HSM543 Health Services Finance

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HSM 543 Health Services Finance
You are the CFO of Marysville General Hospital, a 300-bed community hospital in the Midwest…

Description

HSM543 Health Services Finance

HSM543 Health Services Finance

A+ Entire Course: Quiz Week 1, 2, 3, 5, 6 | You Decide Week 2, 6 | Course Project Week 3, 7 | Discussions Week 1-7 | Final Exam

HSM543 Health Services Finance

Quiz Week 1

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(TCO A) The purpose of managerial accounting is the study of _____.

Financial statements

Strategic plans

management behavior

Costs, including methods to classify and allocate costs

(TCO A) Which of the following is not a major objective of healthcare financial management?

Generate income

Respond to regulations

Facilitate relationship with third-party payers

Influence method and amount of payment

Increase market share

(TCO B) What percent of revenue do for-profit hospitals deliver in uncompensated care?

3%-4%

10%

15%-20%

None

(TCO A) Managerial accounting is the link between

Accounting and outside users of financial statements.

Management and the board.

the organization and regulators.

Financial accounting and the manager.

Owners, lenders, and suppliers and management.

(TCO A) The purpose of financial accounting is to provide information to _____.

External users

Lenders

Suppliers

The government

All of the above

(TCO B) The rationale for having tax exempt organizations is the fact that _____.

the economy still benefits from jobs generated and payroll taxes paid

there are local real estate taxes collected from the organization

the organization is actually relieving the government of the burden of providing the services

All of the above

None of the above

HSM543 Health Services Finance

Quiz Week 2 

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(TCO C) A method of providing coverage where the employer assumes risk is

Managed care

Point of service

Closed panel HMO

Direct contracting

(TCO C) Managed care organizations (MCOs) do all the following except

Manage the cost of healthcare

Manage the quality of healthcare

Be called commercial indemnity plans

Manage access to healthcare

(TCO C) Which law established a physician fee schedule?

Medicare Title XVIII

OBRA

TEFRA

The Social Security Amendments of 1983

(TCO C) The practice of setting charges relative to the market leader is called

Predatory pricing

Phaseout pricing

Follower pricing

Skim pricing

(TCO C) Although the United States does not have a universal health coverage plan, such plans have been discussed and introduced into legislation over the years. The earliest attempt for compulsory health insurance was included in

the Clinton health plan.

1945 Truman’s health plan.

Roosevelt’s 1935 Social Security Act.

enactment of Medicare in the 1960s.

None of the above

(TCO C) The methods of payment used by third-party payers include all except

Cost

Charges

Discount from charges

Capitation

All of the above

(TCO C) The objective of accounts receivable management should be to

Increase revenue through extending credit.

Allow patients to pay their medical bills over an extended time period.

Reduce the collection period.

Increase the days in A/R.

HSM543 Health Services Finance

Quiz Week 3 

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(TCO D) Working capital is

Cash and marketable wecurities

Total equity of the organization

Current assets less inventory

Cash and accounts receivable

Current assets

(TCO D) All of the following are working capital items except which of the following?

Cash

Equipment

Inventories

Prepaid expenses

(TCO D) What does the credit term 1/10, net 60 mean?

(TCO D) Discuss delinquency costs associated with accounts receivable.

(TCO D) The current ratio is a

Basic indicator of financial liquidity or the ability to meet financial obligations.

Indicator of the long-term profitability of the organization.

Seldom used in the healthcare industry as opposed to other industries.

Calculation using the results of operations and the total assets on the balance sheet.

Ratio calculated from managerial accounting reports.

HSM543 Health Services Finance

Quiz Week 5 

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(TCO D) Which one of the following is not a capital structure ratio?

Cash flow to debt

Current asset turnover

Net asset financing

Debt service coverage

Long-term debt to net assets

(TCO D) ALOS is used as a key operating indicator. What are some of the factors to be considered that can affect the ALOS calculation?

(TCO D) Explain the difference between operating income and other income.

(TCO D) What is included in temporarily restricted net assets?

(TCO D) The difference between operating margin and total margin is which of the following?

Operating margin does not indicate profitability from ongoing operations.

Operating margin is operating income/total operating revenue. Total margin is gross profit/total revenue.

