Appropriate and effective use of industry-specific terminology is essential to successful communication in a healthcare organization.
The appropriate and effective use of industry-specific terminology is essential to successful communication in a healthcare organization. For this assessment, you will be provided with a scenario(s) which included industry-specific terminology. You will read the scenario and respond based on the information requested being sure to explain the meaning of all key terminology. Friday Harbor Urgent Care is doing well. The waiting room is full and the demand for services is growing. The administrative team wants to discuss an opportunity to expand the hours and staff at the Urgent Care Center with Dr. Karev. They even have a proposal to undertake some construction and expand the treatment areas creating 8 more treatment rooms to service patients (up from the current 16). They know they need to have their financial documents prepared so Dr. Karev can see what the hard work at Friday Harbor Urgent Care has produced and support the goal to expand. The administrative team has the following documents prepared. Profit and Loss Statement (P&L) Projected Return on Investment Statement (ROI) for adding the 8 treatment rooms Chart of Fixed and Variable Costs.
Please answer the following questions
1. Describe the purpose of the Profit and Loss Statement and why Dr. Karev will want to see these numbers.
2. The team has prepared a project ROI based on the costs and expenses to expand the treatment area vs. the potential revenue generated by the expansion. Explain why this information is important to present to Dr. Karev.
3. The following list of operating costs is presented. Please classify each cost as a fixed or variable cost. Please briefly explain why it is fixed or variable for each.
4×4’s and other disposable bandages
Building Insurance
Lab draw supplies
Malpractice Insurance
Office Supplies
Piece rate labor (per diem employees)
Rent./Mortgage (for building)
Salaries
Utilities
Vaccines
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