,000 with payments of $2,160,000 and total contractual allowances of $2,840,000 ($2,500,000 + $340,000).d. Interim payments received fromMedicare amounted to $250,000.e. The hospital made a lump-sum payment back toMedicare of $100,000.1. Record the transactions in the general journal.2. Calculate the amount of net patient service revenues.3. What is the net cash flow from transactions withMedicare?4. What adjustments must be made at year-end to settle up with Medicare and properly report the net patient service revenues after this settlement?Multiple statements. The following are account balances (in thousands) for Lima Health Plan. Prepare (a) a balance sheet and (b) an income statement for the year ended December 31, 20 X0. Givens (in '000s) Income tax benefit of operating loss $ 12,000 Net property and equipment Physician services expense $244,000 Premium revenue $225,000 Marketing expense $21,000 Compensation expense, $15,000 Interest income and other revenue, $9,000 Outside referral expense, $7,000 Medicare revenue, $160,000 Occupancy and depreciation expense $1,000 Medical claims payable, $57,000 Accounts receivable, $1,500 Emergency room expense, $24,000 Inpatient services expense $191, 000 Interest expense $1,000 Medicaid revenue $55,000 Stockholders' equity $71, 700 Cash and cash equivalents $127,000 Long-term debt $2,800 Other administrative expense $1,40066. A private not-for-profit hospital provided $150,000 in charity care for the current year. The hospital should report this charity care as a. Net patient service revenue of $150,000 and pa- tient care expense of $150,000. b. Net patient service revenue of $150,000 on the statement of operations. c. Only in the notes to the financial statements. d. As an unpaid accounts receivable on the balance sheet. 67. The Johnson Hospital, a private not-for-profit hospital, received the following revenues in the cur- rent year: Proceeds from sales of the Hospital's flower shop Dividends and interest revenue not restricted $60,000 $20,000 Cash contributions for the renovation of the children's ward in the Hospital $200,000 Which of these amounts should be reported as other revenues and gains (other revenue) on the Statement of Operations? a. $280,000 b. $60,000 c. $80,000 d. $260,000 68. The Whitlow Hospital, a private not-for-profit hospital, uses as its performance indicator revenues and gains…
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