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Posted on November 5, 2009 - Filed Under Finance | Leave a Comment
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Direct Method Illustration (6)
Posted on September 9, 2009 - Filed Under Finance | 1 Comment
The allocations to Routine Care for Housekeeping, Administration, and Personnel services support shown in Table 6.6 were calculated similarly. The end result is that $8,644,050 out of a total of $13,850,000 of the
indirect (overhead) costs of Kensington Hospital are allocated to Routine Care. Routine Care also has direct costs of $5,500,000, so the total costs […]
Direct Method Illustration (5)
Posted on September 6, 2009 - Filed Under Finance | 1 Comment
As previously mentioned, the allocation of indirect costs can be viewedas an internal pricing mechanism. Thus, the revenue producing departmentheads can look at Table 6.5 and see the rate that they are being charged forsupport services, which amounts to;
• $0.05556 for each dollar of patient services revenue generated for Financial Services support.
• $12.64 per square […]
Direct Method Illustration (4)
Posted on September 3, 2009 - Filed Under Finance | 1 Comment
However, with labor hours consumed as the cost driver, the cost control solution for patient services department heads is to reduce the amount of Housekeeping services utilized. If all patient services department heads are made to think this way by having the right incentive system in place, ultimately,
the hospital will discover it is as efficient […]
Direct Method Illustration (3)
Posted on August 31, 2009 - Filed Under Finance | 1 Comment
Two of the support departments, Administration and Personnel, also use a fairly rough cost driver, salary dollars of the patient services departments, instead of a more precise one. For example, if Radiology has payroll costs that are five times larger than those of Laboratory, Radiology will be charged (allocated) five times as much of the […]
Read More..>>Direct Method Illustration (2)
Posted on August 28, 2009 - Filed Under Finance | 1 Comment
The most important step in the allocation process is to identity the best cost drivers for each category of overhead costs (each cost pool). Table 6.3 provides a summary of the support departments and their assigned cost drivers. Unfortunately, the selection of cost drivers is not an easy process and,
to a large extent, the usefulness […]
STOP SPENDING TOO MUCH ON EYEGLASSES
Posted on August 26, 2009 - Filed Under Finance | Leave a Comment
People use eyeglasses for many reasons. Some of them use it because they suffer from sight problem but many of them use it to cover their eyes from the sun. Every year there is always new trend of eyeglasses fashion. Since eyeglasses are also part of fashion, it can be one of high expenses product. […]
Read More..>>Direct Method Illustration
Posted on August 25, 2009 - Filed Under Finance | 1 Comment
The best way to gain a more in-depth understanding of cost allocation basics is to work through several allocation illustrations. We will begin with the direct method. As shown in Table 6.2, Kensington Hospital has three revenueproducing patient services departments, or revenue centers : Routine Care, Laboratory, and Radiology. Hospital costs are divided into those […]
Read More..>>Cost Allocation Methods (2)
Posted on August 22, 2009 - Filed Under Finance | 1 Comment
The step-down method, which is shown in the lower section of Figure 6.1, represents a compromise between the simplicity of the direct method and the complexity of the reciprocal method. It recognizes some of the intrasupport department effects that the direct method ignores, but it does not recognize the full range of interdependencies as does […]
Read More..>>Cost Allocation Methods
Posted on August 19, 2009 - Filed Under Finance | 1 Comment
Mechanically, cost allocation can be accomplished in a variety of ways, and the method used is somewhat discretionary. No matter what method is chosen, all support department costs eventually must be allocated to the departments (primarily, patient services departments) that create the need for the overhead costs.
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