HFMA Business of Health Care Practice Test

These questions are part of the practice quiz. Start practicing

• What is a significant risk for an ACO if it does not generate enough income?
• Which of the following is NOT a common item monitored on a dashboard?
• What is a strategic plan primarily intended to do?
• What tool is commonly used in capital investment analysis to estimate the present value of future cash flows?
• How is the occupancy percentage evaluated in a hospital setting?
• What is the primary focus of working capital management?
• Which of the following best describes the debt service coverage ratio?
• Which of the following is NOT a healthcare reimbursement model aimed at improving quality?
• Which type of entity can pay a lower rate to lenders due to tax-exempt status?
• What is a key aspect of utilizing budgets in healthcare organizations?
• How can a healthcare provider influence their net revenue?
• Which of the following is a limitation of using the budget as a management tool?
• Which type of variance indicates revenues greater than budget?
• What is the significance of the discharge summary in the billing process?
• How does the Quality Payment Program (QPP) affect physician reimbursement?
• What is a potential benefit of Medicare Part C over traditional Medicare?
• What does working capital represent in financial management?
• What is a critical first step in implementing business intelligence in healthcare?
• What approach is encouraged to ensure data is impactful in business decisions?
• Which ratio is primarily used to measure how long it takes to receive payments from patients?
• What new focus has emerged in healthcare payments due to recent trends?
• Which departments are primarily responsible for direct service provision in a healthcare entity?
• In the context of compliance, what should a hotline or other anonymous method be used for?
• What type of physicians are considered primary care providers?
• Which element is fundamental in defining costs in the healthcare sector?
• What must health plans ensure when applying target cost pricing?
• According to the Affordable Care Act, what is the required medical loss ratio for health plans?
• What is one key component of Price Transparency?
• In the current healthcare landscape, what is more important than merely cost-cutting for success?
• What component of financial management in healthcare focuses on paying suppliers and managing operational costs?
• What does the audit trail report in financial systems primarily provide?
• What is one challenge that CFOs face with ACOs regarding patient financial risks?
• What is adjusted for in the statement of cash flows aside from net income?
• How is 'Charge' different from 'Price' in healthcare services?
• How many categories are there approximately in DRG classifications?
• What does working capital represent in a healthcare business?
• What is one of the main challenges associated with the sustainability of U.S. healthcare expenditures?
• Under HIPAA, what is required for the use or disclosure of protected health information (PHI) that is not explicitly permitted?
• What does a semi-fixed cost in healthcare refer to?
• What is the focus of strategic planning in a healthcare organization?
• What is a key factor that managers must consider when preparing a revenue budget?
• How are fixed costs typically classified in health plans?
• Which allocation method assumes no benefits between overhead functions?
• What might trigger a manager to adjust the incremental budget?
• Which of the following best describes an effective approach to collection policies for healthcare organizations?
• Which type of services are usually required to be sought from an in-network provider?
• Which of the following is NOT an example of a profitability ratio?
• What is one of the commonly utilized payment methodologies by third-party payers?
• Which of the following represents the basic formula for determining net income?
• What aspect of a health plan might benefit from ABC principles?
• Which of the following is NOT a required feature of a compliance program for federal program billing?
• What is included in the definition of charity care?
• What factor complicates the determination of prices in the healthcare market?
• Flexible budget variance analysis is particularly useful because it adjusts the budget based on what factor?
• Who typically uses departmental operating statements in healthcare organizations?
• Specialists typically focus their practice on:
• Why is understanding cash flow from accounts payable important for a healthcare manager?
• In what context is the term 'Provider' used in healthcare?
• What is a major advantage of using bundled payments in healthcare?
• What financial challenge do Accountable Care Organizations (ACOs) introduce for healthcare providers?
• What does a high ALOS metric potentially indicate?
• What are the three broad categories of cash flows outlined in the statement of cash flows?
• What is the definition of charity care in a healthcare context?
• What does the False Claims Act allow the U.S. Department of Health and Human Services to recover?
• What formula is used to calculate the operating margin of a healthcare entity?
