Week 3 Hca/270 Essay

570 words - 3 pages

Cost Classifications

Consult Ch. 6 & 7 of Health Care Finance and other sources to complete the form. This worksheet requires you to match the definitions and examples of types of cost, and the types of centers where costs occur.

Part 1: For each term in Column A, select the correct definition from Column B on the right. Write the corresponding letter of the definition next to the term.

Column A

F
1. Indirect costs
A
2. Direct costs
D
3. Fixed costs
I
E
H
B
C
G
4. Variable costs
5. Step-fixed costs
6. Responsibility centers
7. Revenue centers
8. Cost centers
9. Shadow cost centers
Column B – Definitions

A. Costs incurred directly as a result of providing a specific service or good
B. Centers charged with controlling costs and generate revenue
C. Have no revenue ...view middle of the document...

Write the corresponding letter of the real-world example next to the term.

Column A
K
1. Indirect costs
N
2. Direct costs
Q
3. Fixed costs
M
R
J
L
O
P
4. Variable costs
5. Step-fixed costs
6. Responsibility centers
7. Revenue centers
8. Cost centers
9. Shadow cost centers

Column B – Real-World Examples
J. A subunit of a larger organization that is responsible for some type of budget, such as the payroll department or courier service
K. Shares of depreciation, administration division, or laundry service
L. Administration, human resources, or housekeeping
M. Utility bill, supplies, or maintenance
N. Nursing care, food consumed, drugs administered

O. Hospital cafeteria, gift shop, or parking ramp
P. Depreciation of hospital equipment
Q. Building loan payment, building insurance, or cable or internet service
R. The nurse-to-patient ratio on the cardiac unit is one to three patients. There are four nurses scheduled for 12 patients. During the second shift, three more patients are admitted. The nurse manager calls in a fifth nurse.

Part III: Select two choices from Part II and explain why they meet that cost classification.

Number 4 letter M: Utility bill, supplies, or maintenance I feel that these meet the cost classification because utility bills may be let’s say; $1500.22 one month and the next month $1948.65 and since they change then that is what variable means they vary.

Number 3 Letter Q: Building loan payment, building insurance, or cable or internet service because usually when you rent, lease or are purchasing a building the amount that you have is a fixed rate for rent or lease you sign for a certain amount of time and the amount stays the same through the period and when you mortgage a building you sign for a certain payment unless there is a balloon payment the amount stays the same through the term. There by fixed means staying the same.

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