MGMA ACTUAL FINALS ANSWERS AND QUESTIONS
SET A+
✔✔
✔✔What is the first step in initiating a project?
A. Define deliverables
B. Define the practice's mission
C. Define the scope of the project
D. Define costs - ✔✔C. Define the scope of the project
✔✔Who determines how long each task in a project will take?
A. The project manager
B. Subject matter experts
C. Key Stakeholders
D. All project team members - ✔✔A. The project manager
✔✔Group purchasing organizations (GPOs)m - ✔✔Organizations that negotiate better
pricing for the purchase of medical goods and services on behalf of their members
✔✔A fair market value lease - ✔✔one of the most common types of leases available
and the lessee is able to use the equipment for a specific period of time usually 36-60
months. The lessee pays a 1fixed monthly fee for the use of the equipment
✔✔A single payment lease - ✔✔used when the lessee wants the benefit of leasing but
the capital available to pay the entire lease value up front
✔✔A step lease - ✔✔the monthly payment amount increases or decreases over time -
this may help a new practice as it grows
✔✔Lease lines - ✔✔similar to lines of credit and the practice is able to establish a
maximum credit line it can use to lease additional pieces of equipment through the
same vendor
✔✔Early termination leases - ✔✔gives the lessee the ability to end the lease early.
, ✔✔Pros of buying - ✔✔1. More affordable choice over the long term
2. Increases the overall value if the practice
3. Prevents the need for regular negotiations with the leasing company
✔✔Cons of Buying - ✔✔1. Requires a sizable down payment
2. Equipment depreciation and obsolescence
✔✔Pros of leasing - ✔✔1. Little to no upfront costs
2. Protects against outdated equipment
3. Leasing companies may cover repair costs
4. Provides some tax benefits
✔✔Cons of Leasing - ✔✔1. More expensive option for long term
2. Monthly payments impact cash flow
✔✔A medical practice would choose a single payment term lease when its:
A. Expects to have more income over time
B. Wants the benefit of leasing but has the funds to pay costs of the lease in it's entirety
C. Wants to lease multiple pieces of equipment from the same vendor
D. Wants to be able to end the lease early - ✔✔B. Wants the benefit of leasing but has
the funds to pay the costs of the lease in its entirety
✔✔What is one advantage of a practice joining GPO?
A. The practice is able to use a just-in-time inventory system
B. The practice is able to obtain favorable leasing terms
C. The practice is able to avoid rising increases in costs of goods and supplies
D. The practice is able to avoid financing costs - ✔✔C. The practice is able to avoid
rising increases in costs of goods and supplies
✔✔Key competencies required to effectively manage practice facilities include: - ✔✔1.
Complying with general safety and life safety regulations
2. Planning facilities for effective workflows
3. Overseeing facility management and preventive maintenance
4. Facilitating maintenance inspections
5. Maintaining an environment of care, with appropriate protocols for infection control
6. Managing proper disposal of biohazardous waste products
7. Recognizing HIPPA implications
✔✔Gross Lease - ✔✔Property lease in which one monthly fee which covers all space
expenses including utilities, property taxes, maintenance fees, ect
✔✔Net Lease - ✔✔Property lease in which the tenant and the property owner divide the
costs of the property
SET A+
✔✔
✔✔What is the first step in initiating a project?
A. Define deliverables
B. Define the practice's mission
C. Define the scope of the project
D. Define costs - ✔✔C. Define the scope of the project
✔✔Who determines how long each task in a project will take?
A. The project manager
B. Subject matter experts
C. Key Stakeholders
D. All project team members - ✔✔A. The project manager
✔✔Group purchasing organizations (GPOs)m - ✔✔Organizations that negotiate better
pricing for the purchase of medical goods and services on behalf of their members
✔✔A fair market value lease - ✔✔one of the most common types of leases available
and the lessee is able to use the equipment for a specific period of time usually 36-60
months. The lessee pays a 1fixed monthly fee for the use of the equipment
✔✔A single payment lease - ✔✔used when the lessee wants the benefit of leasing but
the capital available to pay the entire lease value up front
✔✔A step lease - ✔✔the monthly payment amount increases or decreases over time -
this may help a new practice as it grows
✔✔Lease lines - ✔✔similar to lines of credit and the practice is able to establish a
maximum credit line it can use to lease additional pieces of equipment through the
same vendor
✔✔Early termination leases - ✔✔gives the lessee the ability to end the lease early.
, ✔✔Pros of buying - ✔✔1. More affordable choice over the long term
2. Increases the overall value if the practice
3. Prevents the need for regular negotiations with the leasing company
✔✔Cons of Buying - ✔✔1. Requires a sizable down payment
2. Equipment depreciation and obsolescence
✔✔Pros of leasing - ✔✔1. Little to no upfront costs
2. Protects against outdated equipment
3. Leasing companies may cover repair costs
4. Provides some tax benefits
✔✔Cons of Leasing - ✔✔1. More expensive option for long term
2. Monthly payments impact cash flow
✔✔A medical practice would choose a single payment term lease when its:
A. Expects to have more income over time
B. Wants the benefit of leasing but has the funds to pay costs of the lease in it's entirety
C. Wants to lease multiple pieces of equipment from the same vendor
D. Wants to be able to end the lease early - ✔✔B. Wants the benefit of leasing but has
the funds to pay the costs of the lease in its entirety
✔✔What is one advantage of a practice joining GPO?
A. The practice is able to use a just-in-time inventory system
B. The practice is able to obtain favorable leasing terms
C. The practice is able to avoid rising increases in costs of goods and supplies
D. The practice is able to avoid financing costs - ✔✔C. The practice is able to avoid
rising increases in costs of goods and supplies
✔✔Key competencies required to effectively manage practice facilities include: - ✔✔1.
Complying with general safety and life safety regulations
2. Planning facilities for effective workflows
3. Overseeing facility management and preventive maintenance
4. Facilitating maintenance inspections
5. Maintaining an environment of care, with appropriate protocols for infection control
6. Managing proper disposal of biohazardous waste products
7. Recognizing HIPPA implications
✔✔Gross Lease - ✔✔Property lease in which one monthly fee which covers all space
expenses including utilities, property taxes, maintenance fees, ect
✔✔Net Lease - ✔✔Property lease in which the tenant and the property owner divide the
costs of the property
