MGMA COMPREHENSIVE EXAMS ANSWERS AND
QUESTIONS SET A+
✔✔Advantages of all types of corporations - ✔✔A key advantage of corporations is
business continuity. Sole proprietorship and partnerships often dissolve when and
owner or partner leaves. A corporation can continue when one of the partners leaver or
retires. Corporation can receive extra tax deductions.
✔✔Tax laws - ✔✔how the business is taxed will depend on its business structure
✔✔Consumer protection laws - ✔✔Enforced and overseen by the U.S bureau of
consumer protection and the federal trade commission. The goal of these laws is to
ensure that businesses treat their customers fairly and accordingly to the law.
✔✔Employment and Labor Laws - ✔✔Employment and labor laws that may describe
how practices hire employees, comply with restricted work hours where applicable, offer
required breaks, assure minimum wage requirements, ect
✔✔Antitrust/fair competition laws - ✔✔Antitrust and fair competition laws refer to the
formation of ventures that could affect the ability of other companies to compete in the
marketplace and limit the choices of consumers or patients. The goal is to provide
fairness for others in the same type of business.
✔✔Interstate commerce laws - ✔✔The laws refer to the sale of goods or services that
cross state lines. If your medical practice expands to other states, the practice needs to
be aware of and comply with these laws. Many acts over the years have defined
interstate business practices, and the federal trade commission oversees these
practices.
✔✔License and permitting laws - ✔✔Medical practices must ensure their practitioners at
all levels are licensed to practice in their state. There may be other state and local
licenses and permits that are required for practices to operate safely.
, ✔✔Contract Laws - ✔✔Contracts will be used in some employment situations, with
vendors, suppliers, pharmaceutical companies, and in some case, between a doctor
and patient. To ensure the contracts your medical practice writes, and signs, meet all
legal requirements, have them reviewed by an attorney.
✔✔Intellectual property laws - ✔✔Intellectual property laws refer to the rights patent,
copyrights, trademark owners have to ensure their property is not being used without
their permission. Medical practices should be aware of these laws in order to
understand what their rights are, as well as how to avoid violating any rules.
✔✔Financial regulation laws - ✔✔Financial regulation laws refer to the laws governing
financial transactions. These include credit card use, collecting on past due accounts,
etc.
✔✔Bankruptcy laws - ✔✔In the event that the practice must file for bankruptcy, there
are laws and regulations at the state level that help determine how this is handled.
✔✔Which is a requirement of a personal service C corporation?
A. The business must be owned by one individual
B. The business must provide a personal service
C. The business may not be owned by more than 100 stockholders
D. The business may not pass income directly to the shareholders - ✔✔B. The business
must provide a personal service
✔✔What is the purpose of an ACO?
A. To coordinate patient care and to limit unnecessary or excessive spending
B. To leverage services individual practices could not afford on their own
C. To provide management services and administrative systems to one or more medical
practices
D. To provide training to all employees - ✔✔A. To coordinate patient care and to limit
unnecessary excessing spending
✔✔Database Management System (DBMS) - ✔✔Converts large volumes of stored data
into actionable information
✔✔Electronic Health Records (EHRs) - ✔✔Patient records stored and transmitted
electronically
✔✔Patient applications are crucial for marketing and service delivery methods for
medical practices. They include: - ✔✔1. Electronic Communication
2. Electronic monitoring
3. Online education
4. Telehealth
QUESTIONS SET A+
✔✔Advantages of all types of corporations - ✔✔A key advantage of corporations is
business continuity. Sole proprietorship and partnerships often dissolve when and
owner or partner leaves. A corporation can continue when one of the partners leaver or
retires. Corporation can receive extra tax deductions.
✔✔Tax laws - ✔✔how the business is taxed will depend on its business structure
✔✔Consumer protection laws - ✔✔Enforced and overseen by the U.S bureau of
consumer protection and the federal trade commission. The goal of these laws is to
ensure that businesses treat their customers fairly and accordingly to the law.
✔✔Employment and Labor Laws - ✔✔Employment and labor laws that may describe
how practices hire employees, comply with restricted work hours where applicable, offer
required breaks, assure minimum wage requirements, ect
✔✔Antitrust/fair competition laws - ✔✔Antitrust and fair competition laws refer to the
formation of ventures that could affect the ability of other companies to compete in the
marketplace and limit the choices of consumers or patients. The goal is to provide
fairness for others in the same type of business.
✔✔Interstate commerce laws - ✔✔The laws refer to the sale of goods or services that
cross state lines. If your medical practice expands to other states, the practice needs to
be aware of and comply with these laws. Many acts over the years have defined
interstate business practices, and the federal trade commission oversees these
practices.
✔✔License and permitting laws - ✔✔Medical practices must ensure their practitioners at
all levels are licensed to practice in their state. There may be other state and local
licenses and permits that are required for practices to operate safely.
, ✔✔Contract Laws - ✔✔Contracts will be used in some employment situations, with
vendors, suppliers, pharmaceutical companies, and in some case, between a doctor
and patient. To ensure the contracts your medical practice writes, and signs, meet all
legal requirements, have them reviewed by an attorney.
✔✔Intellectual property laws - ✔✔Intellectual property laws refer to the rights patent,
copyrights, trademark owners have to ensure their property is not being used without
their permission. Medical practices should be aware of these laws in order to
understand what their rights are, as well as how to avoid violating any rules.
✔✔Financial regulation laws - ✔✔Financial regulation laws refer to the laws governing
financial transactions. These include credit card use, collecting on past due accounts,
etc.
✔✔Bankruptcy laws - ✔✔In the event that the practice must file for bankruptcy, there
are laws and regulations at the state level that help determine how this is handled.
✔✔Which is a requirement of a personal service C corporation?
A. The business must be owned by one individual
B. The business must provide a personal service
C. The business may not be owned by more than 100 stockholders
D. The business may not pass income directly to the shareholders - ✔✔B. The business
must provide a personal service
✔✔What is the purpose of an ACO?
A. To coordinate patient care and to limit unnecessary or excessive spending
B. To leverage services individual practices could not afford on their own
C. To provide management services and administrative systems to one or more medical
practices
D. To provide training to all employees - ✔✔A. To coordinate patient care and to limit
unnecessary excessing spending
✔✔Database Management System (DBMS) - ✔✔Converts large volumes of stored data
into actionable information
✔✔Electronic Health Records (EHRs) - ✔✔Patient records stored and transmitted
electronically
✔✔Patient applications are crucial for marketing and service delivery methods for
medical practices. They include: - ✔✔1. Electronic Communication
2. Electronic monitoring
3. Online education
4. Telehealth
