health care finance!
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Which of the following statements best describes the revenue cycle?
a. It focuses on cash management.
b. It focuses on inventory management.
c. It focuses on receivables management.
d. It focuses on cash, inventory, and receivables management.
e. It focuses on all activities associated with billing and collecting for services.
Answer: _____
2. The revenue cycle is composed of:
a. Before service activities
b. At-service activities
c. After-service activities
d. Monitoring and reporting activities
e. All of the above activities
Answer: _____
3. True or False: Two important keys to successful revenue cycle management are information technology and electronic claims processing.
a. True
b. False
Answer: _____
4. Which of the following techniques are used to monitor a business’s receivables?
a. Average collection period
b. Aging schedule
c. Collections budget
d. Both a. and b. above
e. a., b., and c. above
Answer: _____
5. True or False: Float is the difference between the balance shown on the bank’s books and the balance on the business’s own checkbook.
a. True
b. False
Answer: _____
6. True or False: A business’s float is maximized by accelerating disbursements and slowing receipts.
a. True
b. False
Answer: _____
7. Businesses hold short-term securities for which of the following reasons?
a. As a substitute for cash
b. As a temporary repository for cash being accumulated for a specific purpose
c. As a buffer against bad debt losses.
d. Both a. and b. above
e. a., b., and c. above
Answer: _____
8. True or False: In general, short-term securities are chosen on the basis of safety; that is, protection of principal takes precedence over amount of return.
a. True
b. False
Answer: _____
9. True or False: The goal of inventory management is to ensure that the stock-out rate is less than 10 percent, which means that the business runs out of less than 10 percent of its inventory items in any given year.
a. True
b. False
Answer: _____
10. Which of the following inventory management techniques are currently being used by healthcare providers?
a. Just-in-time systems
b. Stockless systems
c. Consigned inventory systems
d. Both a. and b. above
e. a., b., and c. above
Answer: _____
11. Which of the following operating metrics is used to monitor labor productivity?
a. Profit per discharge
b. Length of stay (LOS)
c. FTEs per occupied bed
d. Medicare percentage
e. Outpatient revenue percentage
Answer: _____
12. Which of the following techniques are used to help interpret operating metrics?
a. Trend analysis
b. Comparative analysis
c. Scale analysis
d. Both a. and b. above
e. a., b., and c. above
Answer: _____
13. Suppose that a clinic has third-party payer revenues of $10,000 a day. On average, it takes the clinic 50 days to collect from its payers. What will be the steady state receivables balance?
a. $ 10,000
b. $ 50,000
c. $250,000
d. $500,000
e. $750,000
Answer: _____
14. Suppose a hospital writes checks of $100,000 per day and it takes, on average, 7 days for those to be received and clear the banking system. Furthermore, the hospital receives $120,000 in checks daily that take 4 days to be deposited and credited. What is the hospital’s float?
a. $100,000
b. $120,000
c. $220,000
d. $240,000
e. $440,000
Answer: _____
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