(WGU C432) HCM 3510 Healthcare Management & Strategy - FA Pre Test Guide (WGU C432) HCM 3510 Healthcare Management & Strategy - FA Pre Test Guide (WGU C432) HCM 3510 Healthcare Management & Strategy - FA Pre Test Guide (WGU C432) HCM 3510 Healthcare Management & Strategy - FA Pre Test Guide
,1. Multiple Choice: Which of the following is a key feature of
strategic management in healthcare?
a) Cost containment
b) Quality improvement
c) Patient satisfaction
d) All of the above
Correct Answer: d) All of the above
Rationale: Strategic management in healthcare encompasses cost
containment, quality improvement, and patient satisfaction, aiming
to provide high-quality care while managing expenses.
2. Fill-in-the-Blank: The ________ model is a strategic tool used to
analyze the competitive environment of a healthcare organization.
Correct Answer: Porter's Five Forces
Rationale: Porter's Five Forces model helps organizations
understand the competitive forces at play in the market and
strategize accordingly.
3. True/False: In healthcare management, tactical decisions are
more long-term oriented than strategic decisions.
Correct Answer: False
, Rationale: Strategic decisions are long-term and relate to the
overall direction of the organization, while tactical decisions are
short-term and focus on the means of achieving strategic goals.
4. Multiple Response: Select all that apply. Effective healthcare
strategies should:
a) Align with the organization's mission and vision
b) Be flexible to adapt to changing regulations
c) Focus solely on financial outcomes
d) Incorporate stakeholder feedback
Correct Answers: a), b), d)
Rationale: Healthcare strategies must align with the mission and
vision, be adaptable, and consider stakeholder feedback, but
should not focus solely on financial outcomes.
, Rationale: A SWOT analysis is a strategic planning tool used to
identify internal strengths and weaknesses, as well as external
opportunities and threats.
6. Fill-in-the-Blank: The process of setting objectives, assessing
resources, and implementing plans to achieve healthcare goals is
known as ________.
Correct Answer: Strategic Planning
Rationale: Strategic planning involves setting objectives, assessing
resources, and planning actions to achieve goals within healthcare
organizations.
7. True/False: Value-based care prioritizes patient outcomes over
the volume of services provided.
Correct Answer: True
Rationale: Value-based care models focus on improving patient
outcomes and reward healthcare providers based on the quality of
care, rather than the quantity of services.
8. Multiple Response: Which of the following are components of a
healthcare strategic plan? Select all that apply.
a) Vision statement
b) Marketing initiatives
c) Financial projections
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