ACCT 526 MIDTERM FINAL TEST 2026
QUESTIONS WITH CORRECT ANSWERS
GRADED A+
◍ Retention.
Answer: The length of time records are stored (retained) by a medical office;
requirements vary from state to state.
◍ Who owns the patient chart and why?.
Answer: Patient medical records are considered the property of the
individuals who created it.
◍ Focused Differentiation Strategy.
Answer: A type of strategy aimed at offering products that consumers
perceive to be distinct from competitors' products and that appeal to a
limited industry niche or customer segment.
◍ What are the patients' rights to their medical records?.
Answer: The patient has legal rights to access or copy their own medical
information at any time by signing a medical release form; however the
original copy of the medical record never leaves the facility that owns it. A
medical practice may legally assign a fee for copying a medical record.
There is one exception to the patients right to view his or her medical
records which is the doctrine of professional discretion. The principle states
that doctors can exercise their best judgement when deciding whether or not
to share progress notes and clinical observations with a patient who is being
treated for mental or emotional disturbances.
◍ Accountable Care Organization (ACO).
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.
◍ Change.
Answer: Add and/or take away according to your change plan.
◍ Planning Structure.
Answer: The person(s) or unit that has responsibility for strategic planning.
◍ Patient-Origin Study.
Answer: Data that describe the proportion and number of an organization's
customers (patients) who come from different geographic locations. This
data can be arrayed and graphed to display the provider's primary and
secondary service areas.
◍ Strategic Alliance.
Answer: A mutually beneficial, long-term, formal relationship formed
between two or more parties to pursue a set of common goals or to meet a
critical business need while remaining independent organizations. Also
called quasi-firm and hybrid arrangement.
◍ Industrial analysis.
Answer: In an effort to attract new residents, a nursing home wants to add a
state-of-the-art cafeteria. A facility director is writing a business plan to
obtain funding. The director is confident that the statistics on the market,
products and services will secure proper funding. Which component of the
business plan will showcase this information?
◍ Third-party payer.
Answer: A party other than the patient, spouse, parent, or guardian who is
responsible for paying all or part of the patient's medical costs.
◍ Acquisition.
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.
,◍ Personal digital assistants (PDAs).
Answer: A small handheld personal computer used by healthcare personnel
to document clinical findings, look up information at the point of care, and
send and receive emails. among other functions.
◍ Industry.
Answer: A particular category of business or economic activity; an
aggregation of sellers whose products are close substitutes.
◍ What is a medical record?.
Answer: A physical collection of an individual's healthcare information.
◍ Asset Turnover.
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.
◍ Patient information form.
Answer: A form used to gather data about the patient, including contact
information, health history, current health status, and chief complaint.
◍ What are the duties of an AMA when it come to EHR?.
Answer: Reception, Appointment scheduling, electronic chart creation,
Inactive chart purging, gather and entering patient information, maintaining
email communications etc.
◍ Broad differentiation.
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?
◍ Intangible Resources.
Answer: An organization's non-physical assets, including reputation, brand
names, employees' skills, and industry knowledge.
, ◍ Day sheet.
Answer: A register for daily business transaction; also called a day journal
◍ Why is it important to properly document in the patients record?.
Answer: To avoid delay of reimbursement or denial of claims because of
medical necessity of services has not been proved, Tom comply with
insurance companies' enforcement of documentation guidelines for
healthcare facilities, To protect the practice in case a malpractice suit is
brought.
◍ Internal Expansion.
Answer: A method of business growth that builds on an organization's
capabilities and resources and may include developing new products and
services, launching marketing efforts to increase market share, or
introducing existing products into new markets.
◍ Statistical Budget.
Answer: Merger of an organization's capital budget forecasts with estimated
statistical projections for an organization's services or products for a given
fiscal period.
◍ Practice Partner.
Answer: A top--rates CCHIT-certified, integrated system of EHR and
practice management software published by McKesson Corp. Practice
Partner is used with this textbook to illustrate the features and functionally
of an EHR system.
◍ Interoperability.
Answer: The ability of separate EHR systems tow share information in
compatible forms.
◍ How are the EHR protected during natural disasters?.
Answer: They are backed up by a secure, web-based system and thus can be
retrieved even when computers are destroyed.
◍ Co-payment.
