Healthcare Financial Management

The purpose of a not-for-profit healthcare facility is to - ANS-provide healthcare services to the community. What are the five management functions? - ANS-Planning, organizing, staffing, controlling, directing The purpose of healthcare financial management is to - ANS-provide accounting and financial information that assists the manager in achieving the organization's purpose. What is the highest level of education most CFOs have completed? - ANS-Master's degree Accounting is generally divided into what major areas? - ANS-Financial accounting and managerial accounting The purpose of financial accounting is to provide - ANS-historic accounting information to external users, such as stakeholders. The purpose of managerial accounting is to provide - ANS-current or prospective accounting information to internal users, including managers Healthcare financial managers follow which of the following common measures? - ANSAverage length of stay Cost accounting is defined as the - ANS-study of costs, including methods for classifying, allocating, and identifying costs. Historically, the purpose of finance was to - ANS-borrow and invest the funds necessary for the organization to achieve its purpose Today, the purpose of finance is to - ANS-analyze information provided by managerial accounting to evaluate past decisions and make sound decisions in the future. The most important objective of healthcare financial management is to - ANS-generate income Direct measures of quality assume that - ANS-an organization can define and measure quality itself. Direct measures of quality include - ANS-goal-based, connoisseurship, responsive, and decision-making measures Indirect measures of quality assume that - ANS-an organization can define and measure the results of quality. Indirect measures of quality include - ANS-resource, outcome, value-added, and reputational measures. Who established the National Patient Safety Goals? - ANS-The Joint Commission Managers typically represent a __________ view of ethics, whereas clinicians typically represent a _________ view of ethics. - ANS-utilitarian; deontological Healthcare expenditures as a percent of gross domestic product are about - ANS-18 percent By the type of service, the largest healthcare expenditure are - ANS-hospitals By source of funds, the largest healthcare payer is - ANS-private health insurance Which of the following should be monitored by the healthcare financial managers? - ANS-Admissions, average daily census, average length of stay (all of the above) The three management connective processes are - ANS-communication, coordinating, and decision making The worst example of conflict of interest is - ANS-conflict between the manager's duties to the organization and when managers use their positions of authority for personal gains (Bother b and c) Which of the following is important to financial management as a direct measure of quality? - ANS-Decision making Which of the following elements will NOT profoundly affect the financial situation of a healthcare organization? - ANS-Decrease in the number of individuals without insurance According to Rose Dunn, organizing includes which of the following? - ANS-Establishing a unity of command, departmentalization, specialization (All the above) The governing body of a healthcare organization is responsible for - ANS-proper development, utilization, and maintenance of all resources A finance committee typically - ANS-monitors the CEO's performance in financial activities CONTINUES...