HCA-240 Quiz 1 with 100% Correct Answers

Importance of financial info for investment decisions: Correct Answer stay in business or close (expansion or not) How much U.S. GDP is spent on healthcare? % Correct Answer 17.7% How much is 17.7% of the U.S. GDP? Correct Answer Approx. $3.8 trillion / year Are healthcare costs the same as health insurance? Correct Answer NO What are politicians and media referring to when they speak of healthcare reform? Correct Answer health insurance What is the most common hospital type? Correct Answer Not-for-profit (NFP) (ex: community hospital) How is the efficiency of operations assessed? Correct Answer output/input or cost of service (ex: 4.6 nurse work hours, 6.0 staff hours. 4.6 / 6.0 = 0.76. 76% efficiency rate) What are two main contributors to the Opioid Crisis? Correct Answer Theft, over-prescribed Healthcare ________ money when ____________ people. Correct Answer loses ; treating How does a health care organization remain fiscally viable even though the government does not 'pay their fair share'? Correct Answer Cost-shifting A short-term source of secure financing Correct Answer line of credit What are IO entities? Are they for profit or NFP? Correct Answer Investor-owned organizations ; for profit Federal form of organization Correct Answer Government health care Shareholders of NFP business-oriented organizations Correct Answer community Approx. 80% of hospitals are NFP, but Correct Answer not the organization or ancillary A main type of an IO entity Correct Answer Sole Proprietorships Examples of publicly traded companies: Correct Answer Tenet, Banner, CVS, Mayo, Kaiser, etc.