#1
Which financial statement provides a snapshot of a healthcare organization's financial health at a specific point in time?
Balance sheet
ExplanationSummarizes assets, liabilities, and equity at a given moment.
#2
What does the acronym EHR stand for in healthcare finance?
Electronic Health Record
ExplanationDigital records of patients' medical history and treatments.
#3
Which regulatory body is responsible for overseeing Medicare and Medicaid programs in the United States?
Centers for Medicare & Medicaid Services (CMS)
ExplanationManages federal healthcare programs.
#4
What is the primary objective of medical coding in healthcare finance?
To assign standardized codes to medical procedures and diagnoses
ExplanationEnsuring accurate billing and reimbursement.
#5
Which financial statement is also known as the statement of operations?
Income statement
ExplanationSummarizes revenues, expenses, and profits.
#6
What is the role of a Chief Financial Officer (CFO) in a healthcare organization?
To manage financial operations and strategy
ExplanationOverseeing financial aspects and planning.
#7
What is the primary goal of revenue cycle management in healthcare?
To maximize reimbursement and cash flow
ExplanationEfficiently managing claims and payments for financial stability.
#8
Which of the following is NOT a typical component of healthcare financial planning?
Marketing strategy
ExplanationNot directly related to financial operations.
#9
What does the term 'cost containment' refer to in healthcare finance?
Implementing strategies to control and reduce healthcare expenses
ExplanationEfforts to manage and reduce healthcare costs.
#10
Which financial ratio measures a healthcare organization's ability to meet its short-term obligations with its most liquid assets?
Current ratio
ExplanationIndicator of liquidity and short-term financial health.
#11
What is the main purpose of a cost report in healthcare finance?
To report costs incurred by a healthcare facility for services rendered
ExplanationDetailing expenses for services provided.
#12
What is the primary purpose of conducting a financial audit in healthcare?
To identify areas of financial risk and ensure compliance
ExplanationEvaluating financial practices for risk and compliance.
#13
In healthcare finance, what does the term 'capitation' refer to?
A payment arrangement where providers are paid a fixed amount per patient
ExplanationFixed payment per patient regardless of services rendered.
#14
What is the concept of 'value-based healthcare' primarily focused on?
Improving patient outcomes while controlling costs
ExplanationEmphasizing quality of care and cost-effectiveness.