Reference no: EM132069493

Currently I am working for Mercy Family medicine in Iowa City in which it is owned by Mercy hospital or MHN(Mercy Health Network).

When speaking to my boss to gather information the Mercy clinics report on several different spreadsheets on in which is a financial reports which shows what is projected from the clinic for that month and what has actually came in revenue, contractual write offs by insurance including Medicare and Medicaid, salaries of staff including physicians.

Malpractice insurance, postage, advertising, medical supplies, drugs, lab and many more. Productive and non productive time by staff costs. There is also a monthly trend report in which you find total RVUs, miscellaneous revenue, salaries, total outpatient revenue, and deductions from revenue such as bad debt, insurance write off.

These two monthly reports show the ratios in regards to cash flow, revenue, salaries and where there is any positive or negatives.

In speaking with my manager she states rarely do you ever see outpatient clinics with the exception of specialty clinics show a positive revenue as the outpatient family medicine, internal medicine, and urgent care clinics are used as a hub to refer patients to the specialty clinics within the Mercy system and to the hospital for radiology, labs, emergency department, and obstetrics.

By looking at the print out of last months financial statement the clinic is down 2 FTE (full time employees) in regards to nursing staff and front desk staff. In which this helps to balance some of the other areas and overall the clinic is breaking even, when these positions are filled it the trend report and financial report with show some changes in areas (Gapenski, 2016).

Reference

Gapenski, Louis C., Reiter, Kristin L. (2016). Healthcare Finance: An Introduction to Accounting and Financial Management. Chicago, Il: Health Administration Press.