#1
What is the primary goal of healthcare financial management?
Maximizing patient satisfaction
Maximizing profits
Ensuring regulatory compliance
Providing free healthcare
#2
What is the purpose of a financial budget in healthcare organizations?
To track patient satisfaction
To plan and control financial resources
To enforce ethical standards
To monitor employee attendance
#3
What is the primary focus of healthcare financial ethics?
Maximizing profits at any cost
Ensuring patient safety
Balancing financial considerations with ethical principles
Providing free healthcare to all
#4
What is the concept of 'cost containment' in healthcare financial management?
Minimizing the quality of healthcare services to reduce costs
Implementing strategies to control and reduce expenses
Maximizing patient satisfaction without regard to costs
Shifting costs to insurance providers
#5
What is the primary goal of healthcare financial ethics?
Maximizing profits at any cost
Ensuring patient safety
Balancing financial considerations with ethical principles
Providing free healthcare to all
#6
Which financial statement provides a snapshot of an organization's financial position at a specific point in time?
Income statement
Balance sheet
Cash flow statement
Statement of retained earnings
#7
What does the term 'Capitation' refer to in healthcare finance?
A payment system where providers are paid a fixed amount per patient regardless of services provided
A tax imposed on medical equipment
A type of insurance for catastrophic health events
A fee charged by hospitals for emergency services
#8
What is the concept of 'cost-shifting' in healthcare finance?
Shifting the cost of healthcare from individuals to the government
Shifting the cost from one payer to another to make up for losses
Shifting the cost of healthcare from hospitals to pharmaceutical companies
Shifting the cost burden to patients with chronic illnesses
#9
In healthcare finance, what does the term 'RVU' stand for?
Relative Value Unit
Revenue Variation Utility
Relative Volume Unit
Reimbursement Validation Unit
#10
In healthcare financial management, what is the purpose of a cost-benefit analysis?
To assess the financial health of a healthcare organization
To evaluate the potential benefits and costs of a particular decision or investment
To calculate the total revenue of a hospital
To measure patient satisfaction
#11
What is the term for a situation where a healthcare provider bills a patient for the remaining balance after the insurance payment?
Co-payment
Deductible
Coinsurance
Balance billing
#12
What is the role of the Chief Financial Officer (CFO) in a healthcare organization?
Direct patient care
Oversee financial management and strategy
Medical diagnosis
Human resources management
#13
Which ethical principle in healthcare emphasizes treating individuals fairly and justly?
Autonomy
Beneficence
Justice
Non-maleficence
#14
What is the purpose of the Health Insurance Portability and Accountability Act (HIPAA) in the United States?
To regulate drug pricing
To protect the privacy and security of individuals' health information
To establish a national healthcare system
To mandate insurance coverage for all citizens
#15
Which financial ratio measures an organization's ability to meet its short-term obligations with its most liquid assets?
Current ratio
Return on Investment (ROI)
Debt-to-Equity ratio
Operating margin
#16
What is the role of a healthcare compliance officer in an organization?
Maximizing profits
Ensuring ethical practices and adherence to regulations
Providing medical treatment
Handling financial investments
#17
What is the primary purpose of the Sarbanes-Oxley Act in the context of healthcare financial management?
To regulate pharmaceutical prices
To protect patient confidentiality
To enhance corporate governance and financial disclosures
To establish a national healthcare system
#18
Which financial metric measures the efficiency of a healthcare organization in collecting payments from patients and insurance companies?
Days in Accounts Receivable (DAR)
Operating margin
Return on Assets (ROA)
Current ratio
#19
What is the purpose of the Time-Driven Activity-Based Costing (TDABC) method in healthcare financial management?
To calculate the hospital's total revenue
To assign costs to specific patient activities based on the time spent on each
To measure patient satisfaction
To regulate drug pricing