answers to spreadsheet please

Budget Assignment Fall 2020 You can use the one of the formats I have attached for practice (excel spreadsheet, or a PDF file). Or you can make your own file. Be creative. There is no single answer to this exercise FOR FULL CREDIT, SHOW REVENUE EARNED FOR EACH PERSON (OT, AUDIOLOGIST, SPEECH THERAPIST) Create a Budget for Great Lakes Therapy An occupational therapist decided to start a business, and name it Great Lakes Therapy. The therapist planned to specialize in providing services to older adults, especially those who had experienced a stroke and had aphasia. The therapist decided to rent space in an existing clinical facility before purchasing a building. The space rented was 2,000 square feet. The OT hired a medical office assistant (MOA) to answer phones, schedule, and assist with the billing. The OT also hired an audiologist and a speech therapist I The OT is about to begin the second year of business, and now has a fairly good idea of what business volume to expect. All the capital equipment was purchased during the first year, 80 there is no longer any major expenses anticipated for equipment or start-up costs. The budget for year two should be based on the following premises SHOW YOUR WORK FOR FULL CREDIT. Project Expenses 1. OT and Audiologist will each work full time, 40 hours per week for 50 weeks at a salary per year that you determine that the clinic can afford). 2. Speech Therapist will work part time, 20 hours per week at $24 per hour wage, for 50 weeks per year. 3. MOA will work 35 hours per week for at $10 per hour, for 50 weeks per year. 4. The OT and Audiologist will earn benefits at a cost of 29% of wages, the MOA and Speech Therapist will not carn benefits because they are not full time. (Figure out benefits by multiplying the OT and Audiologist wages by 29) 5. The practice must pay social security tax on all wages at 7.75% or.0765. (So multiply all wages by 75 to get the cost of social security.) 6. The space costs $10 per square foot to rent per year 7. Add additional anticipated expenses for operations. Malpractice will cost $5,000 per year. Additional expense lines of no more than $1,000 to $3,000 per expense line Project Revenue Below is the feasible volume of work that can be expected and completed. SHOW YOUR CALCULATIONS FOR OT, SPEECH THERAPIST AND AUDIOLOGIST FOR FULL CREDIT 1. The OT can complete 2 evaluations per week, and 4 re-evaluations per week 2. The OT can also complete any combination of therapeutic procedures for up to 20 additional hours per week I 3. The Audiologist can complete 25 billable hours per week at an average cost of $100 per billable hour. 4. The Speech Therapist can see 15 patients per week at an average cost of $50 per patient. Below is the fee chart for the occupational therapist. Occupational Therapy Fee Schedule Code Description 97003 Occupational Therapy Evaluation 97004 Occupational Therapy Re-Evaluation 97110 Therapeutic Procedure (ca. 15 min) Fee/Visit 200.00 150.00 25.00 Practice Budget Worksheet Your Name: - Fall 2020 Revenue Annually # Procedures Week x Fee x Weeks Year Show calculations in this column Patient fee revenue OT Audiologist Speech Therapist Miscellaneous Gross Income/Revenue $ Expense Annually Expense S per hour or $ salary per year OT Audiologist Speech Therapist MOA Social Security All WAGES X.0765 Fringe Benefits Calculate by multiply Total of Benefit WAGES x 29 Compensation Sub-total Insurance General Liability & Malpractice Professional Fees, License, Permits, Accreditation Postago/Freight Facility - Space $12 x 2,000 sq. 1 Utilities Included in rental space Supplies - Clinical Supplies Office Telephone/internet Public Relations - Advertising Equipment Item: Other Total Expense Equals total of compensation and other expenses $ Balance (Profit or Loss) Total of revenue minus expense. $ Budget Assignment Fall 2020 You can use the one of the formats I have attached for practice (excel spreadsheet, or a PDF file). Or you can make your own file. Be creative. There is no single answer to this exercise FOR FULL CREDIT, SHOW REVENUE EARNED FOR EACH PERSON (OT, AUDIOLOGIST, SPEECH THERAPIST) Create a Budget for Great Lakes Therapy An occupational therapist decided to start a business, and name it Great Lakes Therapy. The therapist planned to specialize in providing services to older adults, especially those who had experienced a stroke and had aphasia. The therapist decided to rent space in an existing clinical facility before purchasing a building. The space rented was 2,000 square feet. The OT hired a medical office assistant (MOA) to answer phones, schedule, and assist with the billing. The OT also hired an audiologist and a speech therapist I The OT is about to begin the second year of business, and now has a fairly good idea of what business volume to expect. All the capital equipment was purchased during the first year, 80 there is no longer any major expenses anticipated for equipment or start-up costs. The budget for year two should be based on the following premises SHOW YOUR WORK FOR FULL CREDIT. Project Expenses 1. OT and Audiologist will each work full time, 40 hours per week for 50 weeks at a salary per year that you determine that the clinic can afford). 2. Speech Therapist will work part time, 20 hours per week at $24 per hour wage, for 50 weeks per year. 3. MOA will work 35 hours per week for at $10 per hour, for 50 weeks per year. 4. The OT and Audiologist will earn benefits at a cost of 29% of wages, the MOA and Speech Therapist will not carn benefits because they are not full time. (Figure out benefits by multiplying the OT and Audiologist wages by 29) 5. The practice must pay social security tax on all wages at 7.75% or.0765. (So multiply all wages by 75 to get the cost of social security.) 6. The space costs $10 per square foot to rent per year 7. Add additional anticipated expenses for operations. Malpractice will cost $5,000 per year. Additional expense lines of no more than $1,000 to $3,000 per expense line Project Revenue Below is the feasible volume of work that can be expected and completed. SHOW YOUR CALCULATIONS FOR OT, SPEECH THERAPIST AND AUDIOLOGIST FOR FULL CREDIT 1. The OT can complete 2 evaluations per week, and 4 re-evaluations per week 2. The OT can also complete any combination of therapeutic procedures for up to 20 additional hours per week I 3. The Audiologist can complete 25 billable hours per week at an average cost of $100 per billable hour. 4. The Speech Therapist can see 15 patients per week at an average cost of $50 per patient. Below is the fee chart for the occupational therapist. Occupational Therapy Fee Schedule Code Description 97003 Occupational Therapy Evaluation 97004 Occupational Therapy Re-Evaluation 97110 Therapeutic Procedure (ca. 15 min) Fee/Visit 200.00 150.00 25.00 Practice Budget Worksheet Your Name: - Fall 2020 Revenue Annually # Procedures Week x Fee x Weeks Year Show calculations in this column Patient fee revenue OT Audiologist Speech Therapist Miscellaneous Gross Income/Revenue $ Expense Annually Expense S per hour or $ salary per year OT Audiologist Speech Therapist MOA Social Security All WAGES X.0765 Fringe Benefits Calculate by multiply Total of Benefit WAGES x 29 Compensation Sub-total Insurance General Liability & Malpractice Professional Fees, License, Permits, Accreditation Postago/Freight Facility - Space $12 x 2,000 sq. 1 Utilities Included in rental space Supplies - Clinical Supplies Office Telephone/internet Public Relations - Advertising Equipment Item: Other Total Expense Equals total of compensation and other expenses $ Balance (Profit or Loss) Total of revenue minus expense. $