Healthcare Financial Management Exam with 100% Verified Answers

Healthcare Financial Management Exam with 100% Verified Answers The purpose of a not-for-profit healthcare facility is to - answerprovide healthcare services to the community. What are the five management functions? - answerPlanning, organizing, staffing, controlling, directing The purpose of healthcare financial management is to - answerprovide 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? - answerMaster's degree Accounting is generally divided into what major areas? - answerFinancial accounting and managerial accounting The purpose of financial accounting is to provide - answerhistoric accounting information to external users, such as stakeholders. The purpose of managerial accounting is to provide - answercurrent or prospective accounting information to internal users, including managers Healthcare financial managers follow which of the following common measures? - answerAverage length of stay Cost accounting is defined as the - answerstudy of costs, including methods for classifying, allocating, and identifying costs. Historically, the purpose of finance was to - answerborrow and invest the funds necessary for the organization to achieve its purpose Today, the purpose of finance is to - answeranalyze 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 - answergenerate income Direct measures of quality assume that - answeran organization can define and measure quality itself. Direct measures of quality include - answergoal-based, connoisseurship, responsive, and decision-making measures Indirect measures of quality assume that - answeran organization can define and measure the results of quality. Indirect measures of quality include - answerresource, outcome, value-added, and reputational measures. Who established the National Patient Safety Goals? - answerThe Joint Commission Managers typically represent a __________ view of ethics, whereas clinicians typically represent a _________ view of ethics. - answerutilitarian; deontological Healthcare expenditures as a percent of gross domestic product are about - answer18 percent By the type of service, the largest healthcare expenditure are - answerhospitals By source of funds, the largest healthcare payer is - answerprivate health insurance Which of the following should be monitored by the healthcare financial managers? - answerAdmissions, average daily census, average length of stay (all of the above) The three management connective processes are - answercommunication, coordinating, and decision making The worst example of conflict of interest is - answerconflict 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? - answerDecision making Which of the following elements will NOT profoundly affect the financial situation of a healthcare organization? - answerDecrease in the nu