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Effect on costs for reduced length of patient hospital stay

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Your hospital is negotiating with medical insurance providers, who would like to reduce the amount they pay as reimbursement for hospital stays. For a particular procedure, they would like to reduce payment by $300 and have patients go home one day earlier.

To see what effect this would have one hospital costs, a random sample of 50 patients who were recently admitted for this procedure was analyzed. Had they left one day earlier, the average savings would have been $322.44 and the standard deviation was found to be $21.71.

Find the two sided 95% confidence interval for the mean savings, per patient, for the larger population of recent patients.

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Your hospital is negotiating with medical insurance providers, who would like to reduce the amount they pay as reimbursement for hospital stays. For a particular procedure, they would like to reduce payment by ...

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