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LSUS MHA 706 Midterm Questions and Answers Graded A+ Question: What is the primary goal of healthcare financial management? Answer: The primary goal of healthcare financial management is to ensure that healthcare organizations have the financial resources to provide high-quality patient ca...

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  • August 13, 2024
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  • 2024/2025
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LSUS MHA 706 Midterm Questions and
Answers Graded A+
Question: What is the primary goal of healthcare financial management?


Answer: ✔✔ The primary goal of healthcare financial management is to ensure that healthcare

organizations have the financial resources to provide high-quality patient care, sustain

operations, and achieve strategic objectives while maintaining financial stability.




Question: How does cost-shifting impact healthcare providers?


Answer: ✔✔ Cost-shifting occurs when healthcare providers compensate for losses from

underpaid services (such as those covered by Medicaid) by increasing prices for privately

insured patients, which can lead to higher healthcare costs for some patients and insurance

companies.




Question: What are the components of the revenue cycle in a healthcare organization?


Answer: ✔✔ The revenue cycle includes patient registration, charge capture, coding, claim

submission, payment posting, and follow-up on unpaid claims, all of which are essential for the

financial health of the organization.




Question: How does managed care affect healthcare delivery?


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,Answer: ✔✔ Managed care affects healthcare delivery by emphasizing cost control, coordinating

patient care through primary care physicians, implementing preventative care measures, and

negotiating service rates with providers to keep healthcare costs in check.




Question: What is the difference between fixed and variable costs in healthcare?


Answer: ✔✔ Fixed costs remain constant regardless of the volume of patients (e.g., building

rent, salaries of administrative staff), while variable costs fluctuate based on the number of

patients served (e.g., medical supplies, utilities).




Question: How can healthcare organizations improve their financial performance?


Answer: ✔✔ Healthcare organizations can improve financial performance by optimizing revenue

cycle management, reducing unnecessary costs, negotiating better payer contracts, investing in

technology to enhance efficiency, and improving patient satisfaction to increase retention.




Question: What are the financial implications of the Affordable Care Act (ACA) for healthcare

organizations?


Answer: ✔✔ The ACA has increased the number of insured patients, leading to higher demand

for services, but it has also imposed new regulatory requirements and payment models that

emphasize value over volume, potentially affecting reimbursement rates and financial margins.




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, Question: What role does financial forecasting play in healthcare administration?


Answer: ✔✔ Financial forecasting helps healthcare administrators anticipate future financial

needs, plan for capital investments, manage cash flow, and prepare for potential changes in

revenue or expenses, ensuring the long-term financial stability of the organization.




Question: How do healthcare organizations determine the price of services?


Answer: ✔✔ Pricing is determined by analyzing the costs of providing services, considering

market rates, understanding payer reimbursement rates, and factoring in the organization’s

financial goals and the need to remain competitive.




Question: What is the importance of a break-even analysis in healthcare?


Answer: ✔✔ Break-even analysis is crucial for determining the point at which revenue from

services covers the costs of operations, helping administrators make informed decisions about

pricing, service expansion, and cost control.




Question: How does Medicare reimbursement impact healthcare providers?


Answer: ✔✔ Medicare reimbursement impacts providers by setting standard rates for services,

which may be lower than those from private insurers, requiring providers to manage costs

efficiently and potentially influencing the mix of services offered to maximize reimbursement.




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