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Assume Venture Healthcare sold bonds that have a 10 year maturity, a 12 percent coupon rate with annual payments, and a $1,000 par value. Suppose that two years after the bonds were issued the required interest rate fell to 7%.

a. What would be the bond’s value?

b. Suppose that two years after the bonds were issued, the required interest rate rose to 13%. What would be the bonds value?

c. What would be the value of the bonds three years after issue if the bond rate is 7% assuming that interest rates stayed steady at either 7% or 13%?


Twin Oaks Health Center has a bond issue outstanding with a coupon rate of 7% and four years remaining until maturity. The par value of the bond is $1,000, and the bond pays interest annually.

a. Determine the current value of the bond if present market conditions justify a 14% required rate of return?

b. Now suppose Twin Oaks four year bond had semiannual coupon payments. What would be its current value? (Assume a 7% semiannual required rate of return. The actual rate would be slightly less than 7% because a semiannual coupon bond is slightly less risky than an annual coupon bond.)

c. Assume that Twin Oaks bond had a semiannual coupon but 20 years remaining to maturity. What is the current value under these conditions? (Assume a 7% semiannual required rate of return although the actual rate would probably be greater than 7% because of increased risk.)


Minneapolis Health System has bonds outstanding that have four years remaining to maturity, a coupon interest rate of 9% paid annually and a $1,000 par value.

a. What is the yield to maturity on the issue if the current market price is $829?

b. If the current market price is $1,104

c. Would you be willing to buy one of these bonds for $829 if you required a 12% rate of return on the issue?

d. Explain your answer.


Six years ago Bradford Community Hospital issued 20-year municipal bonds with a 7% annual coupon rate. The bonds were called today for a $70 call premium – that is, bondholders received $1,070 for each bond.

a. What is the realized rate of return for those investors who bought the bonds for $1,000 when they were issued?


A person is considering buying the stock of two home health companies that are similar in all respects except the proportion of earnings paid out as dividends. Both companies are expected to earn $6 per share in the coming year, but Company D (for dividends) is expected to pay out the entire amount as dividends, while Company G (for growth) is expected to pay out only one third of its earnings or $2 per share. The companies are equally risky and their required rate of return is 15%. D’s constant growth rate is zero and G’s is 8.33.

a. What are the intrinsic values of stocks D and G?


Medical Corporation of America (MCA) has a current stock price of $36 and its last dividend was (D0)$2.40. In view of MCA’s strong financial position, its required rate of return is 12%.

a. If MCA’s dividends are expected to grow at a constant rate in the future, what is the firm’s expected stock price in five years?


A broker offers to sell your shares of Bay Area Healthcare which just paid a dividend of $2 per share. The dividend is expected to grow at a constant rate of 5% per year. The stock’s required rate of return is 12%.

a. What is the expected dollar dividend over the next three years?

b. What is the current value of the stock and the expected stock price at the end of each of the next three years?

c. What is the expected dividend yield and capital gains yield for each of the next three years?

d. What is the expected total return for each of the next three years?

e. How does the expected total return compare with the required rate of return on the stock?

f. Does this make sense?

g. Explain your answer.


Lucas Clinic’s last dividend (D0 ) was $1.50. Its current equilibrium stock price is $15.75, and its expected growth rate is a constant 5%.

a. If the stockholders’ required rate of return is 15% what is the expected dividend yield and expected capital gains yield for the coming year?


Here are the budgets of Brandon Surgery Center for the most recent historical quarter (in thousands of dollars):

Static Flexible Actual

Number of surgeries 1,200 1,300 1,300

Patient revenue $2,400 $2,600 $2,535

Salary expense $1,200 $1,000 $1,365

Non salary expense $ 600 $ 650 $ 585

Profit $ 600 $ 650 $ 585

The center assumes that all revenues and costs are variable and hence tied directly to patient volume.

a. Explain how each amount in the flexible budget was calculated.

b. Determine the variance for each line of the profit and loss statement in both dollar terms and percentage terms (Each line has a total variance, a volume variance, and a price variance [for revenues] and management variances [for expenses].

c. What do the part b results tell Brandon’s managers about the surgery centers operations for the quarter?


1. Volume

A. FSS 34,000 visits

B. Capitated lives 30,000 members

Number of member months 360,000

Actual utilization per

Member per month

Member per month 0.12

Number of visits 43,200 visits

C. Total actual visits 77,200 visits

2. Revenues

A. FFS $28 visit

X 24,000 actual visits


B. Capitated lives $ 2.75 PMPM

X 360,000 actual member visits


C. Total actual revenues $1,942,000


A. Variable costs:

Labor $1,242,000 (46,000 hours at $27/visit)

Supplies $ 126,000 (90,000 units at $1.40/unit)

Total variable costs: $ 17.72 ($1,368,000 x 77,200)

B. Fixed costs:

Overhead, plant

And equipment $525,000

C. Total actual costs: $1,893,000

Profit and Loss Statement:


FFS $952,000

Capitated $990,000

Total $1,942,000



FFS $602,487

Capitated $765,513

Total $1,368,000

Contribution margin $574,000

Fixed Costs $525,000

Actual profits $49,000

a. Construct the flexible budget for 2011.

b. What are profit variance?

