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You are the practice administrator for Valley Podlatry and are preparing your operating budget for the new year that starts April 1, 2022 Valley Podlatry Just provides 1 service: diagnosing foot pain and making shoe Inserts to correct problems. They perform 2000 services per year 40% of the patients are covered by Medicare, 60% are covered by commercial Insurance Medicare pays $200 for the foot exam and Inserts. Commercial Insurance pays $300. Valley Podiatry's rent is $2,500 per month Utilities are $250 per month Valley Podiatry employs 1 podiatrist who provide all exams and oversees making the shoe Inserts and 1 technician who assists in making the shoe orthotic Inserts. - The podiatrist is pald $130,000 per year The technician is paid $40 per service Supplies for making the Inserts are $75 per service What is Valley Podiatry's Operating Budget for 2022? (25 points) 2022 comes to a close and Valley Podlatry is reviewing their books. They see that they actually provided 2300 services. 55% of the patients were covered by Medicare and 45% were covered by commercial Insurance. Medicare changed their relmbursement rate and actually paid $195 for their service. Because of supply chain issues, the price of the supplies to make the Inserts was $80 per service. All other assumptions from the projected budget were the same. What is Valley Podiatry's Actual Budget? (10 points) What is Valley Podiatry's Profit Variance? Is this a positive or negative variance? (5 points) What is Valley Podiatry's Revenue Variance? Is this a positive or negative variance? (5 points) What is Valley Podiatry's Cost Variance? Is this a positive or negative variance? (5 points) You are the practice administrator for Valley Podlatry and are preparing your operating budget for the new year that starts April 1, 2022 Valley Podlatry Just provides 1 service: diagnosing foot pain and making shoe Inserts to correct problems. They perform 2000 services per year 40% of the patients are covered by Medicare, 60% are covered by commercial Insurance Medicare pays $200 for the foot exam and Inserts. Commercial Insurance pays $300. Valley Podiatry's rent is $2,500 per month Utilities are $250 per month Valley Podiatry employs 1 podiatrist who provide all exams and oversees making the shoe Inserts and 1 technician who assists in making the shoe orthotic Inserts. - The podiatrist is pald $130,000 per year The technician is paid $40 per service Supplies for making the Inserts are $75 per service What is Valley Podiatry's Operating Budget for 2022? (25 points) 2022 comes to a close and Valley Podlatry is reviewing their books. They see that they actually provided 2300 services. 55% of the patients were covered by Medicare and 45% were covered by commercial Insurance. Medicare changed their relmbursement rate and actually paid $195 for their service. Because of supply chain issues, the price of the supplies to make the Inserts was $80 per service. All other assumptions from the projected budget were the same. What is Valley Podiatry's Actual Budget? (10 points) What is Valley Podiatry's Profit Variance? Is this a positive or negative variance? (5 points) What is Valley Podiatry's Revenue Variance? Is this a positive or negative variance? (5 points) What is Valley Podiatry's Cost Variance? Is this a positive or negative variance? (5 points)

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