Assignment 2  – Due Friday Oct’ 1^st  5.00PM (10/1/21)

1. Identify and define in your own words various Revenue sources in Hospital or Health Informatics setting.? What are the threats to Revenue Sources ? ( Hint: Is EMR, HIT technologies a threat )

• IKAZ is lead by brilliant Health Informatics experts from Depaul University from the class of 2020. These consultants saw an opportunity in the market that would give IKAZ financial boost to grow its reveneues. IKAZ is now partnering with IZAR Hospital in Chicago. Partnership gave 50 -50 control of financial decision making. The strategic goal of IKAZ informatics under the banner of IZAR is to grow its revenues by 20% in Year 1 and 25%  in year 2. What would be the various financial statements look like with 20% growth in Year 1 and 25% growth in Year 2.

• A Health informatics company called IKAZ Health is providing consulting services to Hospitals. IKAZ supports hospital in financial planning of informatics solutions, right sizing of technologies needs across hospital locations. IKAZ team also provides clinical quality, service performance, and optimization through data analytics. IKAZ has the following financial information made available to you.  Please prepare various statements based on the information available to you for the year 2017
  • Annual Income from providing consulting services to hospitals = $1,500,000 ( This fees came from either upfront contract fee or upon delivery of consulting services, does not include month fee)
  • Ten (10) Contracted hospital clients,each paid IKAZ Health monthly Fees = $ 10,500
  • Employees salaries & benefits for the year 2017 = $300,000/ per annum
  • IKAZ provided company cars 3 of them =$90,000 /per annum
  • Annual employee Travel and living expenses for visiting clients – $25,000 /per annum
  • IKAZ Health informatics Total administrative expenses = $10,000/per annum
  • Capital expenses towards Software & Technologies (Analytics & Graphics) = $40,000 /per annum
  • Advertising and Marketing to Hospitals through an outsource firm = $10,000 /per annum
  • All IKAZ employees worked from home therefore Headquarters expenses = $0 /per annum
  • All items not listed here are = $0/ /per annum

• Make your own interpretations and conclude on the various statements regarding IKAZ’s financial health, stability, performance and future.

Be sure to explain how did you grow the 20% in year 1 and 25% in year 2

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