#1
What is the primary goal of healthcare financial management?
Ensuring regulatory compliance
ExplanationMaintaining adherence to legal standards.
#2
What is the purpose of a financial budget in healthcare organizations?
To plan and control financial resources
ExplanationManaging financial resources effectively.
#3
What is the primary focus of healthcare financial ethics?
Balancing financial considerations with ethical principles
ExplanationHarmonizing financial and moral values.
#4
What is the concept of 'cost containment' in healthcare financial management?
Implementing strategies to control and reduce expenses
ExplanationEnforcing measures to reduce expenditures.
#5
What is the primary goal of healthcare financial ethics?
Balancing financial considerations with ethical principles
ExplanationHarmonizing monetary interests with ethical values.
#6
Which financial statement provides a snapshot of an organization's financial position at a specific point in time?
Balance sheet
ExplanationA summary of assets, liabilities, and equity.
#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
ExplanationFixed payment per patient irrespective of services rendered.
#8
What is the concept of 'cost-shifting' in healthcare finance?
Shifting the cost from one payer to another to make up for losses
ExplanationTransferring expenses from one payer to another.
#9
In healthcare finance, what does the term 'RVU' stand for?
Relative Value Unit
ExplanationMeasure of value for medical services.
#10
In healthcare financial management, what is the purpose of a cost-benefit analysis?
To evaluate the potential benefits and costs of a particular decision or investment
ExplanationAssessing the pros and cons of financial choices.
#11
What is the term for a situation where a healthcare provider bills a patient for the remaining balance after the insurance payment?
Balance billing
ExplanationCharging the patient for unpaid balances.
#12
What is the role of the Chief Financial Officer (CFO) in a healthcare organization?
Oversee financial management and strategy
ExplanationSupervising financial operations and planning.
#13
Which ethical principle in healthcare emphasizes treating individuals fairly and justly?
Justice
ExplanationFair treatment and equity.
#14
What is the purpose of the Health Insurance Portability and Accountability Act (HIPAA) in the United States?
To protect the privacy and security of individuals' health information
ExplanationSafeguarding health data privacy and security.
#15
Which financial ratio measures an organization's ability to meet its short-term obligations with its most liquid assets?
Current ratio
ExplanationAssessment of liquidity.
#16
What is the role of a healthcare compliance officer in an organization?
Ensuring ethical practices and adherence to regulations
ExplanationEnforcing ethical and regulatory standards.
#17
What is the primary purpose of the Sarbanes-Oxley Act in the context of healthcare financial management?
To enhance corporate governance and financial disclosures
ExplanationImproving corporate transparency and accountability.
#18
Which financial metric measures the efficiency of a healthcare organization in collecting payments from patients and insurance companies?
Days in Accounts Receivable (DAR)
ExplanationEvaluation of revenue collection efficiency.
#19
What is the purpose of the Time-Driven Activity-Based Costing (TDABC) method in healthcare financial management?
To assign costs to specific patient activities based on the time spent on each
ExplanationAllocating costs to patient services according to time spent.