9.7 Because of fluctuations in insurance coverage

9.7 Because of fluctuations in insurance coverage

9.7 Because of fluctuations in insurance coverage

9.7 Because of fluctuations in insurance coverage, the average price paid out of pocket (P) by patients of an urgent care center varied, as the table shows. The number of visits per month (Q) also varied, and an analyst believes the two are related. The analyst also thinks the data show a trend. Runa regression of Q on P and Period to test these hypotheses. Then use the estimated parameters a,b, and c and the values of Month and P to predict Q (number of visits.) The prediction equationn is Q = a + (b * Month) + (c *P).

Month P Q
1 21 193
2 18 197
3 15 256
4 24 179
5 18 231
6 21 214
7 18 247
8 15 273
9 20 223
10 19 225
11 24 198
12 20 211

 

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Questions Answer

The average price paid out of pocket by patients =  (P)

The number of visits per month = (Q)

The prediction equationn is Q = a + (b * Month) + (c *P).

Sample size: 12
Mean x (x̄): 19.416666666667

Mean y (ȳ): 220.58333333333

Intercept (a): 379.59103139014

Slope (b): -8.1892376681615

Regression line equation: y=373.5820044-8.709249622x

 

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Data analysis Results

SUMMARY OUTPUT
Regression Statistics
Multiple R 0.911589952
R Square 0.830996241
Adjusted R Square 0.79343985
Standard Error 12.65237336
Observations 12
ANOVA
df SS MS F Significance F
Regression 2 7084.173701 3542.086851 22.12662662 0.000335377
Residual 9 1440.742966 160.0825517
Total 11 8524.916667
Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0%
Intercept 373.5820044 25.87757072 14.43651757 1.57244E-07 315.0428724 432.1211363 315.0428724 432.1211363
Month 2.477834739 1.073517081 2.308146543 0.046376973 0.049370385 4.906299092 0.049370385 4.906299092
P -8.709249622 1.331772881 -6.539590759 0.000106446 -11.72192918 -5.696570061 -11.72192918 -5.696570061

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