Revenue variance?

What is the cost variance?

Consider the revenue variance. What is the component volume variance?

What is the price variance?

Break down the management variance into labor, supplies, and fixed costs variances.


Provide the following information regarding a dental practice:

Write a 10-12 page paper in which you:

1. Determine what your selected organization would need to take into account when making pricing and service decisions.

2. Describe the overall planning process and the likely components of the selected organization’s financial plan. Be sure to include a discussion as to how you arrived at the answers and use specific examples to illustrate your response.

3. Discuss how time value analysis would help your organization make sound management decisions, use specific examples to illustrate your response.

4. Recommend a major investment for the organization you selected using net present value, pertinent financial ratios, and break-even analysis.

5. Determine the most likely way your selected organization should address financial risk and required returns.

6. Provide at least four (4) qualified resources e.g. peer-reviewed journals, professional organization websites, or health care provider websites. The cover page and reference page are not included in the required length of the paper.

Your assignment must be typed, double spaced using Times New Roman font size 12 with one inch margins on all sides; paper must follow APA formatting Paper must include a traditional header with running header on title page, and page numbers.

Include a cover page that includes:

a. Title of paper: Planning and Budgeting

b. Name of student: Kimberly A. Fahringer

c. Course title: HAS 525 Health Care Finance

d. Professor’s name: Dr. James Coon

e. Date (due May 11, 2012)

The goals of this assignment are:

Describe the overall planning process and the key components of the financial plan

Develop a competence in making financial decisions using net value, pertinent financial ratios, and break-even analysis

Explain why time value analysis is so important to health care financial management

Use technology and information resources to research issues in health financial management

Write clearly and concisely about health financial management using proper writing techniques.

Submitted by Asma on Thu, 2012-05-10 16:09
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Solution is attached

body preview (8 words)

Please find the xxxxxxxx xxxxx xxxxxxxx xxxxx


file1.xls preview (97 words)


xxx xxxxx xxxx xxxxxxxx Community xxxxxxxx xxxxxx 20-year municipal bonds with x x percent annual
coupon rate. xxx xxxxx xxxx called xxxxx for a $70 call premium--that is, bondholders received xxxxxx
xxx xxxx bond. xxxx is the xxxxxxxx xxxx xx xxxxxx xxx xxxxx xxxxxxxxx who bought the bonds xxx $1,000
when xxxx xxxx xxxxxxx
Call xxxxx x xxxxx
Annual interest70
xxxxxxxx xxxxx* xxxxx
xxxx xxxxxx6 xxxxxxxx xxxxxx over xxx xxxx period is annualized xxxxxx xxxxxxxxxx
xxxxxxxx xxxxxx xxxxxxxxx the xxxx function xxxxxx xxxx account the purchase xxxxxx annual interest and call price




file2.xls preview (1219 words)

xxxx xxxx

Chapter x xx Equity Financing and xxxxxxxxxx xxxxxxx
Chapter 7 -- Securities xxxxxxxxxx xxxxxx xxxxxxxxxxx and Debt Refunding
xxxxxxx x
x xxxxxx offers xx xxxx you shares xx xxx xxxx Healthcare, xxxxx just xxxx x xxxxxxxx xx xx xxx share.
xxx xxxxxxxx xx xxxxxxxx to grow xx x constant rate xx 5 xxxxxxx xxx year. xxx xxxxxxx xxxxxxxx xxxx xx
return is 12 xxxxxxxx
a. xxxx xx the expected xxxxxx xxxxxxxx over the next three years?
xx xxxx xx the current value of the stock xxx xxx xxxxxxxx xxxxx xxxxx xx the xxx xx each of xxx xxxx xxxxx
xx xxxx is xxx expected xxxxxxxx xxxxx and capital xxxxx yield for xxxx xx the next three years?
d. What is the xxxxxxxx xxxxx xxxxxx for each of the xxxx xxxxx xxxxxx xxx xxxx the xxxxxxxx total return
xxxxxxx xxxx

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file3.doc preview (3581 words)


xxxxxxxxxx 1�xxxxxx xxxxxxx xxxxxxxxxx xxxx xxxxx that xxxx x xx year maturity, a 12 percent coupon xxxx xxxx annual payments, xxx x $1,000 xxx value. Suppose that xxx years after xxx bonds were xxxxxx xxx xxxxxxxx interest rate xxxx xx xxxxxxxx xxxx would be xxx bond’s value?�b. Suppose xxxx xxx years after xxx xxxxx were issued, the required xxxxxxxx rate xxxx xx 13%. What xxxxx be xxx xxxxx xxxxxxxxxxx What xxxxx be the value of xxx xxxxx xxxxx years after issue if xxx bond rate xx xx assuming that interest rates xxxxxx steady xx either 7% or 13%?�


xx What xxxxx be xxx bond’x xxxxxx

xxxxxxxxx + xxxx *.5820 = $1290

xxx xxxxxxx that two yrs after the xxxxx xxxx issued, xxx required xxxxxxxx xxxx xxxx xx 13%.what would be xxx xxxxxx

