C432 WGU Healthcare Management and Strategy +
Pre Assessment EXAM QUESTIONS WITH CORRECT
ANSWERS SOLVED.
6 Marketing and sales
7 Description of service
8 Funding requests
9 Financial projections - CORRECT ANSWER✅✅A company has completed steps 1
through 5 of a business plan: executive summary, company description, market
analysis, organization and management, and service line. The company needs to
complete steps 6 to 9. Place each step in writing a business plan in order from sixth (6)
to ninth (9). Select your answers from the pull-down list.
A broad customer base, differentiation strategy - CORRECT ANSWER✅✅A hospital's
strategic plan involves looking at opportunities to enhance its radiology services. The
hospital wants to purchase a portable, compact, movable MRI machine that does not
enclose patients. A market analysis has confirmed that consumer demand supports this
strategic plan. Which type of market and competitive advantage strategy is being used
in this SWOT analysis?
Accountable Care Organization (ACO) - CORRECT ANSWER✅✅A payment and
healthcare delivery model in which a group of healthcare providers work together to
coordinate a patient's care, improve quality, and reduce costs.
Accounts Receivable - CORRECT ANSWER✅✅The monies customers owe to a
business for goods and services they have received.
Acquisition - CORRECT ANSWER✅✅The purchase (or merger) of an existing
organization. Through this method of growth, the acquiring organization gains an
established product in the market and may also reduce competition by eliminating one
of its competitors.
Affordable Care Act (ACA) - CORRECT ANSWER✅✅A law passed by the federal
government in 2010 that seeks to decrease the number of uninsured to improve health
outcomes and streamline the delivery of healthcare.
Annual Budget Process - CORRECT ANSWER✅✅Yearly generation of action plans
and budgets to drive implementation of strategies and subsequent control of problems
and evaluation of progress.
,Assess community need - CORRECT ANSWER✅✅The mission of a local healthcare
organization is to improve access to care by providing transportation for local patients.
What is the first step in developing a strategic plan?
Asset Turnover - CORRECT ANSWER✅✅An organization's operating revenues
divided by its total assets. This ratio identifies the amount of money each dollar of
assets creates over a defined period.
Assigning responsibility to manage change - CORRECT ANSWER✅✅A hospital wants
to implement a new information system to better serve larger data files and offer more
security. What should be included in the planning process for this change?
Average Payment Period - CORRECT ANSWER✅✅An organization's accounts
payable divided by its annual purchases divided by 365. This ratio presents the number
of days an organization takes to pay its credit purchases.
Balance Sheet - CORRECT ANSWER✅✅A financial statement of an organization's
assets, liabilities, and capital at a given point in time.
Balanced Score Cards - CORRECT ANSWER✅✅A monitoring system used to
simultaneously evaluate multiple metrics and gather feedback on strategic progress.
Barriers to Entry - CORRECT ANSWER✅✅Obstacles that impede an organization
from entering a market.
Benchmarking - CORRECT ANSWER✅✅Comparison of internal data to those of
outside organizations for purposes of evaluating an organization's performance.
Broad differentiation - CORRECT ANSWER✅✅A large city with a high incidence of
strokes in its population has two hospitals. One is a teaching hospital, and the other is a
community-based hospital. Currently, both hospitals only have inpatient rehabilitation
services. The community hospital wants to add outpatient rehabilitation services. Which
marketing strategy is the community hospital using?
Broad differentiation - CORRECT ANSWER✅✅Two large healthcare systems service
a working-class population. Hospital A has a state-of-the-art cancer center and is
centrally located. Hospital B is located outside the city and seeks to deliver personalized
care to all patients through its expansive patient-centered approach. Which market
strategy is Hospital B using to compete with Hospital A?
Broad Differentiation Strategy - CORRECT ANSWER✅✅A type of strategy aimed at
offering products that consumers perceive to be distinct from competitors' products and
that appeal to a wide segment of a market.
, broad differentiation strategy - CORRECT ANSWER✅✅seeking to differentiate the
company's product or service from rivals' in ways that will appeal to a broad spectrum of
buyers
Broad Low-Cost Strategy - CORRECT ANSWER✅✅A type of strategy aimed at
providing low-cost products to a broad customer segment.
Budget Variance - CORRECT ANSWER✅✅The difference between a budgeted
amount and actual expenditures.
Build awareness for the need to change - CORRECT ANSWER✅✅A doctor's office
needs to upgrade its computer system to ensure the system meets regulatory
compliance. What should be the first step in getting employees to accept this change?
Business Model - CORRECT ANSWER✅✅The underlying structure of an organization;
the means through which an organization creates and delivers value to its customers
and earns revenues.
Business Plan - CORRECT ANSWER✅✅A written document that defines, analyzes,
and promotes a specific proposal, line of business, or innovative concept.
Business-Level Strategy - CORRECT ANSWER✅✅a plan that indicates how a division
intends to compete against its rivals in an industry
By improving the quality of service - CORRECT ANSWER✅✅A doctor's office wants to
achieve meaningful use and is adopting the electronic health record. How will this
adoption affect healthcare delivery?
By telling the staff personal success stories
By providing frequent communication - CORRECT ANSWER✅✅Employees in the
laundry department of a local hospital have recently experienced a change in
management and feel insecure about their jobs. In which two ways can the manager
help employees feel more secure in the workplace? Choose 2 answers
Capital Budget - CORRECT ANSWER✅✅The estimated dollar amount to be expended
on projects in a given fiscal period.
Chain of Command - CORRECT ANSWER✅✅The formal channel that defines the line
of authority and reporting relationships up and down an organization's hierarchy.
Change - CORRECT ANSWER✅✅Add and/or take away according to your change
plan.
