Financial Management In Health Care Administration

Financial Management In Health Care Administration

BHA 4053, Financial Management in Health Care Administration (Part I)

Question 1

_________ generally account(s) for most of the cost of providing a service.

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Staffing costs

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Fixed costs

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Net revenue

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Variable expenses

Question 2

A _________ is usually performed when the organization is planning to develop a new service or acquire any type of equipment, the capital cost of which exceeds some internally generated amount of money.

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projection

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pro-forma

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budget

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strategic financial plan

Question 3

The size of the _________ increase is a function of change in volume, severity, and expense, which are all forecast and budgeted by the medical center.

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price

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volume

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demand

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overall

Question 4

A short-term projection of up to a year into the future is called a _________.

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projection.

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pro-forma.

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budget.

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strategic financial plan.

Question 5

A _________ indicator generally defines the level of financial viability.

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financial

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viability

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stability

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volume

Question 6

_________ can be used to determine the current needs and desires of the community in order to create new services to increase market share.

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Focus groups

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Price reduction

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Advertisements

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Public service announcements

Question 7

In terms of financial management, Medicaid, Medicare, and other managed care organizations are all examples of _________.

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third party payers.

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health care organizations.

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for-profit organizations.

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financial organizations.

Question 8

In most cases, Generally Accepted Accounting Principles (GAAP) and financial procedures require _________ and _________ based on a company and an estimator’s previous experience within the industry.

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accountants; auditors

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estimates; approximations

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comptrollers; treasurer

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documentation; calculations

Question 9

Which of the following is NOT one of the six major objectives of health care financial management according to Michael Nowicki?

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To create jobs

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To generate income

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To monitor physicians

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To respond to regulations

Question 10

For _________, an important aspect of proper health care financial management is to understand the information needs of the people who are in the board of directors.

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both taxable and non-taxable entities

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taxable entity

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non-taxable entity

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for-profit hospitals

Question 11

Explain how volume is the most sensitive assumption in any pro-forma. What are the elements it affects directly in an income statement?

Question 12

Discuss how the health care industry’s share of GDP affects the overall economy?

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