Table of Contents
ToggleHSM 543 Health Services Finance
HSM 543 Weekly Quizzes Week 1 – 3, 5 – 6 (Collection)
HSM 543 Week 1 Quiz – Questions/Answer
HSM-543 Week 2 Quiz – Questions/Answer
HSM 543 Week 3 Quiz – Questions/Answer
HSM-543 Week 5 Quiz – Questions/Answer
HSM 543 Week 6 Quiz – Questions/Answer
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HSM 543 Weekly Discussions: Weeks 1 – 7 (2 Versions)
HSM-543 Week 1 Discussion: Strategic Budgeting
HSM 543 Week 2 Discussion: Patient Protection And Affordable Care Act
HSM-543 Week 2 Discussion: Accounts Receivable Management
HSM 543 Week 3 Discussion: Capital Cycles
HSM-543 Week 3 Discussion: Major Objectives Of Financial Management
HSM 543 Week 4 Discussion: Strategic Planning
HSM-543 Week 4 Discussion: Capital Budgeting
HSM 543 Week 5 Discussion: Financial Statements
HSM-543 Week 5 Discussion: Key Indicators
HSM 543 Week 6 Discussion: Patient Rights
HSM-543 Week 6 Discussion: Baby Boomers And Healthcare
HSM 543 Week 7 Discussion: Integrated Delivery Systems
HSM-543 Week 7 Discussion: HIPPA And Patient Rights
HSM 543 Week 1 Quiz – Solutions
HSM 543 Week 1 Quiz (Winter 2019)
- Question: (CO A) Accounting is generally divided into two categories: financial and managerial. Which of the choices best describes managerial accounting?
- Question: (CO A) Which of the following is not a major management function?
- Question: (CO B) All are examples for qualifying to be a tax-exempt organization except which of the following?
- Question: (CO A) Managerial accounting is the link between
HSM 543 Week 1 Quiz (Spring 2019)
- Question: (CO A) The purpose of managerial accounting is the study of _____.
- Question: (CO A) Which of the following is not a major objective of healthcare financial management?
- Question: (CO B) All are examples for qualifying to be a tax-exempt organization except which of the following?
- Question: (CO A) Some of the identified CFO leadership skills include which of the following?
HSM 543 Week 1 Quiz (Fall 2018-19)
- Question: (TCO A) The purpose of financial accounting is to provide information to _____.
- Question: (TCO A) The most important objective of healthcare financial management is to _____.
- Question: (TCO B) The rationale for having tax-exempt organizations is the fact that _____.
- Question: (TCO C) The objective of accounts receivable management should be to
HSM 543 Week 1 Quiz (Summer 2018)
- Question: (TCO A) Accounting is generally divided into two categories: financial and managerial. Which of the choices best describes managerial accounting?
- Question 2: (TCO A) The most important objective of healthcare financial management is to _____.
- Question 3: (TCO B) The rationale for having tax-exempt organizations is the fact that _____.
- Question 4: (TCO A) Healthcare organizations submit to an external audit by an independent auditing firm. The most favorable auditor opinion is _____.
HSM 543 Week 2 Assignment: You Decide – Accounts Receivable Crisis
HSM 543 Week 2 Quiz – Solutions
HSM 543 Week 2 Quiz (Spring 2019)
- Question: (CO D) The difference between operating margin and total margin is which of the following?
- Question: (CO D) ALOS is used as a key operating indicator. What are some of the factors to be considered that can affect the ALOS calculation?
- Question: (CO D) Discuss the role of explanatory notes.
- Question: (CO D) Why is a higher value of total asset turnover ratio more desirable?
HSM 543 Week 2 Quiz (Jan 2019)
- Question: The difference between operating margin and total margin is which of the following? (CO D) The balance sheet includes three main categories. Give examples of each of the three categories. (Hint: Remember the accounting equation.) (CO D) Discuss the role of explanatory notes. (CO D) What is included in permanently restricted net assets? (CO D) The difference between operating margin and total margin is which of the following?
