Description
1.
What is a financial policy?
2.
What is the purpose of a financial policy?
3.
List 4 benefits of using financial policies.
4.
List 4 types of information which can be included in a financial policy
Using the following
information, calculate all possible practice management ratios:
June, 2011
# of Patients seen
-
4,785
Monthly Charges
-
$1,340,000
Monthly Income
-
$899,000
Total Operating Costs
-
$643,521
Total Accounts Receivable
-
$1,650,000
Was this practice profitab
le in June, 2011
Explanation & Answer
Attached.
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1.) What is a financial Policy?
A financial policy is a set of principles use in the regulation, controlling and oversight of the
financial and payment systems. Financial policies are used in the financial markets i.e. in the
money and commodity markets. The application of financial policies has the following pros
among others; Promotes market efficiency ensures all players in the financial market have a fair
and equal playing ground and enhances consumer protection (Brennan 52).
2.) Purpose of a Fina...
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