One is a profitability ratio and the other is an efficiency ratio.

Neither ratio is used by management or external users of financial statements.

Both are operating indicators.

(TCO D) Discuss the role of explanatory notes.

Quiz Week 6 

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

(TCOs F and G) Healthy People 2010 presented a strategic plan for health and identified specific responsibilities including the media’s responsibility to improve health. Describe how the media impacts healthcare.

(TCOs F and G) What percent of healthcare dollars do professional providers and hospitals receive?

(TCOs F and G) There are 10 LHIs (leading health indicators) that can significantly impact the amount of care we need and the intensity of that care. Describe two LHIs and how an individual can improve his or her ability to increase the quality and years of healthy life he or she will have.

(TCOs F and G) What are the two primary goals of Healthy People 2010?

HSM 543 Health Services Finance Entire Course

Accounts Receivable – You Decide Week 2 

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It is the second Monday night in October and it is now 3 a.m. You cannot sleep.

You are the CFO of Marysville General Hospital, a 300-bed community hospital in the Midwest. Your hospital board meets at noon on the second Tuesday of each month. You have a truly awful report to give the board, and you are dreading it more than anything else you’ve done in your 15-year career as a hospital senior manager.

The target for days in accounts receivable (which the board and CEO set some years ago) is 55 days. When AR days are at 55, cash flow to the hospital is strong and you can meet all monthly obligations while putting some money away into investments for the hospital’s future.

It has been several years now since the hospital has seen its AR at 55 days. There have been many factors, but AR has been in the 70–80 day range for some time now. Last month it crept up over 90 days, and this month you have the painful task of reporting to the board and CEO that the hospital is carrying 100 days in accounts receivable.

You must come up with a plan to bring AR days back in line, and you will not be able to accomplish that alone. It will take cooperation from the medical staff, the clinical departments, health information management, the business office, and many others. But it must happen and it must happen soon, or your community could actually lose its hospital.

Your Role/Assignment

Come up with a plan to bring AR days back in line. It will take cooperation from the medical staff, the clinical departments, health information management, the business office, and many others, so include how you will involve these departments in devising a solution.

As you prepare your process improvement plan, keep the following in mind.

  • What further data collection will you conduct before beginning to write your plan?
  • What will be the elements of your plan?
  • For each element, who will be the key players and what will be their roles?
  • What resources outside of senior management will you engage?
  • How will you present your plan at the board meeting?
  • And how will you know that your plan has been effective?

Come up with a plan to bring AR days back in line. It will take cooperation from the medical staff, the clinical departments, health information management, the business office, and many others, so include how you will involve these departments in devising a solution.

Preview: Marysville General Hospital has a problem with its account receivables, as their AR days are at 100 when their target AR days is 55.  This leads to problems with their cash flow, which in turn prevents them from…

HSM543 Health Services Finance

MegaPlan Health – You Decide Week 6 

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In Week Two, you sat in the CFO chair, studied a real world hospital Accounts Receivable (AR) problem with your team, and came up with a Process Improvement Plan to reduce Days in Accounts Receivable and improve cash flow to you hospital. Well the great news is that your plan worked! This morning your Days in AR stand at 67. Not perfect…. but much better, and you have five payrolls of cash on hand right now. Things are looking up for Community Memorial! And then just before lunch you get a call from the Bill Jacobs, Human Resource Director at Commercial Intertech (CI), the largest employer in the community. Bill says, “I wanted you to hear it from me first. We signed a contract yesterday with MegaPlan Health. They will be the managed care organization for all 4,500 of our employees and their families. About 9,000 patients total. I’m sure that you will want to get a contract with MegaPlan as soon as possible. I noticed that your hospital is not on their Preferred Provider Network (PPN), and I am pretty sure that you will want to be, so that our employees can continue using the facility.” By the time you thank Bill for the heads up, the acid is already churning in your stomach. In the hospital world, MegaPlan is known for cut-throat tactics, negotiating steep discounts with hospitals, and fighting every claim the hospital makes. Commercial Intertech has every right to contract with any health insurance provider they like, but now you have a problem. If you cannot get a decent contract with MegaPlan and become part of their Preferred Provider Network (PPN), many local patients may bypass your hospital and go the next closest PPN facility. Delivered to your office this afternoon, by no coincidence, is a contract proposal from MegaPlan. It calls for the hospital to provide a 35% discount from charges to MegaPlan and all of its members. And it includes service pre-authorization requirements which will make life very difficult for your business office. You know from experience that the hospital loses money whenever the discount from charges exceeds 20%.

