Revenues Study guides, Revision notes & Summaries

Revenue Management Final Exam Question & Answers 2022/2023Revenue Management Final Exam Question & Answers 2022/2023

Project Volumes (forecasting stage) - Ans based on expert opinion, stats, historical data, shifts in patient mix, changes in medical staff composition, changes in inflation/reimbursement ratws, expansion/cutbacks, population fluctuations based on economy Steps to creating a budget - Ans 1. project volumes 2. convert volumes to revenue 3. convert volumes into expense requirements 4. Adjust revenue/ expenses as necessary to meet budget margin gross revenue - Ans Rates x Production ...

Revenue Cycle consists of CORRECT ANSWER several departments with numerous responsibilities. Department responsibilities and names vary by organization. The key to a strong revenue cycle is a CORRECT ANSWER clean claim. Patient Access is responsible for over CORRECT ANSWER 60% of the claims fields on a UB04. In 1975, the American Hospital Association brought together all the national payer and provider organizations and developed the CORRECT ANSWER National Uniform billing committee (NU...

Which of the following statements are true of HFMA's Financial Communications Best Practices - The best practices were developed specifically to help patients understand the cost of services, their individual insurance benefits, and their responsibility for balances after insurance, if any. The patient experience includes all of the following except: - The average number of positive mentions received by the health system or practice and the public comments refuting unfriendly posts on soci...

Overall aggregate payments made to a hospice are subject to a computed "cap amount" calculated by (Ans- The Medicare Administrative Contractor (MAC) at the end of the hospice cap period Which of the following is required for participation in Medicaid (Ans- Meet Income and Assets Requirements In choosing a setting for patient financial discussions, organizations should first and foremost (Ans- Respect the patients privacy A nightly room charge will be incorrect if the patient's ...

WGU C213 Object Assessment Accounting for Decision Makers 2023/ 2024 Exam |Actual Questions and Verified Answers | A Grade Q: Which of the following is NOT a reason for the integration of worldwide accounting standards? Answer: the theoretical necessity of a common set of accounting standards Q: The International Accounting Standards Board (IASB) is charged with developing worldwide accounting practices? Answer: True Q: With the current state of information technology, in...

what is the industry term used to describe the sum of prices paid by a business's customers? -daily receipts -profit -profits less expenses -total revenues -total revenues historically, what concept have hospitality managers chiefly used to calculate their selling prices? -income -revenue -costs -profits -costs what is an algebraic equivalent of the formula: sales=costs+profit? -profit=sales-costs -costs=sales+profits -costs=profit-sales -prof...

CRCR Certified Revenue Cycle Representative Revenue Cycle RepresentativeCertification Exam 200+ Questions and Answers 2023 (Verified Answers

What is bigger in the tourism industry, fixed costs or variable costs? fixed costs are bigger -Think of an airplane: staffing, airport fees (fixed) - huge amount of the costs for airplanes come from fixed costs; food, fuel (variable) - not as easy to determine the variable costs We can reduce prices (even below total cost per room), as long as the reduced price covers, fixed cost per room or variable cost per room? We can reduce prices as long as the reduced price covers the variable ...

Revenue Management Final Exam | Updated Question & Answers Graded A + 2023/2024 What is the industry term used to describe the sum of prices paid by a business's customers? Correct Answer Total Revenues Historically, what concept have hospitality managers chiefly used to calculate their selling prices? Correct Answer Costs What is an algebraic equivalent of the formula: Sales = Costs + Profit? Correct Answer Profit = Sales - Costs What is the name for the net value achieved by both ...