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Insights into the Surgical Operations of Besthealth Hospital - Case Study Example

Summary
The paper "Insights into the Surgical Operations of Besthealth Hospital" is a perfect example of a finance and accounting case study. In the process of this assessment, the following have been addressed plan, schedule and execute project tasks with a view to improving your personal productivity; gain awareness of some typical issues related to the operation of small-to-medium size business…
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Extract of sample "Insights into the Surgical Operations of Besthealth Hospital"

INSIGHTS INTO THE SURGICAL OPERATIONS OF BESTHEALTH HOSPITAL Table of contents 1.0 Aims 3 1.2Learning Objectives 3 1.3 Income from surgery performed 3 1.4 Total costs of surgery performed 5 1.5 Difference between expected hours and actual hours of surgery 8 1.6 Minimum level of public patients requirement 8 1.7 Profitability of surgical services 8 1.8 Profitability of surgical services over the quarter, by total for each month 9 1.9 Profitability and type of surgery 10 1.10 Surgeons profitability 12 1.11 Recommendations 13 1.0 Aims The aim of this research is to analyse data and writing a report identifying and explaining insights into the surgical operations of BestHealth Hospital. 1.2Learning Objectives In the process of this assessment the following have are addressed plan, schedule and execute project tasks with a view to improving your personal productivity; gain awareness of some typical issues related to the operation of a small-to-medium size business; use the functionality of Microsoft Excel 2007/10/13 to manipulate data, analyse it and visualise it in tabular and chart form; and use the functionality of Microsoft Word to write a brief report of your business observations and recommendations. 1.3 Income from surgery performed The income for each surgery performed is the amount that is charged for the surgery services provided. The income depends on whether the patient is privately sponsored or government sponsored. Privately sponsored patients are observed to generate more income to the hospital because most of the patients are privately sponsored and also privately sponsored patients are charged higher. The differences in revenue generated from privately sponsored and government sponsored patients can be seen from figure 1. On the other hand figure 2 and figure 3 gives the revenue generated by each surgeon and the revenue generated from each type of surgery respectively. Figure 1 Figure 2 Figure 3 1.4 Total costs of surgery performed The total cost of surgery has several components. The major cost is the payment of the surgeon. The surgeon charges depend solely on the type of surgery required and the amount of time spend on the surgery does not increase the amount to be paid to the surgeon. The other cost is that associated with the support staff in the process of the surgery. The support staff includes the nurses and technicians whose service is important during the surgery. The charges for staff was obtained by multiplying the hourly wage of $60 for each of the staff involved. The charges for staff also was increased by 50% of the hourly charges in case the surgery went beyond the expected time as allocated by the government. The process of surgery also require the services of an anaesthetist. The anaesthetist’s fee was calculated by multiplying the actual time the surgery takes by the hourly charges which vary depending on the type of surgery. There is also a constant charge that is also incurred which carters for the consumption of water and electricity, repair and depreciation of machine when in use. This cost is set at $100 per hour and thus for each surgery this cost was obtained by multiplying actual tie of surgery by $100. The total cost of surgery was thus obtained by adding all these costs. The calculations have been done in the excel sheets. Table 1 gives the descriptive statistics of total charges associated with surgery services which indicates the data is normally distributed. From figure 4 it can be seen that private sponsored surgery have high total costs as compared to government sponsored services, this being highly attributable to difference in number of surgery in each category. Figure 5 gives the charges incurred by hospital for each type of surgery while figure 6 gives the charges incurred in surgery for each surgeon. Table 1 Descriptive statistics of total charges Mean 5540.578387 Standard Error 154.6805166 Median 4775 Mode 2290 Standard Deviation 3964.772739 Sample Variance 15719422.87 Kurtosis -0.00162489 Skewness 1.105308803 Range 15972.5 Minimum 1602.5 Maximum 17575 Sum 3640160 Count 657 Figure 4 Figure 5 Figure 6 1.5 Difference between expected hours and actual hours of surgery While the government has allocated an approximate time for each type of surgery the actual time can be lower or more than this time. The difference between was calculated by subtracting the two times. When the actual time was found to be lower that the approximate time, then the difference was taken to be zero with negative time differences being avoided. 1.6 Minimum level of public patients’ requirement From the data given the total time used in surgery was found to be 1168hrs of which 200.5 hrs was used for government sponsored patients translating to 17.2% of the total time. This clearly indicates that the minimal time of 25% for government sponsored patients was not achieved an thus the government revenue to be reimbursed to the hospitals should be reduced by 5%. 1.7 Profitability of surgical services The profitability of the surgical operation undertaken in the hospital is the revenue that is left with the hospital after deducting all the expenses of the hospital from the fee paid by the patients depending on whether they are privately sponsored or government sponsored. The total profit is the sum of all profits made from the surgical operations. Also the profit is to be reduced by 5% of the total revenue from the funds reimbursed by the government. 1.8 Profitability of surgical services over the quarter, by total for each month From figure 1 it can be seen that the total profits from the surgical services were reducing continuous from January to March where January had the highest total profit of $302902.5 which dropped to 276310 in March Figure 7 1.9 Profitability and type of surgery Generally it can be seen that the profitability of from government sponsored patients was low (figure 8).From figure 10 it can be seen that the highest profit was from reconstruction surgery of the knee even though the public profitability was not highest in the surgery. The highest overall profit was registered in reconstruction knee surgery as can be seen in figure 9. undergoing reconstruction surgery of the ankle. Figure 8 Figure 9 Figure 10 1.10 Surgeons profitability From figure 11 it can be seen that the least profit was for Martin where negative figures have been recorded. Low profitability were also recorded by Huang and Lambart even though for them negative profits were not seen. A close look at the data will show that the poor profitability recorded by Martin may not be as a result of his incompetence. This is because he under took many reconstruction and replacement surgeries which generally were unprofitable. Other surgeons who have recorded high overall profitability also recorded negative profits in these surgical operations. Figure 10 There will be any changes in profitability is the minimum was reduced to 20% since the hospital will still have the 5% deduction as the 17.2% figure is still below 20%. Also raising the figure to 30 % would not bring any changes since even the 25% had not been fulfilled at the first place. 1.11 Recommendations Some of the operations have been seen to record negative profitability and the hospital need to look at the possibility of increasing charges for these surgical operations. It is also important that experience level of the surgeons be given as part of the data. This will help in ascertaining if profitability could be linked to competence of the doctor or if it is just the type of surgery that is important . Read More

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