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November 23, 2014

Homework Help: Health Finance

Posted by molamidi on Thursday, January 26, 2012 at 10:05am.

Question Details

Consider the following 2007 data for Newark General Hospital (in millions of dollars):

Static Flexible Actual
Budget Budget Results

Revenues $4.7 $4.8 $4.5
Costs 4.1 4.1 4.2
Pro?ts 0.6 0.7 0.3

a. Calculate and interpret the pro?t variance.
b. Calculate and interpret the revenue variance.
c. Calculate and interpret the cost variance.
d. Calculate and interpret the volume and price variances on the revenue side.
e. Calculate and interpret the volume and management variances on the cost side.
f. How are the variances calculated above related?

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