NUR 622 (Adult_Gero Acute) MOD #10, Practice ownership_FAQ, buppert quiz 3, mod 10 quiz
Questions with CORRECT Answers (Grade A+)
Question 1:
benefits to starting a practice
Answer:
-can determine length of pt visits -control quality metrics -titrate workload based off income -keep
profits -more facetime with provider for lower cost
Question 2:
barriers to opening a practice
Answer:
-commercial insurance provider's sometimes want a MD -keeping a collaborating MD -receiving
referrals from ED/obtaining hospital privileges -can't admit to nursing homes/home health
Question 3:
so again, what is an advantage of opening a new practice?
Answer:
allows the NP to control quality metrics and referrals to the site
Question 4:
decision factors for starting a practice
Answer:
-solo vs group practice -government payers vs private insurance vs self pay -practice expenses
-patient recruitment -location
Question 5:
Who sets the standards for reimbursement and cutting costs?
Answer:
Medicare
Question 6:
Who determines if a NP requires a collaborating MD?
, Answer:
board of nursing
Question 7:
review: claims made vs occurrence policies
Answer:
claims made - covers claims filed only while policy is active, may require "tail coverage" to cover
claims from previous incidents from past jobs occurrence - covers the provider for claims no matter
when they are made for when the provider was insured *most preferred, more peace of mind
Question 8:
business owned by one individual, business and individual are the same -debts are owner's
responsibility
Answer:
sole proprietorship
Question 9:
business relationship involving two or more individuals, must have established partnership
agreements -share profits, debts
Answer:
partnership
Question 10:
separate legal entity, decisions are made by officers, board of directors, and stakeholders
Answer:
corporation
Question 11:
combines partnership and corporation -liable for debts of the company, but cannot come from
personal assets
Answer:
limited liability (LLC)
Question 12:
Questions with CORRECT Answers (Grade A+)
Question 1:
benefits to starting a practice
Answer:
-can determine length of pt visits -control quality metrics -titrate workload based off income -keep
profits -more facetime with provider for lower cost
Question 2:
barriers to opening a practice
Answer:
-commercial insurance provider's sometimes want a MD -keeping a collaborating MD -receiving
referrals from ED/obtaining hospital privileges -can't admit to nursing homes/home health
Question 3:
so again, what is an advantage of opening a new practice?
Answer:
allows the NP to control quality metrics and referrals to the site
Question 4:
decision factors for starting a practice
Answer:
-solo vs group practice -government payers vs private insurance vs self pay -practice expenses
-patient recruitment -location
Question 5:
Who sets the standards for reimbursement and cutting costs?
Answer:
Medicare
Question 6:
Who determines if a NP requires a collaborating MD?
, Answer:
board of nursing
Question 7:
review: claims made vs occurrence policies
Answer:
claims made - covers claims filed only while policy is active, may require "tail coverage" to cover
claims from previous incidents from past jobs occurrence - covers the provider for claims no matter
when they are made for when the provider was insured *most preferred, more peace of mind
Question 8:
business owned by one individual, business and individual are the same -debts are owner's
responsibility
Answer:
sole proprietorship
Question 9:
business relationship involving two or more individuals, must have established partnership
agreements -share profits, debts
Answer:
partnership
Question 10:
separate legal entity, decisions are made by officers, board of directors, and stakeholders
Answer:
corporation
Question 11:
combines partnership and corporation -liable for debts of the company, but cannot come from
personal assets
Answer:
limited liability (LLC)
Question 12:
