HSM 543 Week 8 Final Exam – Solutions, Latest guide 2021

HSM 543 Week 8 Final Exam – Solutions 1. Question: (CO G) This legislation made more restrictive eligibility criteria for welfare, which in turn restricted eligibility to Medicaid. 2. Question: (C O G) The SCHIP Benefits Improvement and Protection Act included provisions for which of the following? 3. Question: (CO E) For the capital budget, a step that is required just after identifying and prioritizing requests is to 4. Question: (CO E) Budgeting is an important part of the planning process. Describe the relationship of budgeting to the operating plan. 5. Question: (CO B) A major objective of healthcare financial management is to monitor physicians. This is important because 6. Question: (CO B) A proactive strategy uses the all of the following direct measures to define and measure quality except for 7. Question: (CO D) The management tool or ratio most often used to evaluate inventory performance is the _____ ratio. 8. Question: (CO D) The most commonly used tool to evaluate accounts receivable performance is 9. Question: (CO C) Explain the difference in per diem reimbursement in an acute care hospital versus an extended care facility. 10. Question: (CO D) What does the current asset turnover measure? Would a higher or lower number be more desirable? 11. Question: (CO D) You are preparing the monthly management accounting reports. Your inventory turnover ratio is much lower than normal. Is that good or bad? Give an example of what could cause that to happen. 12. Question: COs F and G) There are 10 LHIs (leading health indicators) that can significantly impact the amount of care we need and the intensity of that care. Describe two LHIs and how an individual can improve his or her ability to increase the quality and years of healthy life he or she will have. 13. Question: (CO G) What are long-term liabilities? 14. Question: (CO G) What is the purpose of the statement of operations? In other words, what does it summarize? 15. Question: (CO A) Responding to regulations is one of the major objectives of healthcare financial management. Explain what Nowicki means by quasi regulations and give an example of a quasi-regulation that you are familiar with from your work or course work. 16. Question: (CO A) Compare and contrast the differences in accounting and finance. 17. Question: (CO D) Financial analysis is important for managing the organization. Describe how vertical analysis is used to analyze operations and how investigation of variances allows management to make sound decisions going forward. 18. Question: (CO F) Baby Boomers will seriously impact the cost of healthcare as more boomers reach their 60s. Describe the government’s responsibility in the context of future trends and caring for our population. 19. Question: (CO F) Increasingly we see more medical information in general print and electronic media. What responsibility does the media have, and how will it impact future trends? 20. Question: (CO H) Integrated delivery systems can combine through vertical or horizontal integration. Describe what vertical and horizontal integration are and give an example. 21. Question: (CO G) The balance sheets for a for-profit and for a not-for-profit organization are very similar except for one section. Describe the area that is different and the captions you would see in that part of the balance sheet. 22. Question: (CO C) Discuss open panel HMOs.