Mountain Village Clinic - Case Study (Case Study Sample)
The task was ABOUT Mountain Village Clinic, which is located in Aspen, Colorado near the Mountain Village ski area. It belongs to two physicians who are also its main operators – Amanda Cook, who is an internist, and James Peterson, who is an orthopedist. Amanda and James want to take a loan to improve the clinic's operations.
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Mountain Village Clinic - Case Study
Mountain Village Clinic is located in Aspen, Colorado near the Mountain Village ski area. It belongs to two physicians who are also its main operators – Amanda Cook, who is an internist, and James Peterson, who is an orthopedist. The clinic’s patient volume is extremely seasonal with the highest business occurring during the pick of ski season that usually starts from December and ends in March. At one point, Drs. Cook and Peterson contemplated shutting the clinic through the low season, but it would be difficult to operate the clinic efficiently for just 4 months in a year, and the number of summer visitors in the area are gradually increasing hence improving the clinic’s summer operations. Therefore, the two physicians opt for a bank loan from First Bank of Aspen. However, the cash budget formulated by Doug, a temporary MHA student appears to be inaccurate (Lerner, 1968). Dr. Cook wants to meet with Doug to discuss his analysis.
Not long ago, the clinic hired a temporary MHA student, Washington Doug, to help in the help in the financial work. Dr. Cook informs Doug about her upcoming appointment with the person in charge of commercial loaning at First Bank of Aspen, the primary lender of the clinic. The aim of the appointment is to talk over cash management provisions and the requirements of the clinic’s line-of-credit (Sufi, 2009). To get ready for the appointment, Dr. Cook requested Doug to formulate the cash budget then determine the total sum of line-of-credit the clinic ought to request. Doug perused the financial records of the clinic to obtain the data required to formulate billings forecast. Based on the previous collections occurrence of the clinic, he managed to convert medical service billings into real cash collections. However, Dr. Cook doubts the Doug’s accuracy of the cash budget. The cash budget is a mere estimate; it can be lower or higher than the forecast.
The most relevant factors in this case are; firstly, the number of patients during the low season has increased due to the increase in the number of summer visitors. Secondly, the First Bank’s yearly interest on borrowed money, which is 4%. Thirdly, the clinic has an outstanding loan of 500,000 USD thus; another loan might lead to a bad debt. Lastly, the clinic is required to maintain a 50,000 USD balance of target cash with First Bank in order to compensate balance obligations on its span loan (Heyman, 1973).
The line-of-credit, which is an interim loan contract by which, the bank consents to loan a business a specific maximum amount. The business is able to draw down (borrow) against the line-of-credit at any given time, which normally is below one year. When a line-of-credit expires, it ought to be negotiated over again if still needed. A business can repay any amount lend on the credit line, or lesser amount any time, though any outstanding amount out to be repaid at expiry/due date. Interest is executed on the total amount borrowed, and an obligation fee is required candidly to safeguard the line. Generally, lines-of-credit are utilized by businesses in order to meet short-term seasonal cash needs. Currently, First Bank’s line-of-credit yearly in
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