Northeast Medical Group, a family practice, has the following financial data and operational metrics:
Northeast Medical Group, a family practice, has the following financial data and operational metrics:Number of physicians 5Total revenue $2,748,360Total operating costs $1,557,615Total procedures per physician 12,353Patients per physician 1,941Visits per physician 5,333a. What is the group’s revenue per physician?b. What is the group’s operating cost per physician?c. What is the group’s total operating profit?d. What is the group’s profit per physician? Per patient? Per visit? Per procedure?e. Assume that the group plans to reinvest $50,000 of its profits in the practice.(It plans to buy a new EKG [electrocardiogram] machine.) Also, assume that the remainder of profits will be distributed equally to the group’s physicians as salary. What compensation will each physician receive?
