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Exam (elaborations)

DLM (ASCP) Exam Questions & Answers 2023/2024

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DLM (ASCP) Exam Questions & Answers 2023/2024 Project Volumes (forecasting stage) - ANSWER-based on expert opinion, stats, historical data, shifts in patient mix, changes in medical staff composition, changes in inflation/reimbursement ratws, expansion/cutbacks, population fluctuations based o...

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  • September 7, 2023
  • 28
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers
  • DLM
  • DLM
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DLM (ASCP) Exam Questions & Answers
2023/2024

Project Volumes (forecasting stage) - ANSWER-based on expert opinion, stats, historical data, shifts in
patient mix, changes in medical staff composition, changes in inflation/reimbursement ratws,
expansion/cutbacks, population fluctuations based on economy



Steps to creating a budget - ANSWER-1. project volumes

2. convert volumes to revenue

3. convert volumes into expense requirements

4. Adjust revenue/ expenses as necessary to meet budget margin



gross revenue - ANSWER-Rates x Production Unit (Billable test volume)



Expenses - ANSWER-salaries/wages, reference service, instrument lease, maintenance contracts,
education/travel



Financial Statements - ANSWER-convey the financial status of an organization

4 main types - income statement, balance sheet statement of changes in equity and statement of cash
flows.



income statement - ANSWER-summarizes the operations of an organization with a focus on its revenues,
expenses, and profitability. contains operational results over a period of time.



depreciation - ANSWER-noncash charge against earnings on income statement that reflect the "wear and
tear" on a business' fixed assets (property and equipment). loss of value



salvage value - ANSWER-amount received when final disposition occurs at end of the asset's useful life.

,annual depreciation - ANSWER-(initial cost - salvage value)/ useful life



Profit - ANSWER-net income -expense



cashflow - ANSWER-net income + depreciation



Total Profit Margin - ANSWER-Net income divided by total revenues. It measures the amount of total
profit per dollar of total revenues.



fixed costs - ANSWER-cost not related to the volume of services delivered (ex. facilities cost, lab admin,
instrument leases, maintenance contracts)



variable cost - ANSWER-directly related to the volume of services delivered (ex. supplies, labor costs)



Profit Analysis - ANSWER-technique use to analyze the effects of volume changes on profit. can also be
used to analyze effects of volume changes on costs.



Total Costs - ANSWER-fixed costs + variable costs

Variable costs = variable cost rate x volume



contribution margin - ANSWER-difference between per unit revenue and per unit variable cost. gives the
amount left to cover the fixed costs. after fixed costs are covered what's left contributes to the profit.



accounting breakeven - ANSWER-Volume needed to produce zero profit. Revenues cover all accounting
costs.

Total Revenue (cost x volume) - Total Variable (variable cost rate x volume) - fixed costs = $0



economic breakeven - ANSWER-occurs when all accounting costs plus a profit target are covered

total revenue - total variable cost- fixed cost = profit

, Surcharge/Cost Plus - ANSWER-used for reference/send out testing. Determine cost of doing a procedure
then add markup factor to get appropriate price.



weight value basis - ANSWER-each test performed is assigned a weight based on cost of performing the
test in relation to the procedure.



patient day factor - ANSWER-the number of patients in a hospital on a given day.

(average patient day/ daily census for the year) x 365



tests per patient days - ANSWER-test volume/ patient days



revenue per test - ANSWER-gross revenue/test volume



direct costs - ANSWER-test-specific costs (Variable)

examples - supplies, instrumentation, reagents, tech time



indirect cost - ANSWER-remain constant

examples - lab admin, medical records, house keeping, utilities, etc. (fixed/semi-variable)



unit costs - ANSWER-total direct + indirect expenses



Employment cycle - ANSWER-covers all stages in the process of employing staff:

1. recruitment and acquisition costs (pre-employment screen)

2. training/developmental costs (ongoing)

3. productive/operational periods

4. termination/separation of employee from institution costs



analyze labor costs - ANSWER-institutional labor cost evaluation (employment cycle)

technical evaluation of labor cost - assign labor costs to production activities that generate expenses.
helps manager identify where efforts are being expended and productivity

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