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

Using the weighted procedure method of setting rates, calculate the relative value and cost per procedure for the following lab procedures given a total lab cost of $1.25 million and an average hourly lab tech rate of $15 (to calculate the RVU, divide the total sample expense by the common denominator of 5):

Procedure	Projected Volume	Labor in Minutes	Supply Expense ($)
A	4000	15	.75
B	5000	12	.50
C	3000	10	.5
D	7800	9	.25
E	7600	8	.25

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