Pre Assessment EXAM QUESTIONS WITH CORRECT
ANSWERS SOLVED.
6 Marketing and sales
7 Description of service
8 Funding requests
9 Financial projections - CORRECT ANSWER✅✅A company has completed steps 1
through 5 of a business plan: executive summary, company description, market
analysis, organization and management, and service line. The company needs to
complete steps 6 to 9. Place each step in writing a business plan in order from sixth (6)
to ninth (9). Select your answers from the pull-down list.
A broad customer base, differentiation strategy - CORRECT ANSWER✅✅A hospital's
strategic plan involves looking at opportunities to enhance its radiology services. The
hospital wants to purchase a portable, compact, movable MRI machine that does not
enclose patients. A market analysis has confirmed that consumer demand supports this
strategic plan. Which type of market and competitive advantage strategy is being used
in this SWOT analysis?
Accountable Care Organization (ACO) - CORRECT ANSWER✅✅A payment and
healthcare delivery model in which a group of healthcare providers work together to
coordinate a patient's care, improve quality, and reduce costs.
Accounts Receivable - CORRECT ANSWER✅✅The monies customers owe to a
business for goods and services they have received.
Acquisition - CORRECT ANSWER✅✅The purchase (or merger) of an existing
organization. Through this method of growth, the acquiring organization gains an
established product in the market and may also reduce competition by eliminating one
of its competitors.
Affordable Care Act (ACA) - CORRECT ANSWER✅✅A law passed by the federal
government in 2010 that seeks to decrease the number of uninsured to improve health
outcomes and streamline the delivery of healthcare.
Annual Budget Process - CORRECT ANSWER✅✅Yearly generation of action plans
and budgets to drive implementation of strategies and subsequent control of problems
and evaluation of progress.
,Assess community need - CORRECT ANSWER✅✅The mission of a local healthcare
organization is to improve access to care by providing transportation for local patients.
What is the first step in developing a strategic plan?
Asset Turnover - CORRECT ANSWER✅✅An organization's operating revenues
divided by its total assets. This ratio identifies the amount of money each dollar of
assets creates over a defined period.
Assigning responsibility to manage change - CORRECT ANSWER✅✅A hospital wants
to implement a new information system to better serve larger data files and offer more
security. What should be included in the planning process for this change?
Average Payment Period - CORRECT ANSWER✅✅An organization's accounts
payable divided by its annual purchases divided by 365. This ratio presents the number
of days an organization takes to pay its credit purchases.
Balance Sheet - CORRECT ANSWER✅✅A financial statement of an organization's
assets, liabilities, and capital at a given point in time.
Balanced Score Cards - CORRECT ANSWER✅✅A monitoring system used to
simultaneously evaluate multiple metrics and gather feedback on strategic progress.
Barriers to Entry - CORRECT ANSWER✅✅Obstacles that impede an organization
from entering a market.
Benchmarking - CORRECT ANSWER✅✅Comparison of internal data to those of
outside organizations for purposes of evaluating an organization's performance.
Broad differentiation - CORRECT ANSWER✅✅A large city with a high incidence of
strokes in its population has two hospitals. One is a teaching hospital, and the other is a
community-based hospital. Currently, both hospitals only have inpatient rehabilitation
services. The community hospital wants to add outpatient rehabilitation services. Which
marketing strategy is the community hospital using?
Broad differentiation - CORRECT ANSWER✅✅Two large healthcare systems service
a working-class population. Hospital A has a state-of-the-art cancer center and is
centrally located. Hospital B is located outside the city and seeks to deliver personalized
care to all patients through its expansive patient-centered approach. Which market
strategy is Hospital B using to compete with Hospital A?
Broad Differentiation Strategy - CORRECT ANSWER✅✅A type of strategy aimed at
offering products that consumers perceive to be distinct from competitors' products and
that appeal to a wide segment of a market.
, broad differentiation strategy - CORRECT ANSWER✅✅seeking to differentiate the
company's product or service from rivals' in ways that will appeal to a broad spectrum of
buyers
Broad Low-Cost Strategy - CORRECT ANSWER✅✅A type of strategy aimed at
providing low-cost products to a broad customer segment.
Budget Variance - CORRECT ANSWER✅✅The difference between a budgeted
amount and actual expenditures.
Build awareness for the need to change - CORRECT ANSWER✅✅A doctor's office
needs to upgrade its computer system to ensure the system meets regulatory
compliance. What should be the first step in getting employees to accept this change?
Business Model - CORRECT ANSWER✅✅The underlying structure of an organization;
the means through which an organization creates and delivers value to its customers
and earns revenues.
Business Plan - CORRECT ANSWER✅✅A written document that defines, analyzes,
and promotes a specific proposal, line of business, or innovative concept.
Business-Level Strategy - CORRECT ANSWER✅✅a plan that indicates how a division
intends to compete against its rivals in an industry
By improving the quality of service - CORRECT ANSWER✅✅A doctor's office wants to
achieve meaningful use and is adopting the electronic health record. How will this
adoption affect healthcare delivery?
By telling the staff personal success stories
By providing frequent communication - CORRECT ANSWER✅✅Employees in the
laundry department of a local hospital have recently experienced a change in
management and feel insecure about their jobs. In which two ways can the manager
help employees feel more secure in the workplace? Choose 2 answers
Capital Budget - CORRECT ANSWER✅✅The estimated dollar amount to be expended
on projects in a given fiscal period.
Chain of Command - CORRECT ANSWER✅✅The formal channel that defines the line
of authority and reporting relationships up and down an organization's hierarchy.
Change - CORRECT ANSWER✅✅Add and/or take away according to your change
plan.