Answer: The sum of money that is paid by the patient, usually at the time
QUESTIONS WITH CORRECT ANSWERS
GRADED A+
◍ Retention.
Answer: The length of time records are stored (retained) by a medical office;
requirements vary from state to state.
◍ Who owns the patient chart and why?.
Answer: Patient medical records are considered the property of the
individuals who created it.
◍ Focused Differentiation Strategy.
Answer: A type of strategy aimed at offering products that consumers
perceive to be distinct from competitors' products and that appeal to a
limited industry niche or customer segment.
◍ What are the patients' rights to their medical records?.
Answer: The patient has legal rights to access or copy their own medical
information at any time by signing a medical release form; however the
original copy of the medical record never leaves the facility that owns it. A
medical practice may legally assign a fee for copying a medical record.
There is one exception to the patients right to view his or her medical
records which is the doctrine of professional discretion. The principle states
that doctors can exercise their best judgement when deciding whether or not
to share progress notes and clinical observations with a patient who is being
treated for mental or emotional disturbances.
◍ Accountable Care Organization (ACO).
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.
◍ Change.
Answer: Add and/or take away according to your change plan.
◍ Planning Structure.
Answer: The person(s) or unit that has responsibility for strategic planning.
◍ Patient-Origin Study.
Answer: Data that describe the proportion and number of an organization's
customers (patients) who come from different geographic locations. This
data can be arrayed and graphed to display the provider's primary and
secondary service areas.
◍ Strategic Alliance.
Answer: A mutually beneficial, long-term, formal relationship formed
between two or more parties to pursue a set of common goals or to meet a
critical business need while remaining independent organizations. Also
called quasi-firm and hybrid arrangement.
◍ Industrial analysis.
Answer: In an effort to attract new residents, a nursing home wants to add a
state-of-the-art cafeteria. A facility director is writing a business plan to
obtain funding. The director is confident that the statistics on the market,
products and services will secure proper funding. Which component of the
business plan will showcase this information?
◍ Third-party payer.
Answer: A party other than the patient, spouse, parent, or guardian who is
responsible for paying all or part of the patient's medical costs.
◍ Acquisition.
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.
,◍ Personal digital assistants (PDAs).
Answer: A small handheld personal computer used by healthcare personnel
to document clinical findings, look up information at the point of care, and
send and receive emails. among other functions.
◍ Industry.
Answer: A particular category of business or economic activity; an
aggregation of sellers whose products are close substitutes.
◍ What is a medical record?.
Answer: A physical collection of an individual's healthcare information.
◍ Asset Turnover.
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.
◍ Patient information form.
Answer: A form used to gather data about the patient, including contact
information, health history, current health status, and chief complaint.
◍ What are the duties of an AMA when it come to EHR?.
Answer: Reception, Appointment scheduling, electronic chart creation,
Inactive chart purging, gather and entering patient information, maintaining
email communications etc.
◍ Broad differentiation.
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?
◍ Intangible Resources.
Answer: An organization's non-physical assets, including reputation, brand
names, employees' skills, and industry knowledge.
, ◍ Day sheet.
Answer: A register for daily business transaction; also called a day journal
◍ Why is it important to properly document in the patients record?.
Answer: To avoid delay of reimbursement or denial of claims because of
medical necessity of services has not been proved, Tom comply with
insurance companies' enforcement of documentation guidelines for
healthcare facilities, To protect the practice in case a malpractice suit is
brought.
◍ Internal Expansion.
Answer: A method of business growth that builds on an organization's
capabilities and resources and may include developing new products and
services, launching marketing efforts to increase market share, or
introducing existing products into new markets.
◍ Statistical Budget.
Answer: Merger of an organization's capital budget forecasts with estimated
statistical projections for an organization's services or products for a given
fiscal period.
◍ Practice Partner.
Answer: A top--rates CCHIT-certified, integrated system of EHR and
practice management software published by McKesson Corp. Practice
Partner is used with this textbook to illustrate the features and functionally
of an EHR system.
◍ Interoperability.
Answer: The ability of separate EHR systems tow share information in
compatible forms.
◍ How are the EHR protected during natural disasters?.
Answer: They are backed up by a secure, web-based system and thus can be
retrieved even when computers are destroyed.
◍ Co-payment.
Answer: The sum of money that is paid by the patient, usually at the time
