92887: Organisational Management in Healthcare- Bondi Junction Medical Centre- Financial Management Assignment Help

Internal Code: 1HHJA

Financial Management Assignment Help:

Task: Question 1 The Bondi Junction Medical Centre is a 3-doctor general practice. The doctors want you to prepare a cash budget for the first 3 months of the year – from January to March. They have given you the following information. Opening bank balance: on 1 January there was $8,500 in the centre’s bank account. Salaries. Two receptionists will be employed in the centre with total  monthly salaries of $6,000. The doctors are each paid $12,000 per month. Monthly operating expenses. Monthly mortgage repayments are $3,000. Insurance for the year will be paid in January and this will be $5,000. Cleaning the centre costs $500 per month. Other office expenses such as stationary, postage etc cost $100 per month. There is a quarterly phone bill due to be paid in January of $1500 and a quarterly electricity account of $2,500 due to be paid in February. The three doctors are also on mobile phone plans which cost $100 per month each. Total car lease costs for the 3 doctors are $10,000 per month and motor vehicle running costs are $1,000 per month. In February, the doctors are planning to buy new medical and office equipment and this will cost $85,000 which they want to pay in cash. Patient fees. The centre has 3 types of patients: bulk-billed patients, non-bulk billed patients and non-Medicare patients. 1. The centre bulk bills 60% of the consultations and is paid $40 for each consultation by the government. 2. Another 30% of the consultations are not bulk billed and patients are chargedan out-of-pocket fee of $30 – the centre also receives $40 from the government for these consultations. 3. The other 10% of consultations are for non-Medicare services such as life insurance medical examinations and the centre charges $150 for these consultations. For entirely bulk billed patients, the centre receives the government payment in the month in which the consultation is performed. For non-bulk billed patients – the patients pay their contribution ($30) at the time of the consultation and the government’s payment is received in the following month. For non-Medicare patients – their payment is received in the month after the consultation. Payments. All salaries are paid in the month in which the services are performed. Cleaning, office expenses and the mobile phone bills are paid in the month the services are received.