CMOM Module 3 Test Questions with Answers
Considerations for forecasting revenue for new services - Answer--number of projected new services for the year
-fee schedule for individual services
Forecasted Revenue - Answer-(# of new services) x (fee schedule)
Fixed Costs - Answer-expenditures ...
Considerations for forecasting revenue for new services - Answer--number of projected
new services for the year
-fee schedule for individual services
Forecasted Revenue - Answer-(# of new services) x (fee schedule)
Fixed Costs - Answer-expenditures that do not change in the short term
Variable Costs - Answer-expenditures that will change according to how many times the
service is performed
Cost Factors for medical office - Answer--administrative
-support personnel
-supplies
-physician
Cost per procedure - Answer-Calculated by determining the cost to perform a procedure
once
Characteristics Suggested by High Overhead - Answer--low patient volume
-inefficient administrative management
-overstaffing, inefficient staffing
-poorly negotiated managed care contracts
-lack of discipline to manage expenses
-lack of strategic planning
Characteristics Suggested by Low Overhead - Answer--inequitable high fees
-lack of proper patient management
-failure to deliver high-quality medical care
-understaffing and low benefit and salary standard
Accounts Receivable Report - Answer-indicates the effectiveness of the collections
department
Flash Report - Answer-an excellent method of communicating patient stats and financial
information
-should be no longer than one page
-aka Dashboard
, Net Collection Ratio - Answer-this number reflects the ratio of dollars that are actually
collected versus what should have been collected
Expense to Earning Ratio - Answer-this number may vary on practice locality, speciality,
payers and number of providers
-50% or (1:2) ratio is considered to be fairly efficient
Gross Collection Ratio - Answer-(Total Collections) / (gross charges)
Average Months in A/R - Answer-(Total A/R for the past month) / (average monthly
billing for the past 12 months)
Total Expenses Per patient - Answer-(Total Expense) / (Total Number of patients)
Average Billing per Patient - Answer-(Total billing per month or year) / (total number of
patients by month or year)
Average Net Collections Per Patient - Answer-(total net collections per month or year) /
(Total number of patients by month or year)
Average Cost Per patient - Answer-(Total Variable expenses per month or year) / Total
number of patients by month or year)
Net Collection Ratio - Answer-(Total Collections) / (Total Charges - adjustments)
Expense to Earnings Ratio (Overhead Ratio) - Answer-(Expenses) / (Net Collections)
Average Collection Period - Answer-(Accounts Receivable) / Average Daily Charges
Budget - Answer--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 - Answer--number of providers
-services provided
-facility
-support personnel
-patient load
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Scholarsstudyguide. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.
