Dr Sally Jones Case Study - Orthopedic Surgeon - Nursing Assignment Help

Assignment Task:

Introduction:
Dr. Sally Jones, a practicing Orthopedic Surgeon, is the managing partner at Sunset Medical, a professional corporation located in Colorado. Sunset, which has been in business for approximately 10 years, is a small medical practice with 2018 revenues of just over $1,000,000. The practice employs a support staff that includes an office manager, billing secretary, nurse, and radiology technician. In addition to the staff, Sunset retains Jackson and Associates, a CPA firm, to provide financial statements and tax documents.

As a small, privately held corporation, Sunset is only required to submit an Income Statement and Balance Sheet using cash basis accounting, which Jackson and Associates prepares. Most of the staff and the CPA firm have been with Sunset Medical for all ten years of Sunset’s operation.

Exhibits 1 and 2 show the Income Statements and Balance Sheets provided by Jackson and Associates for the years 2016, 2017, and 2018. In January 2019, Sunset was considering the purchase of a new X- Ray machine and attended a trade show to do some research. While attending the trade show, Dr. Jones was approached by Ron Wilson of Physicians Management Inc. (PMI) with a proposal to provide management and billing services to Sunset Medical. Mr. Wilson is the founder and CEO of PMI, a two- year old medical billing and administrative service company serving the southwest United States. PMI based its value proposition on increasing revenues, decreasing administrative expenses, and helping manage cash flows.

Since administrative paperwork and billing averages between 4 and 9 percent of the expenses for most healthcare providers, not including lost revenue from billing errors, Dr. Jones decided to hire PMI to manage the practice. On February 3, 2019, a contract was signed, effectively turning over management duties of Sunset Medical to PMI.

Assignment:
Is Physicians Medical Inc. acting in the best interest of Sunset Medical, P.C.? Did actual revenues jump by over $400,000 in 2019? Are the Financial Statements prepared by PMI correct? Is there sufficient motivation for PMI to provide the services needed to support Sunset Medical, P.C.? What ethical dilemmas face PMI?
1. Examine the 2019 financial statements provided by PMI and the 2018 financial statements provided by Jackson and Associates to answer the following. (Accounting questions)
a) Discuss the differences in the Financial Statements and the effect that these differences have on the Revenues and Receivables.
b) Discuss the ethical dilemma facing PMI in terms of preparing the Financial Statements.
2. Examine the contract and discuss how the contract language may be altered to reduce the ethical dilemma facing PMI. Additionally, how may the contract language be altered to provide incentives for PMI to perform in a manner that is more in line with desires of Sunset Medical? (Finance question)
3. Should PMI’s management and billing services be retained or should Dr. Jones bring the management and billing functions back in house? (Finance question)

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