• What percentage of Americans were uninsured according to recent estimates?
• What percentage of the U.S. economy was devoted to healthcare spending in 2019?
• What is one key role of the finance function in healthcare organizations?
• What ratio is commonly used to monitor inventory levels in healthcare?
• Which healthcare delivery program was introduced by the Affordable Care Act to incentivize quality care among providers?
• Which budgeting approach starts with past results and adjusts based on future expectations?
• What is the primary purpose of an expense budget in healthcare management?
• What percentage of U.S. healthcare expenditures is paid directly by recipients?
• What is a best practice when managing claim denials?
• What is essential for clinicians when utilizing financial data?
• Which financial standard pertains to the recording of accounting transactions in healthcare?
• How can for-profit entities primarily raise capital?
• Which population does Medicaid primarily serve?
• Which of the following relationships is essential for preparing an expense budget?
• Which financial statement explains changes in cash balances for a healthcare entity?
• In regard to provider networks, what do insurers seek to manage healthcare costs?
• What is a notable challenge in U.S. healthcare spending?
• What is a capital expenditure?
• Which report is essential for understanding financial statement line items in healthcare?
• Which financial metric gives insight into the leverage of a business?
• What do profitability ratios measure in a healthcare entity?
• Which term refers to the dollar amount a provider sets for services before negotiations?
• What constitutes the direct or variable costs in a health plan?
• What happens if a clean claim is not received by a health plan?
• What advantage do not-for-profit entities have when it comes to borrowing?
• Which of the following healthcare professions is experiencing increased salaries due to high demand?
• What is one of the challenges of risk-sharing contracts?
• Approximately what percentage of U.S. healthcare is financed privately?
• What is the patient’s role in Medicare Part A after a hospital stay of 60 days?
• What characterizes variable costs in a health plan?
• What has become critical for maintaining margins in the context of the Affordable Care Act?
• What is the primary focus of cost centers within a healthcare organization?
• Who is responsible for coding the medical records for billing purposes?
• What change occurred in accounting standards for bad debt expense effective after December 15, 2018?
• What does "patient out-of-pocket payment" include?
• What financial management concept involves the care of accounts receivable and inventory?
• What major shift has occurred in healthcare management as a result of the Affordable Care Act?
• Why do managers in revenue producing areas need to understand indirect cost allocations?
• What is the result when a trial balance is balanced?
• Which of the following options describes the effect of Medicaid expansion on emergency care services?
• Which organization is mentioned as a provider of benchmarks for healthcare financial statistics?
• What is one key element shared among various evolving payment models?
• What group of providers collaborates to manage patient care under the concept of ACOs?
• What is the primary drawback of direct and step-down allocation methods?
• What does effective population health management often seek to improve?
• Which payment model allows patients to seek care outside of the provider group?
• What is a significant factor driving up operating expenses in healthcare?
• Which Medicaid expansion demographic was covered in 2016 as a result of the Affordable Care Act?
• What role does electronic funds transfer play in payment posting?
• How is the days in payables ratio used by health organizations?
• Which factor can significantly affect the billed charges of a healthcare provider?
• What does the medical loss ratio (MLR) indicate?
• What type of model is the Oncology Care Model designed to improve?
• What risk may ACO providers face if they fail to meet quality performance targets?
• What does the administrative load ratio reflect about a health plan?
• Which of the following best describes "cost to employer"?
• What constitutes net revenue for a healthcare provider?
• Which statement is true regarding the Anti-Kickback Statute?
• How has the business model of the healthcare industry been evolving?
• What approach to budgeting is usually more labor-intensive and controlled?
• What process assigns indirect costs to services provided to patients or clients?
• What purpose do interim financial statements serve for organizations?
• The primary emphasis of compliance programs in healthcare is to protect what?
• In an income statement, what is the basic formula for calculating operating income?
• In the context of healthcare value, what does quality include?
• What is one goal associated with setting statistical targets in a healthcare strategic plan?
• What does the accounting equation express?
• Who administers the Medicaid program?
• What is the primary focus of facility providers in healthcare?
