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Healthcare Finance Midterm questions well answered
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Healthcare Finance Midterm questions well answered
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Healthcare Finance MidtermWhat are the 3 viewpoints of Managers? - correct answer ✔✔1-Financial- Reporting/ Strategic Planning
2-Process- Data accumulation/ information system hierarchy
3-Clinical- Service delivery outcomes
What are the 4 elements of Financial Management? - correct answer ✔✔1-Planning- identify objects/
identify steps to accomplish
2-Controlling- Ensure plans are being followed
3-Organizing and Directing- Efficient use of resources
4-Decision Making- identify the alternatives.
What are the 2 types of accounting? - correct answer ✔✔1-Financial Accounting- used for third party
reporting
2-Managerial Accounting- for internal use- day to day operations
What is GAAP? - correct answer ✔✔Generally accepted accounting principles
What are the 2 types of organizations? - correct answer ✔✔1- For Profit- (Proprietary organizations) had
owners and stockholders
2-Non-Profit- tax exempt
What are the 4 segments of Financial Management system? - correct answer ✔✔1-Original Records-
evidence of an event
2-Information System- gathers, groups, sorts evidence
3-Accounting System- Records Events
4-Reporting System- Produces Reports
, What is the basic system element to financial reporting? - correct answer ✔✔1- Chart of accounts- a
map of all possible accounts(backbone of ledger)
2- Books and records - capture transactions
3-Reports- the final product
What are the primary steps in annual Management Cycle? - correct answer ✔✔1- Daily and Weekly
operating reports- contain raw data(provides immediate information to use day to day
2- Quarterly Reports and Statistics- have been verified, balanced and adjusted (used as milestones)
3- Annual Reports- Fiscal Year (12 month period)- used to report to outsiders
What are the 4 typical assets found on a balance sheet? - correct answer ✔✔1-Cash- in bank account
2- Accounts Receivable- owed money for services rendered
3-Notes Receivable- patient signed formal agreement to pay
4-Inventory- day to day supplies
What are the 4 typical liabilities on a balance sheet? - correct answer ✔✔1- Accounts Payable- owed to
vendors
2- Payroll taxes due- withheld funds required by government
3- Notes Payable- Borrowed money where an agreement was signed
4- Mortgages payable- Mortgage on building
How do you calculate Net Worth? - correct answer ✔✔Asset- Liability= Networth
What are the primary sources of healthcare revenue? - correct answer ✔✔1- Governmental Sources-
(Medicare/Medicaid)
2- Managed Care Services- provide healthcare services within a network
What are the 3 primary deductions from Revenue? - correct answer ✔✔1- Contractual allowances- the
difference between the full rate and the agreed upon rate
2- Bad Debts- the amount of services received on credit
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