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helloI have the assignment and I need to answer it, it is about the economic in healthcareI need it tomorrow Revenue Determination:Mike Smith who works for a local well star clinic is given the following task: determine the price to charge for patients who are covered by Managed care # 2 plan in order to meet the margin target. Assumptions are listed as the followings:Reimbursement RateTotal Cost$100,000Total Volume1000Patient group Medicare40%$95/visitMedicaid10%$75Managed Care #1 plan30%$110Managed Care #2 Plan15%???Uninsured5%10% of the charge on Managed Care #2 plan(Dollar amounts are measured in thousands)Assume that reimbursement rate from Managed care#2 is 90% of the charges charged by the clinic.Answer the following questions for Mike:What price should the clinic charge for Managed Care #2 plan in order to break even?What price should the clinic charge for Managed Care #2 plan in order to make a profit of 5 million dollars?How sensitive is the price charge to volume change? (Hint: come up with several scenarios of increased/decreased total volumes, different volume composition in terms of different percentages of client groups etc. BE CREATIVE)
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