- Question: (CO D) The balance sheet includes three main categories. Give examples of each of the three categories. (Hint: Remember the accounting equation.)
- Question: (CO D) Discuss the role of explanatory notes.
- Question: (CO D) What is included in permanently restricted net assets? (CO D) Which one of the following is not a capital structure ratio?
HSM 543 Week 2 Quiz (Fall 2018-19)
- Question : (TCO C) Third-party payers include government and insurance company programs. In the mid-1940s, plans allowed employers and/or employees to prepay to an insurance company that would then reimburse a hospital or physician of the employee’s choosing. These were called
- Question : (TCO C) Managed care organizations (MCOs) do all the following except
- Question : (TCO C) Which law established a physician fee schedule?
- Question : (TCO C) The objective of accounts receivable management should be to
HSM 543 Week 3 Quiz – Solutions
HSM 543 Week 3 Quiz (Winter 2019)
- Question: (CO C) To manage increased risk, HMOs contain costs with aggressive methods of controlling use that do not include
- Question: (CO C) Managed care organizations (MCOs) do all the following except
- Question: (CO C) The methods of payment used by third-party payers include all except
- Question: (CO C) The goal of SCHIP is
HSM 543 Week 3 Quiz (Spring 2019)
- Question: (CO C) To manage increased risk, HMOs contain costs with aggressive methods of controlling use that do not include
- Question: (CO 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
- Question: (CO C) Which law established a physician fee schedule?
- Question: (CO C) The goal of SCHIP is
HSM 543 Week 3 Quiz (Fall 2018-19)
- Question: (TCO D) The current ratio is a
- Question: (TCO D) Temporary working capital is
- Question: (TCO D) Discuss how self-pay accounts should be handled as part of the organization’s credit and collection policy.
- Question: (TCO D) Discuss delinquency costs associated with accounts receivable.
HSM543 Week 4 Assignment: You Decide
Scenario
The local healthcare market’s dynamics are changing and evolving due to the increased competition between healthcare providers and systems. Things are looking up for Community Memorial as it tries to transition to a value-based care delivery system! But one day, just before lunch, you get a call from Bill Jacobs, the 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 Mega Plan Health. It will … 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 in its preferred provider network (PPN), and I am pretty sure that you will want to … 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 cutthroat 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 it likes, but now you have a problem. If you cannot get a decent contract with MegaPlan and become part of its PPN, many local patients may bypass your hospital and go the 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 preauthorization requirements that 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%.
Your Role
You are the hospital CFO, trying to solve the managed care problem.
Key Players
- John Evans
- Chief of Staff
- Katrina Eaton
- CEO
- Nancy Stritmatter
- CNO
Assignment
Given the scenario, your role, and the information provided by the key players involved, it is time for you to make a decision. If you are finished reviewing this scenario, close this window and return to this week’s You Decide tab, in Canvas, to complete the activity for this scenario. You can return and review this scenario again at any time.
Activity
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 one- to two-page paper, explaining how you will proceed.
HSM 543 Week 5 Quiz – Solutions
HSM 543 Week 5 Quiz (Spring 2019)
- Question: (CO D) The current ratio is a(n)
- Question: (CO D) All of the following are working capital items except which of the following?
- Question: (CO D) Discuss how self-pay accounts should … handled as part of the organization’s credit and collection policy.
- Question: (CO D) Discuss the objective of accounts receivable management.
HSM 543 Week 5 Quiz (Jan 2019)
- Question: (TCO D) Which one of the following is not a capital structure ratio?
- Question: (TCO D) Cash flows can be from operations, financing, or investing. Give an example of a transaction that would … included in each of those categories.
- Question: (TCO D) Define retained earnings.
- Question : (TCO D) What is included in permanently restricted net assets?
HSM 543 Week 5 Quiz (Fall 2018-19)
- Question: (TCO D) The difference between operating margin and total margin is which of the following?
