HFMA test 4 Questions and Correct Solutions 2024

HFMA test 4 Questions and Correct Solutions 2024 Strategic Planning Process includes: - Answer -Strategic Planning Process includes: Identifying the organization's current position, including its mission, vision, and long-term goals. Conducting an internal and external assessment and comparing the organization's condition against those findings. This is often called a SWOT analysis. Define environmental Assessment - Answer -An environmental assessment is an examination of what's happening both internally for the organization and externally in the community or region surrounding the organization. An environmental assessment may include the following: - Answer -An environmental assessment may include the following: a. Analysis of regulations at state and federal levels and their impact on the organization. b. Appraisal of labor market issues, including ability to recruit clinicians and physicians. c. Assessment of the economy, employment, and business factors within the community and/or region. d. Evaluation of reimbursement mix and changes. e. Comparison of the organization's performance to its peers and others in the region or comparable entities nationwide. f. Analysis of the current, past, and potential future customers based on demographic data for the service area.g. Understanding of what the competitors in the region or market may be considering or are doing. h. Review of performance indicators: patient satisfaction, financial ratio analysis, volume and outcome reports, etc. i. The assessment provides guidance as to obstacles and opportunities available to the organization. A comprehensive budget for a medical practice includes statements projecting: - Answer -A comprehensive budget for a medical practice includes statements projecting: Statistics Operating expenses and revenues Capital expenditures Cash flows 4 Functions of Budget - Answer -Functions of Budget: 1. The budget also becomes a tool for monitoring performance against that plan. 2. The budget incorporates the strategic and operating plans for the organization, both in terms of the revenues and expenses, as well as the statistical volumes and resources associated with the plan. 3. It also provides a framework for setting priorities, securing and