• What occurs when a patient chooses to use an out-of-network provider?
• When is it beneficial to have a tightly controlled budget?
• Which category do liquidity ratios belong to in financial analysis?
• Which model is highlighted as an effective method for managing population health?
• Why is it important for health care organizations to listen to consumers?
• What components are considered in calculating days cash on hand?
• What defines an asset in financial accounting?
• What is the primary concern of a population health management initiative?
• How does the general ledger assist managers when analyzing financial discrepancies?
• What does the Statement of Activities summarize for an organization?
• What type of insurance is typically offered as an employee benefit?
• What are billed charges in healthcare?
• What must healthcare providers keep at or below to achieve profitability when using fixed fee pricing?
• What might happen to non-healthcare programs as healthcare expenditures increase?
• What percentage of enrollees with incomes between 133 and 400 percent of the federal poverty level receive subsidies under the Affordable Care Act?
• Why is the context of healthcare numbers important for leaders?
• Which report would health plan managers use to assess provider payments over budget?
• What is the primary function of a mission statement in a healthcare organization?
• What characterizes the bottom-up budgeting approach?
• Which format is commonly used for submitting healthcare claims electronically?
• What is the significance of understanding indirect costs in cost allocation?
• Which alternative payment model involves a single payment covering multiple providers' services?
• What does MACRA stand for?
• How are expenses recorded simultaneously on the balance sheet and income statement?
• What is a trial balance?
• What is an essential skill for today's healthcare leaders as roles evolve?
• How is the "cost to health plan/insurer" defined?
• Which pricing strategy might healthcare entities avoid if they desire to cover all direct costs?
• When conducting break-even analysis, what should prices at minimum cover?
• What types of costs can be classified under overhead costs?
• What do dashboards in healthcare management primarily summarize?
• What happens when health insurance premium increases occur due to rising costs?
• In what situation would step variable costs come into play in health plans?
• What is the main intent of having training in a compliance program?
• What is the relationship between financial targets and operational budgets in healthcare?
• What is one common source of funding for businesses if they do not have enough cash for operations?
• What was the total U.S. healthcare spending in 2019?
• What does the statement of cash flows begin with?
• Which area has finance moved into as a result of having access to comprehensive data?
• What is the primary challenge managers face regarding service costs?
• What is the primary purpose of experience rating in health insurance?
• What effect can lower Medicaid payment rates have on healthcare providers?
• What must Medicare Advantage plans provide at a minimum?
• What are direct costs in a healthcare setting?
• What distinguishes fraud from abuse in a healthcare context?
• Which costs must be considered when setting prices for services in a healthcare business?
• Which of the following categories are balance sheet accounts divided into?
• During which phase of patient care is a medical record prepared for documentation?
• How does budgeting relate to planning within a healthcare organization?
• Which payment method aligns incentives between healthcare providers and physicians?
• What is one of the main objections to the current fee-for-service system?
• What is a departmental operating statement?
• Which of the following statements about Medicare Part B is true?
• In a hospital or physician clinic setting, what is typically classified as a variable direct cost?
• What potential issue arises from community rating concerning younger members?
• What outcome has been observed from increased collaboration between finance and clinical staff?
• What does utilization review often require according to the medical record data?
• What is a key function of benchmarking in healthcare management?
• What is a deductible in health insurance?
• What does capitation often unintentionally limit in healthcare delivery?
• What can the analysis of favorable and unfavorable variances inform managers about?
• What type of financial statements are commonly prepared on a monthly or quarterly basis?
• What is an essential step in the post-visit activities phase concerning medical records?
• What caution should managers exercise regarding the use of accounts payable?
• Who is considered a whistleblower?
• Which operational metric is vital for assessing finance-related efficiencies in hospitals?
• What is the definition of a liability?
• What benefit do healthcare organizations gain by fostering relationships with actuaries?
• What is the primary reason donations to for-profit businesses are not tax-deductible?
• What is the primary objective for healthcare providers when submitting a claim?
• What aspect of healthcare payment does the prospective payment system focus on?
• Under the new standard, how is a patient's unpaid balance treated?