- Question: (TCO D) Cash flows can be from operations, financing, or investing. Give an example of a transaction that would … included in each of those categories.
- Question: (TCO D) Discuss the role of explanatory notes.
- Question: (TCO D) What is included in permanently restricted net assets?
HSM 543 Week 6 Quiz – Solutions
HSM 543 Week 6 Quiz (Spring 2019)
- Question: (COs F and G) There are 10 leading health indicators (LHIs) 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.
- Question: (COs F and G) What are the two primary goals of Healthy People 2010?
- Question: (COs F and G) Who is the largest payer in healthcare, and what percentage of total expenditures is its share?
HSM 543 Week 6 Quiz (Jan 2019)
- Question: (COs F and G) List the five factors that were shaping Berman, Kukla, and Weeks’ (1994) views of the future of healthcare.
- Question: (COs F and G) A number of proposals labeled “patient’s bill of rights” have emerged in the last 7 years, with many states already enacting such legislation. Although patient privacy was an issue, there was an exception for releasing patient information under certain circumstances in the public interest. What was that?
- Question: (COs F and G) What percentage of healthcare dollars do professional providers and hospitals receive?
- Question: (COs 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 media impacts healthcare.
HSM 543 Week 6 Quiz (Fall 2018-19)
- Question: (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.
- Question: (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.
- Question: (TCOs F and G) What percent of total healthcare expenditure does the local government account for?
HSM 543 Week 8 Final Exam – Solutions
- Question: (CO G) This legislation made more restrictive eligibility criteria for welfare, which in turn restricted eligibility to Medicaid.
- Question: (CO G) The SCHIP Benefits Improvement and Protection Act included provisions for which of the following?
- Question: (CO E) For the capital budget, a step that is required just after identifying and prioritizing requests is to
- Question: (CO E) Budgeting is an important part of the planning process. Describe the relationship of budgeting to the operating plan.
- Question: (CO B) A major objective of healthcare financial management is to monitor physicians. This is important because
- Question: (CO B) A proactive strategy uses all of the following direct measures to define and measure quality except for
- Question: (CO D) The management tool or ratio most often used to evaluate inventory performance is the _____ ratio.
- Question: (CO D) The most commonly used tool to evaluate accounts receivable performance is
- Question: (CO C) Explain the difference in per diem reimbursement in an acute care hospital versus an extended care facility.
- Question: (CO D) What does the current asset turnover measure? Would a higher or lower number be more desirable?
- Question: (CO D) You are preparing the monthly management accounting reports. Your inventory turnover ratio is much lower than normal. Is that good or bad? Give an example of what could cause that to happen.
- Question: COs 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.
- Question: (CO G) What are long-term liabilities?
- Question: (CO G) What is the purpose of the statement of operations? In other words, what does it summarize?
- Question: (CO A) Responding to regulations is one of the major objectives of healthcare financial management. Explain what Nowicki means by quasi regulations and give an example of a quasi-regulation that you are familiar with from your work or course work.
- Question: (CO A) Compare and contrast the differences in accounting and finance.
- Question: (CO D) Financial analysis is important for managing the organization. Describe how vertical analysis is used to analyze operations and how the investigation of variances allows management to make sound decisions going forward.
- Question: (CO F) Baby Boomers will seriously impact the cost of healthcare as more boomers reach their 60s. Describe the government’s responsibility in the context of future trends and caring for our population.
- Question: (CO F) Increasingly we see more medical information in general print and electronic media. What responsibility does the media have, and how will it impact future trends?
- Question: (CO H) Integrated delivery systems can combine through vertical or horizontal integration. Describe what vertical and horizontal integration is and give an example.
- Question: (CO G) The balance sheets for for-profit and for not-for-profit organizations is very similar except for one section. Describe the area that is different and the captions you would see in that part of the balance sheet.
- Question: (CO C) Discuss open panel HMOs.
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