Question: Using the weighted procedure method setting rates, calculate the relative value and cost per procedure for the following lab procedures. Assume total lab cost of

Using the weighted procedure method setting rates, calculate the relative value and cost per procedure for the following lab procedures. Assume total lab cost of $1,500,000 and average hourly wage of $16.

Procedure A B D E Projected Volume 4000 6000 3000 5000 4000

Procedure A B D E Projected Volume 4000 6000 3000 5000 4000 Labor Minutes 15 13 11 10 12 Supply Expense 0.75 0.50 0.50 0.75 0.90

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