MEDICARE, MEDICAID, AND THIRD-PARTY PAYORS (INSURANCE COMPANIES) APPROVED AND PAID $5,640,000 OF THE $8,355,000 BILLED BY THE HOSPITAL DURING THE YEAR (PLEASE REVIEW TRANSACTION #1).
MEDICARE, MEDICAID, AND THIRD-PARTY PAYORS (INSURANCE COMPANIES) APPROVED AND PAID $5,640,000 OF THE $8,355,000 BILLED BY THE HOSPITAL DURING THE YEAR (PLEASE REVIEW TRANSACTION #1).
During the fiscal year of June 2012, Jefferson General Hospital, a not-for-profit healthcare organization, had the following revenue-related transactions. (The amounts are summarized for the entire year.)
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(1) Healthcare services that are provided to inpatients and outpatients amounted to $9,640,000, of which $420,000 were for charity cases, $865,000 was paid by uninsured patients, and $8,355,000 was billed to Medicare, Medicaid, and other insurance companies.
(2) Pharmaceutical drugs and medicines sold by the hospital pharmacy amounted to $830,000, all of which was paid by the customer or the insurance companies.
(3) Medicare, Medicaid, and third-party payors (insurance companies) approved and paid $5,640,000 of the $8,355,000 billed by the hospital during the year (please review transaction #1).
(4) A contribution of $4,000,000 (of which is unconditional) was received in cash from a donor to construct a new facility for cancer patients. The full amount is expendable for that purpose. No activity has taken place during the current year.
(5) A total of $810,000 was received from the following activities/sources: cafeteria and gift shop sales, $630,000, unrestricted transfers from the Claremont Hospital Foundation, $110,000, and fees for medical transcripts, $70,000.
(6) The allowance for uncollectible receivables was increased by $1,350.
Requirements:
a. Record the preceding transactions in general journal form.
b. Prepare the unrestricted revenues, gains, and other support section of Jefferson General Hospital’s statement of operations for the current year.
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