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Life Lessons Essay

456 words - 2 pages

Axia College Material
Appendix E

Financial Officer Interview

Directions: Conduct the following interview with a financial officer of a health care organization (space has been provided for any additional questions you might have). Once the interview has been completed, answer the questions in Part II.

Part I: Interview Questionnaire
1. Briefly describe your current position and its duties and responsibilities. Accounts Receivable, Accounts Payable, Reconcile Bank Accounts, Submit Financial Statements at month end to CPA
1. What are the revenue centers for your organization? Patients, Private Insurance, Medi-Cal, Medi-Care.
2. What types of centers (departments) have budgets? ...view middle of the document...

1. How are variable costs handled? They are sent to the department manager for confirmation of order, receipt of items, and payment approval.
1. What method of cost allocation do you use in your organization (Direct allocation, step-down allocation, double or multiple distribution, or reciprocal)? What are the advantages and disadvantages of using that particular method? The method would be direct allocation. Income & Expenses are calculated monthly & shareholders receive distribution based on net. Our organization functions as a separate profit center and also manages its own profitability and efficiency in which makes it an advantage. If there isn’t any good effect of its profitability then that would be a disadvantage.
1. How are costs allocated? What are some examples of criterion you use to determine cost allocation? Use of space, supplies, direct costs & staff overhead.
1. What happens when a service’s revenues do not cover its costs? Cut Overhead
1. Has a service been discontinued because revenue did not cover its costs? No, but overhead costs have been altered including new vendors & outside services.

Part II: Interview Summary

1. Write a summary of your impressions. Did anything surprise you? What types of cost allocation criterion and methods are available to all healthcare organizations? How does this particular organization deal with costs?
Nothing surprised me.

1. What method of cost allocation does this organization use? Do you feel that this is the best method of cost allocation for this organization? Why or why not?

This organization uses direct cost allocation and I believe it’s the most appropriate being that it has continued to run smoothly and has kept all departments in order and running efficiently.

1. What are some examples of cost allocation criterion used by this organization? Are these criterion appropriate? Why or why not?

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