DLM (ASCP) TEST VERIFIED SOLUTIONS 100% PASS
DLM (ASCP) TEST VERIFIED SOLUTIONS 100% PASS Financial Management, Operations Management, Human Resource Management, Quality Management Project Volumes (forecasting stage) - ANSWER 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 - ANSWER 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 - ANSWER Rates x Production Unit (Billable test volume) Expenses - ANSWER salaries/wages, reference service, instrument lease, maintenance contracts, education/travel Financial Statements - ANSWER convey the financial status of an organization 4 main types - income statement, balance sheet statement of changes in equity and statement of cash flows. income statement - ANSWER summarizes the operations of an organization with a focus on its revenues, expenses, and profitability. contains operational results over a period of time. depreciation - ANSWER noncash charge against earnings on income statement that reflect the "wear and tear" on a business' fixed assets (property and equipment). loss of value salvage value - ANSWER amount received when final disposition occurs at end of the asset's useful life. annual depreciation - ANSWER (initial cost - salvage value)/ useful life Profit - ANSWER net income -expense cashflow - ANSWER net income + depreciation Total Profit Margin - ANSWER Net income divided by total revenues. It measures the amount of total profit per dollar of total revenues. fixed costs - ANSWER cost not related to the volume of services delivered (ex. facilities cost, lab admin, instrument leases, maintenance contracts) variable cost - ANSWER directly related to the volume of services delivered (ex. supplies, labor costs)
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