HFMA's CSAF 2021, Certified Specialist Accounting and Finance Exam Prep Questions And Answers All Verified

HFMA's CSAF 2021, Certified Specialist Accounting and Finance Exam Prep Questions And Answers All Verified Contribution Margin - ANS Difference between marginal revenue and marginal cost. Break-even point - ANS Level of sales volume of a product producing the exact amount of contribution margin needed to cover fixed costs. Overhead - ANS Indirect Costs Activity-based costing (ABC) - ANS Method of determining product costs using cost drivers or activity measures, which cause indirect costs to be incurred. Three main types of Cost standards. - ANS Predetermined (Synthetic), Negotiated (Historical), and Customized (Engineered) Four Types of Individual Cost behaviors - ANS Variable, Fixed Cost Pattern, Semi-Variable Cost Pattern, Semi-Fixed or Stepped Variable Three Principal Types of expense variances - ANS Price, Volume, and Efficiency The 4 Primary payment methods used in managed care - ANS Fee-for-Service, Per Diem Rate, Case Rate, Capitation Healthcare providers should develop different modeling tools depending on - ANS the reimbursement method proposed in the contract The general categories of provider excess loss insurance are - ANS per-person, aggregate, and carve-out. A Strategic Plan allows organizations to - ANS have a clear plan as to why they are in business and how they can stay in business in the future. The main types of control budgets include - ANS operating, capital, and cash. A budgeting process develops assumptions for the following: - ANS Admissions, ALOS, Expense per visit, Inflation on expense, FTE per visit, Productivity on FTE per visit, Labor cost per FTE, Net Rev per visit Operating budget's statistical factors include - ANS Historical statistics, Historical relationship of department volume, anticipated effects of new programs, clinical practice patters, covered lives in global payment risk programs, changes in regulatory environment, technical developments, process improvements, marketing efforts, demographic trends The primary purpose of measuring productivity is - ANS for management to determine if resources are being used efficiently Budget types include - ANS fixed and flexible The four budget variances used to explain by cause are - ANS Volume, rate (charged), price (of a supply), and efficiency (cost per procedure). Three common Capital Evaluation techniques - ANS Payback, Net Present Value Method, Return on Investment Users of ratio analysis - ANS Board of Directors, Management, Health Systems Agencies, Creditors, Employee Unions, Rate Regulators The categories of ratios used - ANS Profitability Ratios, Liquidity Ratios, Activity Ratios, Capital Structure Ratios Two common types of long-term debt - ANS Revenue bonds and General Obligation Bonds Undertake debt restructuring by either retiring or reacquiring existing debt for 4 reasons - ANS Take advantage of lower interest rates, change collateral restrictions, allow acquisition of other assets, better fit debt service requriements