10 Nov A. Interpret the coefficient of determination (R2)
A. Interpret the coefficient of determination (R2) estimated for the nursing cost function. B. Describe the economic and statistical significance of each estimated coefficient in the nursing cost function. C. Average nursing costs for the eight for profit hospitals in the sample are only $318.52 per patient day, or $33.07 per patient day less than the $351.59 average cost experienced by the 32 not for profit hospitals. How can this fact be reconciled with the estimated coefficient of -39.156 for the for-profit status variable? D. Would such an approach for nursing cost estimation have practical relevance for publicly-funded nursing cost reimbursement systems? Cost estimation and cost containment are an important concern for a wide range of for-profit and not-for-profit organizations offering health-care services. For such organizations, the accurate measurement of costs per patient day (a measure of output) is necessary for effective management. Similarly, such cost estimates are of significant interest to public officials at the federal, state, and local government levels. For example, many state Medicaid reimbursement programs base their payment rates on historical accounting measures of average costs per unit of service. However, these historical average costs may or may not be relevant for hospital management decisions. During periods of substantial excess capacity, the overhead component of average costs may become irrelevant. When the facilities are fully use
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