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CMOM Module 3 Exam | Questions And Answers Latest {} A+ Graded | 100% Verified
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CMOM Module 3 Exam | Questions And Answers Latest {} A+ Graded | 100% Verified
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CMOM Module 3 Exam | Questions And Answers Latest {2024- 2025} A+ Graded | 100%Verified
Gross Collection Ratio - (Total Collections) / (gross charges)
Average Months in A/R - (Total A/R for the past month) / (average monthly billing for the past 12
months)
Total Expenses Per patient - (Total Expense) / (Total Number of patients)
Average Billing per Patient - (Total billing per month or year) / (total number of patients by month or
year)
Average Net Collections Per Patient - (total net collections per month or year) / (Total number of
patients by month or year)
Average Cost Per patient - (Total Variable expenses per month or year) / Total number of patients by
month or year)
Net Collection Ratio - (Total Collections) / (Total Charges - adjustments)
Expense to Earnings Ratio (Overhead Ratio) - (Expenses) / (Net Collections)
Average Collection Period - (Accounts Receivable) / Average Daily Charges
Budget - -assists the practice in measuring projected financial goals with the actual financial
performance
-projects revenue expenditures
-helps determine cost containment and revenue requirements
, Aspects to consider for establishing goals - -number of providers
-services provided
-facility
-support personnel
-patient load
-insurance plans
-marketing plan
Objectives - must be established for a practice before a budget and financial policies can be established
Aspects to consider for establishing objectives - -capital
-capabilities of the facilities
-inflation
-competition
-trends in reimbursement
-unexpected events
Actual - status of the practice that indicates the financial operations of the last reporting period
Projected - status of the practice that indicates the financial situation for the next reporting period
(subject to change)
Accounts Payable - the bills the practice owes to vendors
Accounts Receivable - the amounts owed to you by your patients and insurance carriers
Assets - things of value held by the practice
Accrual Based Accounting - -record income when the services occur, not when you receive payment
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