Recent research into the cost of various medical procedures has shown the impact of certain complications...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Recent research into the cost of various medical procedures has shown the impact of certain complications encountered in surgery on the total cost of a patient's stay in the hospital. The researchers used regression analysis and found the following results: Total cost for patient = Constant, plus ax Length of stay (measured in days), plus bx Presence of one or more complications (= 1 if true, O if false), plus cx Use of a laparoscope (= 1 if true, 0 if false) where a, b, care coefficients of the regression model. The laparoscope is an instrument somewhat like a miniature telescope with a fiber-optic system that brings light into the abdomen. It is about as big around as a fountain pen and twice as long. The research, based on 74 patients, showed the following regression results: R-squared: 54% Constant term: $3,834 Coefficients and t-values for independent variables: Coefficient t-value Length of Stay Complications Laparoscope $ 978 $ 771 9.47 2.10 Estimated cost $ 1,739 5.32 Required: 1. What is the estimated cost for a patient whose surgery has complications and who stays in the hospital 2 days, and whose surgery requires a laparoscope? Recent research into the cost of various medical procedures has shown the impact of certain complications encountered in surgery on the total cost of a patient's stay in the hospital. The researchers used regression analysis and found the following results: Total cost for patient = Constant, plus ax Length of stay (measured in days), plus bx Presence of one or more complications (= 1 if true, O if false), plus cx Use of a laparoscope (= 1 if true, 0 if false) where a, b, care coefficients of the regression model. The laparoscope is an instrument somewhat like a miniature telescope with a fiber-optic system that brings light into the abdomen. It is about as big around as a fountain pen and twice as long. The research, based on 74 patients, showed the following regression results: R-squared: 54% Constant term: $3,834 Coefficients and t-values for independent variables: Coefficient t-value Length of Stay Complications Laparoscope $ 978 $ 771 9.47 2.10 Estimated cost $ 1,739 5.32 Required: 1. What is the estimated cost for a patient whose surgery has complications and who stays in the hospital 2 days, and whose surgery requires a laparoscope?
Expert Answer:
Answer rating: 100% (QA)
ANSWER 7771 CALCULATION 3834 771 x 2 1739 x 1 978 x 1 7771 E... View the full answer
Related Book For
Cost Management A Strategic Emphasis
ISBN: 978-1259917028
8th edition
Authors: Edward Blocher, David F. Stout, Paul Juras, Steven Smith
Posted Date:
Students also viewed these accounting questions
-
Recent research into the cost of various medical procedures has shown the impact of certain complications encountered in surgery on the total cost of a patients stay in the hospital. The researchers...
-
Recent research into the cost of various medical procedures has shown the impact of certain complications encountered in surgery on the total cost of patients stay in the hospital. The researchers...
-
Cost System Choices, Budgeting, and Variance Analyses for Sacred Heart Hospital The purpose of this integrated exercise is to demonstrate how a change in the cost systems allocation base can result...
-
Prepare adjusting journal entries, as needed, considering the account balances excerpted from the unadjusted trial balance and the adjustment data. A. depreciation on buildings and equipment, $17,500...
-
The 2010 balance sheet of Marias Tennis Shop, Inc., showed $680,000 in the common stock account and $4.3 million in the additional paid-in surplus account. The 2011 balance sheet showed $715,000 and...
-
Explain the tradeoffs between precise and imprecise interrupts on a superscalar machine.
-
In Exercises 9 and 10, use the given set of points to a. Compute b0 and b1. b. Compute the predicted value y for the given value of x. c. Compute the residual standard deviation se. d. Compute the...
-
The following facts pertain to a non-cancelable lease agreement between Faldo Leasing and Vance plc, a lessee. Commencement date January 1, 2019 Annual lease payment due at the beginning of each...
-
9.2 9.3 year end payment On 1 July 2019, Helvelyn Ltd enters into a lease to acquire use of a machine. The lease agreement specifies that the company will make four lease payments, each of 45,303, on...
-
2.The city signs several construction-related contracts for goods and services to cost $15 million. here what whole assignment is look like, i don't have any other info except of this 1. A $10...
-
The records for Crane Co. show this data for 2021: Gross profit on installment sales recorded on the books was $550,000. Gross profit from collections of installment receivables was $410,000. Life...
-
Choose a scene in a television program or movie that include inequality or inequity themes. Provide a brief synopsis, including the title and kind of program and describe the inequality or inequity....
-
2. Prepare a flexible budget for the laundry department. What does it tell you? 3. Compute the appropriate labor variances. What do they tell you? 4. What should Mr. Donaldson tell the administrator...
-
Frongello Method Linking Relative Attribution Problem Calculate the Cumulative Adjusted Contribution to Performance from Bonds, Stocks and Real Estate Period 1 2 3 Performance Relative Performance...
-
In your opinion, should Canadian Financial Institutions be regulated? Why or why not? What are the implications to Financial Institutions as a result of regulations?
-
117. Point charges are placed at the four corners of a rectangle as shown below: q = 2.0 x 10-6 C, 92 = -2.0 x 10-6 C, q = 4.0 10-6 C, and q4 = 1.0 x 10-6 C. What is the electric field at P? 3.0 cm...
-
What is the average tax rate paid by a single person with a $ 6 0 , 0 0 0 adjusted gross income for 2 0 1 5 ? Note assume standard deduction $ 5 4 5 0 and personal exemption $ 3 5 0 0 ?
-
Quality Chicken grows and processes chickens. Each chicken is disassembled into five main parts. Information pertaining to production in July 2012 is: Joint cost of production in July 2012 was $50. A...
-
What is the return on investment (ROI) of corporate wellness programs? What are the nonfinancial returns on such investments? The following article addresses the concept of return on investment for...
-
An internationally known food-processing company has acquired a mineral mining company. The decision to acquire the mining company is considered strategic based on the anticipated growing demand for...
-
Triple-F Health Club (Family, Fitness, and Fun) is a not-for-profit, family-oriented health club. The clubs board of directors is developing plans to acquire more equipment and expand club...
-
What steps are necessary to record services performed on account for Wild Water Sports?
-
How does the QuickBooks Accountant software respond if a bill is entered with a vendor name that is not included on the vendor list?
-
What are the steps for paying sales tax?
Study smarter with the SolutionInn App