A case-mix index is calculated by first choosing a period of time, such as a year. The hospital procedures should then be placed in diagnosis-related groups that the hospital billed, and the relative numeric weights should be gathered. Divide the sum of relative weights with the total diagnostic-related groups.Know More
The case-mix index is a gauge of the comparative cost needed to treat a patient group in a hospital within a calendar year. A measure for one hospital may be compared with other hospitals in the same patient mix. An index of one indicates that it costs the national average amount of resources per patient to treat the hospital’s specific patient group. A hospital that performs higher cost or resource operations, such as neurosurgery or cardiac surgery, has a higher CMI compared with another that performs less costly care. For example, if hospital "A" has a CMI of 1 and hospital "B" has a CMI of 2, a patient group in hospital B will cost twice as much to treat as the same group in hospital A.
Hospitals also use CMI to budget for fiscal periods. Differences in financial predictions and the actual CMI can cause revenue shortfalls for a hospital. A drop in the measure could indicate a decline in surgical or medical volumes.Learn more about Math Calculators
The formula used to calculate "case cube" is length times width times height, or l * w * h. It does not matter in which order these measurements are multiplied as the same answer will be obtained.Full Answer >
The basic formula for contribution per unit is total revenue minus total variable costs divided by the total units. Contribution per unit describes how the sale of one unit affects a company's net income. Contribution per unit is also known as contribution margin per unit.Full Answer >
FTE can be calculated by dividing the total labor hours for exactly one year by the number 2,080, which represents how many hours one full-time employee works in a year. The acronym FTE stands for full-time equivalent and is the equivalent of one employee working full-time at a company.Full Answer >
Divide the year by 100, drop the decimals and add one. Adding one is necessary because the year 1 is considered the first century, so the year 101 is the second, and so on.Full Answer >