So, what will you do? Whose advice makes the most sense to you in this situation, and how will you proceed?

Present your comments in a 1–2 page paper, explaining how you will proceed.

Preview: In this week’s You Decide Scenario, the CFO is in a dilemma because Commercial InterTech—where most of the hospital’s patients work—has…

HSM543 Health Services Finance

Course Project Week 3 and Week 7 

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Course Project – Topic Selection and Outline Week 3 

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Topic: Personnel Recruitment and Retention

Objectives

Please submit your chosen topic and outline for my approval. This will be due along with your Course Project Outline. If you are having difficulty in selecting a topic, please contact me during Week 2 to discuss possible topics that will be of interest and relevant to your own career plans.

Some topical areas that previous HSM543 students have used successfully for this Course Project include the following.

  • Accounts receivable cycles
  • Operating budget processes
  • Capital budget processes
  • Hospital strategic planning
  • Board of directors reporting
  • Cash flow management
  • Managing hospital investments
  • Healthcare variance reporting
  • Hospital wage and benefit management
  • Personnel recruitment and retention
  • Funding of a construction project
  • Fundraising for a healthcare facility
  • Avenues for grant funding in healthcare

Regardless of your topic, you will be identifying and clearly stating a particular problem or management issue in which an element of the identified problem or situation is not meeting expectations. A few examples follow.

  • Cash flow to the hospital is inadequate. The CFO does not have enough cash on hand to pay operating bills in a timely manner. How will you improve cash flow?
  • Hospital investments are currently in CDs, which are earning very low interest rates. A higher return on investment is needed. What are better options for your specific type of healthcare facility, and what is the risk associated with each type of investment recommended?
  • The clinic cannot recruit and retain enough nurses to keep up with its growing patient population. How will you find more qualified nurses, and how will you keep them once you have hired them?
  • The hospital facility itself needs to be replaced. How will you determine the capital needs for the project, and how will the funds be raised to accomplish this?

Remember that what appears to be the problem may actually be just a symptom of a bigger problem, so dig deep to be sure you’ve identified the real problem. If there appears to be more than one problem or issue, decide if they are separate or related issues. You will be stating the problem in the form of a question.

You will be given feedback to make sure that you’re on the right track for this assignment. This is due in Week 3.

CategoryPoints%Description
Outline Total70100 %A quality submission this week will be 1–2 pages in length and include the following:

·         Identify the topic you have chosen for the Course Project.

·         A summary of the topic you will be writing about and its importance in the healthcare industry should be included.

·         Define the problem that you will be trying to suggest a solution for.

·         Identify possible solutions.

·         Describe the sources you will be using to conduct your research and analysis.

HSM543 Health Services Finance

Course Project Submission: Submit your assignment for grading (200 points).

Topic Selection

Week 3 Course Project Assignment: Topic Selection and Outline

Read the possible topic choices. Choose your term paper topic and submit it for my review. This will be due along with your Course Project Outline (both items in the same document). Your topic choice will be reviewed, and you will receive feedback and/or approval of your topic choice. You do not have to select one of the listed topics. If there is a labor relations topic that you would like to write about that is not listed, let the instructor know. The appropriateness of the topic will be evaluated against which CO your paper is intended to address.

Course Project Outline

Once you begin your research, you will need to create an outline showing how your paper will be presented. Submit your outline.

A summary of the topic you have chosen for the Course Project and its importance in the healthcare industry is due this week. Submit your outline. Please be sure to include the course number and your name in the title of the document. The outline should be about 1–2 pages in length and include the following:

  • Identify the topic you will be writing about.
  • Define the problem that you will be trying to suggest a solution for.
  • Identify possible solutions.
  • Describe the sources you will be using to conduct your research and analysis.