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Submitted by Asma on Thu, 2012-05-03 14:51
teacher rated 367 times
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Solved Portion is here - Including paper

body preview (13 words)

x xxxx posted xxxxx xxxxxxxx xxxxx are xxxxxxxxxx solved.You can them. Thanks

file1.doc preview (3600 words)

xxxxx xxx OF xxxxxxxxx

xxxxxxxxxx 1�Assume xxxxxxx Healthcare xxxx bonds xxxx xxxx a 10 year xxxxxxxxx x xx percent coupon rate xxxx annual xxxxxxxxx xxx a $1,000 par value. xxxxxxx that two xxxxx after the bonds were xxxxxx the required interest rate xxxx to xxxxxxxx xxxx would be xxx bond’x value?�b. xxxxxxx xxxx two xxxxx after the bonds xxxx issued, the xxxxxxxx xxxxxxxx rate rose xx xxxx What would be the bonds xxxxxxxxxxx xxxx would xx xxx value xx xxx bonds xxxxx xxxxx after xxxxx xx the bond xxxx xx 7% assuming xxxx xxxxxxxx xxxxx xxxxxx steady xx xxxxxx xx xx 13%?�


xx xxxx would be xxx xxxx’x value?

xxxxxxxxx x 1000 xxxxxxx= xxxxx

(B) Suppose xxxx two yrs xxxxx xxx bonds xxxx xxxxxxx the required xxxxxxxx rate rose xx 13%.what xxxxx xx the bond's

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file2.xls preview (1225 words)

xxxx Oaks

Chapter 6 xx Equity xxxxxxxxx xxx Investment Banking
Chapter x xx Securities Valuation, xxxxxx Efficiency, xxx Debt xxxxxxxxx
x broker offers xx sell xxx xxxxxx of xxx Area Healthcare, xxxxx xxxx xxxx x xxxxxxxx xx xx xxx share.
The dividend xx expected to xxxx xx x constant rate xx 5 xxxxxxx per year. xxx xxxxxxx required xxxx of
return is 12 percent.
a. xxxx xx the xxxxxxxx dollar xxxxxxxx xxxx xxx next xxxxx years?
xx xxxx is xxx current value xx xxx stock xxx the xxxxxxxx xxxxx xxxxx xx xxx xxx of each of the xxxx three
c. What xx xxx xxxxxxxx dividend yield and xxxxxxx gains yield xxx each xx the xxxx three years?
d. What is xxx expected total xxxxxx xxx xxxx of xxx xxxx three years? xxx xxxx the xxxxxxxx xxxxx return
compare xxxx

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file3.xls preview (94 words)


xxx years ago, Bradford xxxxxxxxx xxxxxxxx xxxxxx xxxxxxx xxxxxxxxx xxxxx with x 7 xxxxxxx xxxxxx
coupon xxxxx xxx bonds xxxx called xxxxx for x xxx call xxxxxxxxxxxxx is, xxxxxxxxxxx received $1,070
xxx xxxx bond. What is the realized rate xx xxxxxx for xxxxx investors xxx xxxxxx the bonds for xxxxxx
xxxx they were xxxxxxx
Call xxxxxx 1,070
Annual interest70
Purchase xxxxx x 1,000
xxxx period xxxxxxxxx return xxxx xxx xxxx xxxxxx xx xxxxxxxxxx return xxxxxxxxxx
Realized xxxxxx 8.0% xxxxx xxx xxxx function taking into xxxxxxx xxx purchase xxxxxx xxxxxx xxxxxxxx and call price





file4.docx preview (3758 words)

Planning & xxxxxxxxx

HAS xxx Health Care xxxxxxx

Kimberly xx Fahringer

Dr. James xxxx

May xxx 2012

xxx xxxxxxxxx of this paper xx to determine what x hypothetical xxxxxx practice xxxxx need to take xxxx xxxxxxx xxxx xxxxxx xxxxxxx xxx xxxxxxx decisions. The xxxxx will xxxxxxxx xxxxxxx xxxxxxxx process xxx xxx xxxxxx xxxxxxxxxx xx x xxxxxxxxxxxx xxxxxx practice’s xxxxxxxxx xxxxx xxx xxxxx xxxx discuss xxx xxxx xxxxx analysis xxxxx help a xxxxxxxxxxxx xxxxxx practice make sound xxxxxxxxxx xxxxxxxxxx utilizing specific examples. xxx paper xxxx xxxxxxxxx x major xxxxxxxxxx for x xxxxxxxxxxxx xxxxxx xxxxxxxx using xxx xxxxxxx value, xxxxxxxxx financial xxxxxxx and break-even xxxxxxxxx xxx paper xxxx xxxx determine the most likely xxx x hypothetical dental practice

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