• Which of the payment methodologies is designed to limit payment increases for providers?
• What type of penalties does abuse typically carry?
• What form can healthcare reform take according to various views?
• What organization type is exempt from federal income tax?
• What is a common challenge in allocating administrative costs in a healthcare setting?
• Which of the following is true regarding the cost structure of a health plan?
• Why is the contract relationship between a healthcare provider and a health plan important?
• What is a drawback of the zero-based budgeting approach?
• What coding system is used to describe diagnoses in the United States?
• How does a budget relate to an organization’s strategic plan?
• What is the purpose of management reporting in healthcare?
• What is a key feature of Medicare Advantage plans?
• What is the primary purpose of ratio analysis in a business?
• Which of the following is an example of an indirect cost in healthcare?
• What is the contribution margin in a health plan?
• What are the main components typically included in a budget for a healthcare organization?
• What concept involves a collaborative effort to enhance the overall health of specific patient groups?
• What is Medicare primarily for?
• How many individuals were enrolled in Health Insurance Marketplaces in 2019?
• What does the Statement of Financial Position primarily report?
• When calculating days in payables, what expense is primarily considered in the formula?
• How much underwriting profit is allowed under the Affordable Care Act for large group market health plans?
• What is the typical time frame covered by a strategic plan?
• Why is understanding costs essential for a manager in healthcare?
• In which financial statement are temporary accounts closed at the end of the period?
• What percentage of Medicaid's administrative costs does the federal government cover?
• What is one of the goals of changing to outcomes-based payment models?
• Which of the following describes short-term debt?
• What was one of the intended outcomes of the individual mandate?
• What do employers require from price transparency tools?
• Which of the following metrics indicates the average length of stay in a hospital?
• Why are healthcare providers pressured to compete on price?
• What is the income calculation for a health plan when determining operating profit?
• What is the process called that health plans follow to review claims for payment?
• Why are pharmaceutical prices in the U.S. notably higher than in many developed countries?
• How often should a healthcare provider ideally experience inventory turnover?
• Which entity negotiates rates for provider services and processes claims?
• Which position is typically responsible for the finance functions in healthcare organizations?
• What principle is considered the basis for accrual accounting?
• What rate is typically paid for a secondary procedure in a per-procedure payment model?
• What do the Stark I and II rules primarily prohibit?
• What does Medicare Part D primarily cover?
• What should a successful break-even analysis ideally provide to managers in healthcare?
• Which of the following is NOT a source of capital for healthcare businesses?
• Which type of cost remains constant regardless of the volume of services provided?
• What is one consequence of relying on the current ratio without considering the types of assets?
• Which of the following is typically a metric used to assess revenue cycle performance?
• How should managers view changes in receivables for healthcare organizations?
• How is break-even volume typically determined?
• What is the relationship between premiums and medical expenses in the context of a health plan?
• How might providers benefit from their partnership with health plans?
• What is a common challenge associated with cost analysis in healthcare?
• In what situations is a zero-based budgeting approach most beneficial?
• What role does the CEO typically play in a healthcare organization regarding finance?
• How often might a healthcare organization produce a zero-based budget if combining budgeting methods?
• Why is population health management important in healthcare?
• What are cost centers primarily responsible for managing?
• How do high-deductible health plans (HDHPs) impact workers?
• Which healthcare programs require providers to comply with federal statutes and regulations?
• Why might health plans and providers be conflicted in their goals regarding population health initiatives?
• Why is accounts payable distribution important for healthcare entities?
• What can clinicians provide insight on that finance professionals need for effective decision-making?
• What is the primary goal of the strategic planning process in larger healthcare organizations?
• For whom is the estimated price of standard procedures particularly important?
• What is the primary reason health insurers need to maintain relationships with cost-competitive providers?
• What is the primary financial incentive associated with capitation?
• What is one major benefit of health plans and providers aligning their operations?
• What is the significance of understanding cost behaviors in healthcare for providers and insurers?
• How does the step-down approach begin in cost allocation?
• What is the primary purpose of receivable aging reports in healthcare?