Preview: For this course project, the author proposes to research and write about the topic Personnel Recruitment and Retention.  In particular, the project aims to find solutions to the following problem: How can a hospital…

HSM543 Health Services Finance

Personnel Recruitment and Retention – Course Project Week 7 

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Personnel Recruitment and Retention

General Expectations for Your Course Project

The greatest value in any course comes from applying the concepts, theories, and principles explored during class to real-life situations and issues. This term project gives you an opportunity to select an aspect of healthcare with which you are familiar, and identify an issue in which there is an element that is not meeting expectations. Then, drawing on the concepts and principles from readings, exercises, current events, and class discussions, write a term paper of 8 to 10 pages in which you:

  • introduce the issue;
  • define the problem;
  • analyze the problem;
  • evaluate possible solutions;
  • develop an implementation plan; and
  • justify why and how your solution will solve the identified problem.

Your paper must include, but is not limited to, the following sections.

  • BACKGROUND: Describe the problem, organization, or situation you selected, identify the specific issues of interest or controversy, and present background and facts of the problem, organization, or situation that will enable the reader to clearly understand the issue. For example, most health insurance in the United States is tied to employment. Because of employers without benefits and unemployment, there are approximately 47 million uninsured.
  • DEFINE THE PROBLEM: Identify and clearly state the problem or management issue in which an element of the identified problem or situation is not meeting expectations. Remember that what appears to be the problem may actually be just a symptom of a bigger problem. Dig deep to be sure you’ve identified the real problems. If there appears to be more than one problem or issue, decide if they are separate or related issues. State the problem in the form of a question. For example, if a work group is not performing sufficiently, an effective problem statement might be, “How can the staff shortage be improved,” rather than simply, “Short staff problems.” For the issue of uninsured people, this could be, “How can universal coverage be initiated?”
  • SUGGESTION: Begin your literature survey by accessing Keller’s online library located in Course Resources within Introduction & Resources.
  • PROBLEM ANALYSIS: This section should provide a detailed analysis of the causes of the problem(s) or issue(s) you identified in Section II. A major objective is to clearly illustrate how you are using the healthcare course concepts, as well as your professional experiences and the results of your research, to better understand the causes of the problem(s) or issue(s). Show that you are applying course material! Approach the topic from a financial angle, because this is a finance course. (Note: Use subheadings to identify each factor you address.)
  • POSSIBLE SOLUTIONS: Explore solutions that could be appropriate ways to solve the identified problem or issue, and document what you feel is the best alternative. Be sure that these solutions are logical based on your analysis and that they each would effectively treat the problem, not the symptoms. Also, discuss the anticipated outcomes (both positive and negative) of implementing each of the possible solutions you identified. Again, to use universal coverage as an example, how would it be funded? Just saying we need universal coverage may be an accurate statement, but programs need money. What taxes would you raise or what services would you cut to provide the funding? How much is it going to cost, and how will it affect hospitals and other providers?
  • SOLUTION IMPLEMENTATION: State your solution clearly and specifically. Describe exactly what should be done and how it should be done, including by whom, with whom, and in what sequence. Here are some points to keep in mind as you write this section:
    1. Have I indicated an awareness of the problem of implementation (the how aspect)?
    2. Have I been specific enough?
    3. For example, a general solution might state: “The healthcare manager needs to realize that his or her style should match the situation.”
    4. A specific solution would state what style is most appropriate for the situation, and how you will attempt to have the manager realize the appropriate style.
    5. What aspects of the problem remain unresolved by my solution?
    6. Does my recommended solution and implementation plan address the problem or issues and causes identified in the previous sections?
    7. Does my solution consider and resolve the identified pros and cons?
    8. How will I evaluate the effectiveness of the implemented recommended solution?
    9. What process checks or procedures will I put into place to institutionalize the improvement?
    10. Could my solution cause other problems or issues? What risks are inherent in the solution you recommend? What contingency plans do you recommend?
    11. Assess the realism of your proposed action plan. For example, is there adequate time, money, or other resources for your solution? In addition, does your solution place too much reliance on other people being reasonable (i.e., on what YOU think is reasonable)?
  • JUSTIFICATION: Justify why your recommended solution and its implementation will solve the identified problem or issue in the organization or unit you selected. An important element of this section is to show very clearly how you applied course concepts to arrive at a workable solution and a successful implementation. Apply appropriate course material. Support your conclusions with appropriately referenced facts, quotes, and readings. Be sure your justification addresses identified pros and cons.
  • REFERENCES: All citations in the paper must appear in the reference list, and all references must be cited in the text of the paper. Choose references judiciously and cite them accurately. To use the ideas or words of another without crediting the source is plagiarism. Plagiarism in its purest form involves the copying of entire passages either verbatim or nearly verbatim with no direct acknowledgment of the source. The most common (and unconscious) form of plagiarism is when a direct quotation is simply paraphrased. Paraphrasing does not relieve you of the obligation to provide proper identification of source data. The best way to avoid plagiarism is to make sure all quotes, ideas, or conclusions not your own are given proper acknowledgment in your text.
  • Grading Rubrics
CategoryPoints%Description
Documentation and Formatting3015A quality paper will include a title page, an abstract, proper citation, and a bibliography.
Organization and Cohesiveness4020A quality paper will include an introduction based upon a well-formed thesis statement. The logical order of the content will be derived from the thesis statement. The content will be properly subdivided into sections derived from the outline. In a quality paper, the conclusion will summarize the previously presented content and will complement the thesis statement from the introduction.
Editing3015A quality paper will be free of any spelling, punctuation, or grammatical errors. Sentences and paragraphs will be clear, concise, and factually correct.
Content10050A quality paper will have significant scope and depth of research to support any statements. Relevant illustration or examples are encouraged. A quality paper will employ sound use of reasoning and logic to reinforce conclusions.
Total200100A quality paper will meet or exceed all of the above requirements.

