Revenue management exam - Study guides, Class notes & Summaries

Revenue Cycle Management Exam Fall 2023 with verified What PPS is used by Medicare to reimburse inpatient psychiatric hospitals? IPPS RUGS III IPF PPS CMG IPF PPS Which is not typically an HIM department function? Coding Data Quality auditing Coordination of bill error correction Patient Registration Patient Registration What is a characteristic of information governance? Aligns implementation outcomes to business priorities Manages da...

Main rm industry characteristics - ANSWER-Fixed capacity; High fixed cost and low marginal sales; High demand fluctuations; Sell products in advance; Perishable inventory; Multiple and clear market segments; Main RM problems - ANSWER-Multiple-night stay; Multiplier effect; Booking lead time Main idea of RM - ANSWER-Selling the right product, to the right customer, at the right price,for the right time and through the right el RevPar - ANSWER-Revenue per available room ADR*occ%=R...

Revenue - ANSWER-The total amount of sales achieved in a specified time period. Revenue is calculated as: - ANSWER-Number of units sold x Unit Price What do effective managers of an organizations revenues must do these three things... - ANSWER--Understand the importance of revenue management -Understand the many complex factors that influence revenue management strategy and tactics -Become better at making revenue management decisions than their competitors Accountant's Profit Formu...

Revenue Management Exam Latest 2023 100% Pass Penetration Index measures chosen indicators in relation to the market averages of the same indicators. An index above 100 percent indicates that the measure exceeds the market average. An index below 100 percent is below the market average. Distribution Channel Managers try to obtain most of the hotel's revenue through those channels that are 1 The highest revenue producers, 2 The most cost-effective, and 3 The most easily controlled. Long-Term F...

Actual Revenue - ANSWER-Rooms sold x room price Maximum Revenue - ANSWER-Rooms available x highest published price Occupancy - ANSWER-rooms sold / rooms available x 100 RevPar - ANSWER-actual revenue / rooms available RevPor - ANSWER-actual revenue / rooms sold Yield - ANSWER-actual revenue / max revenue market x 100 Fair share - ANSWER-max revenue own hotel / actual revenue market share x 100

Revenue Management - ANSWER-Also Known as Yield Management An essential instrument for matching supply and demand by dividing customers into different segments based on their purchase intentions and allocating capacity to different segments in a way that maximizes a particular's facility's revenues. The constellation of tools and actions dedicated toward the achievement of an optimal level of the hotels net revenues and gross operating profit 7 key point of Revenue Management - ANSWER...

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