• Why do healthcare facilities set retail prices significantly higher than what insurers pay?
• What two main categories make up health plan expenses?
• What does the case mix index represent in healthcare payment models?
• What is the practice of cost shifting primarily intended to address?
• Under which payment model do providers receive payment for specific services rendered based on charges?
• What does the term "cost to provider" refer to in healthcare?
• Which cost type corresponds to actual claims payments made by a health plan?
• Which payment model encourages providers to work together for better patient outcomes?
• According to which organizations is the accrual basis of accounting specifically required for financial reporting?
• What is a key component to manage when implementing a population health management concept?
• Why is inventory management particularly challenging in healthcare?
• What type of balance accounts carry forward to successive accounting periods?
• According to accounting conventions, how are debits and credits typically recorded?
• What change did the Affordable Care Act make regarding Medicaid eligibility?
• What does IBNR stand for in relation to health plan claims?
• What are hospitals typically able to monitor using dashboards?
• What is a deductible in health insurance terms?
• What is essential for a cooperative relationship between clinical staff and finance professionals?
• What is a potential drawback of the per diem payment system?
• Under the Affordable Care Act, what percentage of premium revenue must a health plan pay out for medical claims to receive performance bonuses?
• What calculation can be performed to measure visits per provider in a clinic?
• What burden of proof must be met to establish fraud in a legal setting?
• Which category does the Quality Payment Program NOT include in its performance evaluation?
• Why are budgets considered a tool for managers?
• What does Medicare Part A cover?
• What happens if budget projections are not regularly assessed?
• What is a cost driver in the context of healthcare management?
• What is a significant contributor to personal bankruptcies in the U.S.?
• Which formula is used to calculate the rate variance?
• What is the formula for calculating a revenue variance?
• What approach did health plans adopt in response to incentives for unnecessary service provision?
• What is a common reason for delays in completing medical record summaries post-discharge?
• What is the primary advantage of using an incremental budgeting approach?
• Why might smaller healthcare entities forego formal mission or vision statements?
• Which metric is NOT typically tracked by health plans using dashboards?
• What approach is used to account for interrelationships between overhead departments?
• What does the revenue cycle in healthcare primarily involve?
• What is the recommended minimum level for the current ratio?
• What is a Diagnosis Related Group (DRG) payment based on?
• What is implied by failing to plan in a healthcare organization?
• What is typically true about long-term costs in healthcare?
• How are administrative costs for health plans impacted by the Affordable Care Act?
• How do healthcare organizations demonstrate value for payments under the new management models?
• Which of the following best defines 'Value' in healthcare services?
• Why is timely communication with health plans critical during point of service collections?
• How has the Affordable Care Act affected competition among insurers?
• Why are healthcare organizations increasingly driven by price rather than cost?
• Which of the following is a formula used to calculate the current ratio?
• Which financial concept helps in assessing a business's performance and profitability?
• Which statement best describes the role of a vision statement?
• What is meant by 'Price Transparency' in healthcare?
• What is the main incentive for providers under the fee-for-service payment model?
• What do healthcare insurance premiums represent in terms of patient cost?
• What services are covered by Medicare Part B?
• Why is it essential for managers to understand revenue centers within a healthcare organization?
• How is contribution margin defined in the context of healthcare?
• What is the primary purpose of point of service collections?
• How does healthcare finance support shifts to value-based payment models?
• What does accrual accounting primarily aim to match in financial reporting?
• What does timely payment of claims aid health plans in maintaining?
• What is the result of setting prices below the full cost of service?
• What type of expenses do revenue centers primarily incur?
• How is coinsurance defined?
• What type of approach should finance professionals take to decisions affecting population health?
• What is the first step in the activity-based costing analysis?
• What is the purpose of a statistical budget in the context of operating budgets?
• In healthcare cost management, what is a critical rationale for maintaining low costs?
• What type of approach is necessary for improving operational efficiency in healthcare?
• In a per-procedure payment model, what characterizes the payment for multiple procedures done during one visit?
• What component is essential for ACOs to maintain financial viability?