Preview: According to Rebecca Grant of The Atlantic, nurses comprise the largest segment of the United States’ healthcare workforce, numbering at around three million (Grant, 2016).  It is also among the occupations that sees the fastest growth.  However, despite this growth, the demand still exceeds the supply.  As indicated by the…

HSM543 Health Services Finance

Discussions Week 1-7 All Students Posts 521 Pages 

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Tax Status and the Ability to Raise Capital and Strategic Budgeting Discussions Week 1 All Students Posts 79 Pages 

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Tax Status and the Ability to Raise Capital – 38 Pages 

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You are at a seminar with other attendees representing various types of healthcare organizations. After dinner you are chatting with several of your new fellow attendees and you are discussing who has it easier for raising capital, the not-for-profit organizations or the for-profit organizations. What comments do you have?

What are some specific, successful strategies for raising capital in the not-for-profit healthcare world?  As leader of your own healthcare organization, which strategies would you consider, and how would you decide on the best strategies for a particular healthcare setting?...

Strategic Budgeting – 41 Pages 

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Why is it so important for healthcare organizations to budget in a strategic manner?  And what is the connection between the organization’s 3-year strategic plan and the annual budget cycle?

What is the role of the Medical Staff, physicians and other healthcare professionals, in the healthcare facility’s budget process?...

HSM543 Health Services Finance

Patient Protection and Affordable Care and Accounts Receivable Management Discussions Week 2 All Students Posts 99 Pages 

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Patient Protection and Affordable Care – 55 Pages 

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On March 23, 2010, President Barack Obama signed into law the Patient Protection and Affordable Care Act (PPACA), a primary healthcare reform legislation of the 111th U.S. Congress.  This new law brought about massive changes in the way that healthcare is delivered and founded in our nation.  To say that PPACA is controversial is to utter a huge understatement.  Many U.S. states and private organizations filed suit in Federal Court challenging the constitutionality of the Act, but the US Supreme Court upheld it.

Just about everyone is affected by this law.  What are the major impacts of PPACA on hospitals?  What are the major impacts on doctors?  What are the major impacts on patients?  In your own view, has PPACA improved healthcare in America?

What changes in PPACA do you think would make it more effective moving forward?…

Accounts Receivable Management – 54 Pages 

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Why is managing accounts receivable and collections so critical to a healthcare organization’s financial health?  Discuss short-term and long-term implications of poor accounts receivable management.

What are some things that hospitals and clinics can do proactively to improve their collections and reduce their days in AR?

How long do you think that healthcare organizations should work their own accounts before turning them over to a professional collection agency?...

