HSM 340 (HSM 340 Final Exam)

HSM 340 Week 2 Week 2 Discussion Thread 2: Financial Performance Why it is important to know the scope of business being reviewed when using financial statements. When it comes to knowing what you are looking at- having full understanding into what the data presented means- what the bottom line represents- etc. The first thing is the accounting methods that are being used-specific language or unfamiliar terms you must familiarize yourself with- specific to the information and business that you a...

HSM-340 Week 2 Discussion Question 1 – Accounting Conventions and Methods (graded A)

HSM 340 Week 1 Discussion #2 Reimbursement and payment determination A. Discuss the major reimbursement methods used in health care. B. Discuss the major aspects of Medicare benefits. C. List some of the important considerations when negotiating a health plan contract. A. Major reimbursement methods used in healthcare: historical cost reimbursement, specific services, capitated rates, and bundled services. Some payors payment schedules are based on a negotiated fee schedule, which are mostly a c...

You must always have a plan & a back up plan. Realize what you are staring with & what you may end up with. Always plan for emergencies & set backs. Never take all that you have & put it into one deci sion. The major function of information in general & financial information in particular is to oil the decision-making process. Decision making is basically34the selection of a course of action from a defined list of possible or feasible actions. In many cases the actual course of action followed m...

HSM-340 Week 3 Discussion Question 1 – Cost Categories (GRADED A)

Financial Sources (graded) List the major nonhospital & nonphysician sectors of the healthcare industry The Health Care Sector encompasses two main industry groups. The first includes companies who manufacture health care equipment & supplies or provide health care related services, including distributors of health care products, providers of basic health-care services, & owners & operators of health care facilities & organizations. The second regroups companies primarily involved in the r...

Exam (elaborations) HSM 340 Week 2 Quiz (GRADED A) Questions and Answers | 100% Correct solutions 1. Question : (TCO 2) A statement that reports the financial position (assets, liabilities, and stockholders' equity) of an accounting entity at a point in time is called a(an): Student Answer: Income statement Statement of retained earnings Balance sheet Statement of cash flows Report of...

Question: (TCO 4) When would it make sense to use a flexible budget as compared to a forecast budget? Question: (TCO 7) Explain the difference between a horizontal merger and a vertical merger. Ques tion: (TCO 1) Describe the Outpatient Code Editor. Question: (TCO 1) What is the primary provision of the EMTALA. Question: (TCO 3) Use the following data to calculate the variances in problem. data Your hospital has been approached by a major HMO to perform all their MS-DRG 470 cases (major joint pr...

HSM 340 Week 3 Quiz Question: (TCO 3) From a hospital’s perspective, what is most likely to be the highest risk arrangement with a payer? Question: (TCO 3)SKF Primary Care Clinic is deciding wheth er to purchase MRI equipment that would enable it to perform MRI imaging services in-house rather than sending its patients to its competitor’s hospital three miles away. From a financial position, if SKF were to make its decision without using net present value analysis, the clinic would need to k...

Question: (TCO 4) Which of the following is part of a statistics budget? Question: (TCO 4) The following is an example of a ___ budget: “The budget for the radiology department is different at 90 p ercent occupancy than at 80 percent occupancy.” Question: (TCO 4) Effectiveness is a relationship between: Question: (TCO 3) What is the main reason that relative value units (RVUs) often are used in health care? Question: (TCO 3) Your controller has told you that the marginal profit of DRG 209 (m...