• The Triple Aim refers to which of the following goals?
• In what area are healthcare finance roles evolving?
• In an ABC analysis, what typically drives healthcare costs?
• What is one of the main pressures on legislators in regards to healthcare?
• Which of the following describes the revenue cycle in healthcare?
• What is one common reason for claim denials in healthcare billing?
• What does the Medicare Shared Savings Program aim to improve?
• Health plans pay close attention to the expense budget because medical claims account for what percentage of their operating expenses?
• What is a primary goal of bundled payments introduced under the ACA?
• What is a common form of long-term debt in healthcare?
• What was a key provision of the Affordable Care Act regarding health insurance market reform?
• What does payment posting usually involve?
• Which of the following is a benefit of Patient-Centered Medical Homes?
• What does community rating facilitate in terms of pricing for insurance?
• What strategic role do financial managers play in healthcare settings?
• What dual challenge do healthcare providers face in light of competition?
• Which of the following is NOT a key player in the U.S. healthcare system?
• What is the maximum permissible age rating variation ratio allowed under the Affordable Care Act?
• What is included in the administrative load ratio?
• In what way can healthcare entities make up for discounts offered to large volume buyers?
• Which type of variance analysis computes the difference between actual results and a pre-prepared budget?
• What defines a "clean claim" in the context of healthcare billing?
• What does the acronym DNFB stand for in the billing process?
• When are expenses recognized in accrual accounting?
• Which of the following statements about in-network providers and balance billing is true?
• What is a key advantage of per-procedure payment systems for health plans?
• How does an increase in payables impact cash flow?
• Why should medical records be completed as soon as possible after patient discharge?
• What must be done to ensure data integrity in business intelligence?
• When comparing actual results to budgeted amounts, what is this difference called?
• What could be considered a definition of cost in the healthcare industry?
• What is the primary purpose of the HFMA task force formed in 2014?
• Which of the following is not one of the three basic financial statements?
• What do the three parts of the statement of cash flows primarily explain?
• In the context of healthcare providers, which role is critical in the revenue cycle?
• Which of the following provisions was eliminated by the Tax Cuts and Jobs Act of 2017?
• Which characteristic is true for providers under capitation arrangements?
• Why are budgets beneficial in healthcare management?
• Which payment system allows for an additional payment for particularly high-cost patients?
• What does the billing process begin with according to the steps outlined?
• What does the matching principle in accounting require?
• What is the main focus of cost management in a physician office?
• What is "balance billing" in the context of healthcare claims?
• What outcome is healthcare finance expected to promote through strategic partnerships?
• What can result from comparing actual results with budget targets?
• What is the purpose of the "Cadillac tax" introduced by the Affordable Care Act?
• What does Value Based Purchasing (VBP) primarily aim to reward?
• What should price transparency information be paired with for it to be effective?
• What is a significant upward challenge for CFOs in healthcare organizations?
• How have recent political changes influenced the healthcare industry?
• What is the primary characteristic of an Accountable Care Organization (ACO)?
• In cost behavior analysis, what is the assumption regarding short-term timeframes?
• What does an operating budget primarily provide for a healthcare business?
• Medical errors are a contributor to what aspect of healthcare financing?
• What is the main focus of activities that occur before the patient visit in the revenue cycle?
• What is the purpose of Medicare Part C?
• Which type of risk involves placing a portion of payments at risk of loss if quality objectives are not met?
• What is the hallmark of bundled payment systems?
• In a capitation payment model, what does PMPM stand for?
• How does coinsurance work in health insurance?
• In healthcare, why is labor input volume important for managers?
• What type of accounts does a trial balance include?
• In healthcare, what does PMPM stand for?
• Which of the following is a component of current liabilities?
• What does an effective operating budget usually include?
• What is a copayment?
• What does the term 'Price' refer to in a healthcare context?
• Which expenses are included in the 'cost to patient' for healthcare services?
• How does the expense incurred by health insurers affect their business competitiveness?
• Which healthcare reform accelerated changes in the healthcare system since 2010?
• What type of financial model does an ACO primarily use for provider compensation?