HSM543 Health Services Finance

Capital Cycles and Major Objectives of Financial Management Discussions Week 3 All Students Posts 69 Pages 

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Capital Cycles – 34 Pages

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What is meant by a capital cycle?  What are some key factors influencing the capital of healthcare organizations over the course of a year?

When in the calendar year would you anticipate cash flow being stronger for most hospitals?

When in the calendar year would you anticipate cash flow being weakest for most hospitals?  Why?...

Major Objectives of Financial Management – 35 Pages 

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In the readings, Nowicki presents a list of six major objectives of financial management.  Considering those points, if you were part of a newly formed hospital management team, which two would you consider the most critical to your organization’s continued viability and success?  Discuss the reason for your selections.

How would you track and report your own organization’s performance on these key financial objectives?…

HSM543 Health Services Finance

Strategic Planning and Capital Budgeting Discussions Week 4 All Students Posts 70 Pages 

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Strategic Planning – 37 Pages 

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Why is strategic planning so important for modern healthcare organizations?  What should be considered in the strategic planning process?  Should the hospitals strategic plan be published for the community?  Why of why not?

To be able to develop a strategic plan there are five basic steps:

  1. Determine where the business is by conducting an external and internal audit,
  2. Identify what is important to the business, where you want the business to be in the future and by doing this you are choosing the direction that you need to go and the issues that need to be focused upon…

Capital Budgeting – 33 Pages

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Capital budgeting is needed to properly allocate the large dollar amounts for major expansion and equipment purchases.  The process is often perceived by employees as being very political.  What procedures should an organization use to eliminate that perception and to provide for a good, consistent evaluation of capital projects?

How far into the future do you feel that healthcare organizations can realistically plan their capital budgets?

Who should be involved in the creation of the capital budget for presentation to the board?...

HSM543 Health Services Finance

Financial Statement and Key Indicators Discussions Week 5 All Students Posts 67 Pages 

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Financial Statement – 33 Pages 

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All financial statements are important, but most managers tend to have one that they look to first.  If you were a potential contributor or investor looking at the financial statements of a local regional medical center, which document would you start with?  Explain why.

Does the income statement need to tie to the balance sheet each month?  Why or why not?…

Key Indicators – 34 Pages 

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Most organizations have several key operating indicators that are used to measure efficiency.  In your organization, what is the most commonly used?  Are any of the indicators adjusted for quality, or are they strictly quantitative?

Which indicators would hospital Board of Directors members pay special attention to, and why?…

HSM543 Health Services Finance

Patient Rights and Baby Boomers and Healthcare Discussions Week 6 All Posts 75 Pages 

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Patient Rights Week 6 DQ 1 All Posts 38 Pages 

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A member of your immediate family is being admitted to the local medical center for what should be a 3- to 5-day surgical stay.  Based on what we have read and from your professional and personal experiences, what would you expect to be offered to you concerning patient rights as part of the admissions process?

Do you feel that hospitals routinely do a good job of educating patients about their right?  Why or why not?...

Baby Boomers and Healthcare Week 6 DQ 2 All Posts 37 Pages 

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Because Baby Boomers moved to Medicare starting in 2011, what issues do you see that should be part of a healthcare organization’s strategic planning now?  What major issues do you see developing from the Baby Boomers being on Medicare?

What steps should U.S. hospitals be taking now to prepare for the Baby Boomers?  What steps should medical training programs be taking right now to prepare for the Baby Boomers?...

HSM543 Health Services Finance

Integrated Delivery Systems and HIPPA and Patient Rights Discussions Week 7 All Posts 62 Pages 

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Integrated Delivery Systems Week 7 DQ 1 All Posts 30 Pages 

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What is meant by the phrase integrated delivery system?  What are some examples of the changes taking place in U.S. healthcare under this heading?

In your view, is integrated delivery overall good or bad for American healthcare at this time in history?  Why?…

HIPPA and Patient Rights Week 7 DQ 2 All Posts 32 Pages 

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HIPPA and patient rights have been topics of discussion for years.  How have you been affected personally and professionally by the new legislation (passed in the name of consumerism) to protect the rights and privacy of patients?

How does HIPPA impact electronic medical records (EMR)?...

HSM543 Health Services Finance

Final Exam 

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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

HSM543 Health Services Finance

(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…

HSM543 Health Services Finance

Keller