CRCR 1 - Revenue Cycle Introduction QUESTIONS AND VERIFIED ANSWERS | GRADED A+
| GUARANTEED PASS
1. Which of the following statements are true of HFMS's Patient Financial Communications
Best Practices?
(Pre-Test 1) ANS: The best practices were developed specifically to help patients understand the cost of
services, their individual insurance benefits, and their responsibility for balances after insurance if any.
2. Corporate compliance programs play an important role in protecting the integrity of
operations and ensuring compliance with federal and state requirements.
The Code of Conduct is ANS:
(Pre-Test 1) All of the above.
3. The patient experience includes all of the following except:
(Pre-Test 1) ANS: The average number of positive mentions received by the health system or practice
and the public comments refuting unfriendly posts on social media sites.
4. Specific to Medicare fee-for-service patients, which of the following payers have always been
liable for payment?
(Pre-Test 1) ANS: Public health service programs, Federal grant programs, veteran affairs programs,
black lung program services and work-related injuries and accidents (workers' compensation claims).
5. Provider policies and procedures should be in place to reduce the risk of ethics violations.
Examples of ethics violations include:
(Pre-Test 1) ANS: All of the above
6. Providers are now being reimbursed with a focus on the value of the services provided,
rather than volume, which requires collaboration among providers.
1/7
, What is the intended outcome of collaborations made through an ACO delivery system for a
population of patients?
(Pre-Test 1) ANS: To eliminate duplicate services, prevent medical errors and ensure appropriateness of
care.
7. Historically, revenue cycle has dealt with contractual adjustments, bad debt and charity
deductions from gross revenue. Although deductions continue to exist, the definition of net
revenue has been modified through the implementation of ASC 606. Developed by the
Financial Accounting Standards Board (FASB), this change became effective in 2018.
What is the new terminology now employed in the calculation of net patient service revenues?
(Pre-Test 1) ANS: Explicit price concessions and implicit price concessions.
8. Key performance indicators set standards for A/R and provide a method for measuring the
control an collection of A/R.
What are the two KPIs used to monitor performance related to the production and submission of
claims to third party payers and patients (self-pay)?
(Pre-Test 1) ANS: Elapsed days from discharge to final bill and elapsed days from final bill to claim/bill
submission.
9. Consents are signed as part of the post-service process.
(KC1.1) ANS: False
10. Patient service costs are calculated in the pre-service process for scheduled patients.
(KC1.1) ANS: True
11. The patient is scheduled and registered for service is a time-of-service activity.
(KC1.1) ANS: False
12. The patient account is monitored for payment is a time-of-service activity.
(KC1.1) ANS: False
2/7
| GUARANTEED PASS
1. Which of the following statements are true of HFMS's Patient Financial Communications
Best Practices?
(Pre-Test 1) ANS: The best practices were developed specifically to help patients understand the cost of
services, their individual insurance benefits, and their responsibility for balances after insurance if any.
2. Corporate compliance programs play an important role in protecting the integrity of
operations and ensuring compliance with federal and state requirements.
The Code of Conduct is ANS:
(Pre-Test 1) All of the above.
3. The patient experience includes all of the following except:
(Pre-Test 1) ANS: The average number of positive mentions received by the health system or practice
and the public comments refuting unfriendly posts on social media sites.
4. Specific to Medicare fee-for-service patients, which of the following payers have always been
liable for payment?
(Pre-Test 1) ANS: Public health service programs, Federal grant programs, veteran affairs programs,
black lung program services and work-related injuries and accidents (workers' compensation claims).
5. Provider policies and procedures should be in place to reduce the risk of ethics violations.
Examples of ethics violations include:
(Pre-Test 1) ANS: All of the above
6. Providers are now being reimbursed with a focus on the value of the services provided,
rather than volume, which requires collaboration among providers.
1/7
, What is the intended outcome of collaborations made through an ACO delivery system for a
population of patients?
(Pre-Test 1) ANS: To eliminate duplicate services, prevent medical errors and ensure appropriateness of
care.
7. Historically, revenue cycle has dealt with contractual adjustments, bad debt and charity
deductions from gross revenue. Although deductions continue to exist, the definition of net
revenue has been modified through the implementation of ASC 606. Developed by the
Financial Accounting Standards Board (FASB), this change became effective in 2018.
What is the new terminology now employed in the calculation of net patient service revenues?
(Pre-Test 1) ANS: Explicit price concessions and implicit price concessions.
8. Key performance indicators set standards for A/R and provide a method for measuring the
control an collection of A/R.
What are the two KPIs used to monitor performance related to the production and submission of
claims to third party payers and patients (self-pay)?
(Pre-Test 1) ANS: Elapsed days from discharge to final bill and elapsed days from final bill to claim/bill
submission.
9. Consents are signed as part of the post-service process.
(KC1.1) ANS: False
10. Patient service costs are calculated in the pre-service process for scheduled patients.
(KC1.1) ANS: True
11. The patient is scheduled and registered for service is a time-of-service activity.
(KC1.1) ANS: False
12. The patient account is monitored for payment is a time-of-service activity.
(KC1.1) ANS: False
2/7
