HSM 543 Final Exam Health Services Finance Keller

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HSM 543 Final Exam Health Services Finance Keller
(TCO G) This act eliminated the requirement of a prior hospitalization requirement for…

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HSM 543 Final Exam Health Services Finance Keller

HSM 543 Final Exam Health Services Finance Keller

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(TCO G) This act eliminated the requirement of a prior hospitalization requirement for home health services reimbursement and eliminated the limitation on the number of home health visits.

National Health Planning and Resource Development Act of 1974

HIPAA

DEFRA

Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA)

Consolidated Omnibus Budget Reconciliation Act of 1993 (OBRA)

(TCO G) The SCHIP Benefits Improvement and Protection Act included provisions for which of the following?

Increased mental health funding

Increased funding for independent children’s hospitals to train pediatricians

Increased funding to train nurses

Increased funding for pediatric oncology

None of the above

(TCO E) Besides strategic planning, it is important to have operational planning. What is the key difference between the two?

Strategic planning is all-inclusive and provides a day-by-day plan

Operational is broad in scope and anticipates changes over time in the organization

Operational planning only applies to patient care areas and not to administration

Operational planning is the process of turning the strategic plan into a year’s objectives

Operational planning is long term, and strategic planning is short term in nature

(TCO E) For the capital budget, a step that is required just after identifying and prioritizing requests is to

Determine additional shipping costs

Determine any additional insurance requirements

Verify when title passes

Project the cash flows from the project

Politically determine who the champion for the project is and act accordingly in rating it

(TCO B) Influencing method and amount of payment is one of the six major objectives of healthcare financial management. Which of the following is not a method of influencing the method or amount of payment and the associated risk?

Capitation with significant risk because the rate is agreed to before care is given

Steep discounts even to the point of accepting less than the cost of the service to keep market share

Assuming risk by accepting a prospective payment plan method of reimbursement

Payments at charges from self-pay patients

None of the above

(TCO B) In responding to regulations as a major objective of healthcare financial management, organizations often have to address quasi-regulations. Those are

State Department of Insurance policies

Accreditation or certification standards

State Department of Health regulations

HHS regulations

State Medicaid policies

(TCO D) Working capital is

Total current assets

Total assets

Current assets less inventory

Cash and investments

Marketable securities and investments

(TCO D) All of the following are methods of valuing inventory except

FIFO

LIFO

Weighted average

Specific identification

Appraisal

(TCO C) Is cost plus a percentage for growth a type of contracting that helps to control costs because it has incentives to cut costs? Describe how it works.

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The cost-plus percentage for growth…

(TCO D) Describe an operating indicator versus a financial ratio.

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An operating indicator is a…

(TCO D) Describe the difference in vertical analysis versus horizontal analysis.

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A horizontal analysis focuses on the changes and…

(TCOs F and G) List the five factors that were shaping Berman, Kukla, and Weeks’ (1994) views of the future of healthcare.

These are the following: Increased spending….

(TCO D) Define retained earnings.

Retained earnings refer to…

(TCO D) Describe the primary objective of materials management.

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The main objective of materials management is to…

(TCO G) What is the second step of financial analysis?

The second step in financial analysis is to…

(TCO G) What is the purpose of the statement of operations? In other words, what does it summarize?

The statement of operations reports…

(TCO A) Compare and contrast two or more pros and cons of acquiring capital equipment through the following methods:

  1. Municipal bonds
    B. Traditional loans
    C. Grant funding

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One advantage of municipal bonds is that they are…

(TCO A) Responding to regulations is one of the major objectives of healthcare financial management. Explain what Nowicki means by quasiregulations and give an example of a quasiregulation that you are familiar with from your work or course work.

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Quasiregulations are the laws or…

(TCO D) There are four financial statements. Briefly describe each and then rank the statements in order of importance as if you were the CEO of the organization (i.e., which statement would you look at first when reviewing the period end reports?).

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One of the 4 financial statements is the…

(TCO F) With our graying population, future trends will require certain actions and accountability from different segments of society. What will family responsibility be in the context of healthcare and future trends?

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The family plays an important role in promoting…

(TCO F) For trends in the future, there will be a change and more emphasis on new responsibilities for health professionals. What will those responsibilities include?

One of their responsibilities is to…