One other significant ICU cost is equipment, which is about $185,000 per room. Young has…

One other significant ICU cost is equipment, which is about $185,000 per room. Young has determined that the cost per patient day for the equipment is $179. Wiley Dix, the hospital director, has asked Young to compare the current billing procedure with another that uses industry averages to determine the billing per patient day. Required 1. Compute the cost per patient per day. 2. Compute the billing per patient day using the hospital’s existing markup rate. (Round answers to whole dollars.) 3. Industry averages for markup rates are as follows: Equipment 30% Medications 50% Doctors’ care 50 Medical supplies 50 Special nursing care 40 Room rental 30 Regular nursing care 50 Food and services 25 Using these rates, compute the billing per patient day. (Round answers to the nearest whole dollars.) 4. Based on your findings in requirements 2 and 3, which billing procedure would you recommend? Why?

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