Finance and Economics Review Questions & Answers
Finance and Economics Review
Instructions: Include the question before each answer.
- Distinguish between financial accounting and managerial accounting.
- Distinguish between the electronic health record (EHR) and the electronic medical record (EMR).
- Know the four parts of the Medicare program, Parts A through D.
- What is Title XVIII of the Social Security Act commonly known as?
- Explain what is meant by ‘payer mix’ when referring to sources of healthcare revenue.
- What is Title XIX of the Social Security Act commonly known as?
- Have an understanding of health maintenance organizations (HMO) and preferred provider organizations (PPO).
- What was the first organized health insurance company?
- Briefly explain revenue center in a healthcare organization.
- What is the makeup of third party payments?
- Define (a)cost, (b) expired costs, (c) unexpired costs, and (d) revenues.
- What are ancillary
- Define: (a)direct cost (b) indirect cost (c)
- For what does the acronym DRG mean?
- What are the four major activities for finance?
- What are the four C’s of finance?
- What is the purpose of accounting?
- What are ambulatory care facilities?
- The term third-party refers to which of the following: Procedure, provider, patient, payer?
- Briefly explain adverse selection.
- For what are budgets used?
- Pertaining to budgets, what is variance?
- What is a revenue cycle?
- What is a cost driver?
- With all things being constant, one FTE for a hospital means?
- If the cost of a medical visit/process/diagnostic test increases, how does this effect the demand for the item?