• What is the purpose of accounting in managing a business?
• How does a case rate payment differ from a DRG payment?
• The overall result of the operating budget results in an estimate of what?
• What does net assets or equity represent in a business?
• What is the purpose of concurrent review in healthcare?
• How has the role of finance in healthcare changed recently?
• What type of payment encourages providers to keep operating expenses under control?
• Which type of capital investments aims to maintain current service capabilities?
• Medicare Shared Savings Accountable Care Organizations are an example of what type of contracting?
• What is a key characteristic of bad debt in healthcare finance?
• Which model was launched by CMS in 2017 to enhance primary care delivery?
• When is a flexible budget prepared in comparison to a simple budget?
• Which of the following is NOT a characteristic of specialists in healthcare?
• What type of payment mechanism is cost-based payment associated with?
• Which term refers to the financial loss from unpaid medical bills?
• What is the role of the medical record in the claims process?
• What is a primary characteristic of marginal cost pricing in competitive healthcare markets?
• What typically does not count as out-of-pocket payment for patients?
• What does 'Balance Billing' typically involve?
• What does the days cash on hand ratio estimate?
• What type of costs provides a clearer picture for conducting break-even analysis in healthcare settings?
• Using estimates for accrual entries when actual amounts are not known is referred to as what?
• What is a critical element of understanding a budget?
• What does labor distribution help healthcare managers analyze?
• What could a declining debt service coverage ratio suggest about an organization?
• What does the volume variance estimate?
• What is the main focus of managers when utilizing budget variance analysis?
• What was the purpose of the Medicare Access and CHIP Reauthorization Act (MACRA)?
• What can excessive focus on audit trail details lead to for healthcare managers?
• Which payment system uses a fixed amount reimbursed per day for patient care?
• What is the expected timeframe for health plans to pay clean claims, according to regulations?
• Which pricing strategy can be utilized by healthcare entities with little competition?
• What type of investments must healthcare providers make as payment growth from care purchasers is limited?
• Why is fair allocation of indirect costs important in healthcare?
• Which of the following is a key element of price transparency?
• What does the operational metric for costs PMPM reflect?
• In healthcare budgeting, what is often a breakdown of the overall annual budget?
• In cash basis accounting, what do small entities such as physician offices rely on to assess their financial position?
• Which statement best describes the incentive structure of fee-for-service reimbursement?
• What is often an underlying cause of claim denials?
• What is meant by reimbursement in healthcare?
• What must healthcare leaders focus on to drive true value in patient care?
• How do management tools like budget and variance analysis benefit healthcare managers?
• What is often the largest single component of state budgets in relation to healthcare?
• What is the purpose of the general ledger trial balance?
• When payables decrease, how is this reflected on the statement of cash flows?
• What is the primary purpose of managing financial resources in healthcare?
• What is the primary concern for healthcare providers with respect to pharmaceutical pricing?
• What do risk-based contracts allow both payer and provider to do?
• What main aspect should finance professionals integrate when making business decisions?
• What is the primary purpose of compliance programs in healthcare?
• What financial challenge do many workers face regarding healthcare plans?
• Which of the following is NOT typically included in a balance sheet?
• What does the term 'consumerism' refer to in healthcare contexts?
• Managers must consider which factors when prioritizing capital investments?
• Which equation represents the accounting equation used in the Statement of Financial Position?
• How is Medicare Part B funded?
• What is the primary aim of the Triple Aim in healthcare as defined in the ACA?
• What is a key focus for health insurance plans as they compete in the market?
• What does the debt to equity ratio indicate about a company?
• What does the term copayment mean in healthcare?
• How does the U.S. healthcare spending compare to that of the next highest country?
• What aspect of strategic planning helps healthcare organizations navigate crises?
• What is the aim for the days in inventory ratio in healthcare?
• Who can obtain individual health insurance coverage under the ACA?
• What does a current ratio below 2.0 potentially indicate about an organization?
• Which group makes up the largest percentage of individuals receiving healthcare as a benefit?
• What is one way to enhance communication between clinical and finance teams?