HFMA CRCR EXAM COMPLETE
STUDY GUIDE | ANSWERED AND
GRADED A+ | 2024/2025 GUIDE
Components of financial counseling
- Correct Answer - Informing the patient at the hospitals, financial
policies
Explaining health plan, benefits
Providing cost estimates, and or good faith estimate when
applicable
Discussing financial responsibility
Assessing the patient's ability to pay
Reviewing payment alternatives with the patient
Bad Debt
- Correct Answer - Bad that represents the portion of the patient
liability which cannot be collected from the patient.
These amounts represent a failure to pay and not an inability to
pay on the part of the patient .
Charity care
,- Correct Answer - Charity care represents care, provided to a
patient who does not have the ability to pay for the services or
portion of the services received.
Accurate calculations
- Correct Answer - Importance of accurate calculations out the
finance personnel, along with the revenue cycle personnel, and
sure that both the explicit price concessions on the implicit price
concessions oracular reflected in the determination the providers
net patient service revenue.
When they are accurately completed, they have the information
needed to accurately calculate the explicit and implicit price
concessions into actually present net patient service revenue in
the financial statements.
Asc 606 Price concessions
- Correct Answer - Providers are required to net all price
concessions within the patient service, revenue line of the
financial statements. This is similar to the disclosure of capital
revenue, which may be separately disclosed on the face of or any
notes of the financial statements.
,Created the new terminology now employed in the calculation of
net patient service revenue. Explicit price concessions and implicit
price concessions.
Medicare and Medicaid use of financial statements and price
concessions
- Correct Answer - Auditors routinely look at uncompensated
Karen, bad debt amounts to gauge the levels of direct patient care
provided as a community benefit. Which statement best describe,
wish I would describe the new methodology for the determination
of net patient service revenue.
Which statement describes the new methodology for
determination of net patient service revenue?
- Correct Answer - Patient service revenue is defined as the total
incurred charges less the explicit price concession plus any
applicable implicit price concession as applied to the specific
portfolio of accounts.
Provider revenue
- Correct Answer - In order to report a providers revenue
accurately, it is important to calculate the difference between
gross revenue and net revenue
, HFMA map keys
- Correct Answer - Strategic KPI's that set the standard for patient
eccentric revenue cycle excellence in the healthcare industry. The
keys to find the essential of revenue performance and clear,
consistent and unbiased terms.
There are 29 keys , divided into five major groups.
Patient access
Pre-billing
Claims
Account resolution
Financial management
Net days in A/R
- Correct Answer - Use throughout the healthcare industry to
measure how fast receivables are collected. It's an indicator of the
overall accounts, receivable performance, and the revenue cycle,
if the efficiency.
The calculation uses the revenue, actually posted two accounts
during the specified three month. And it's been divided by the
number of days in that. Including holidays, and/or weekends. The
resulting interim number is the average daily revenue, which is
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