Finance and Economics Review Questions & Answers

Finance and Economics Review

Instructions:  Include the question before each answer.

1. Distinguish between financial accounting and managerial accounting.
2. Distinguish between the electronic health record (EHR) and the electronic medical record (EMR).
3. Know the four parts of the Medicare program, Parts A through D.
4. What is Title XVIII of the Social Security Act commonly known as?
5. Explain what is meant by ‘payer mix’ when referring to sources of healthcare revenue.
6. What is Title XIX of the Social Security Act commonly known as?
7. Have an understanding of health maintenance organizations (HMO) and preferred provider organizations (PPO).
8. What was the first organized health insurance company?
9. Briefly explain revenue center in a healthcare organization.
10. What is the makeup of third party payments?
11. Define (a)cost, (b) expired costs, (c) unexpired costs, and (d) revenues.
12. What are ancillary
13. Define: (a)direct cost (b) indirect cost (c)
14. For what does the acronym DRG mean?
15. What are the four major activities for finance?
16. What are the four C’s of finance?
17. What is the purpose of accounting?
18. What are ambulatory care facilities?
19. The term third-party refers to which of the following: Procedure, provider, patient, payer?
20. Briefly explain adverse selection.
21. For what are budgets used?
22. Pertaining to budgets, what is variance?
23. What is a revenue cycle?
24. What is a cost driver?
25. With all things being constant, one FTE for a hospital means?
26. If the cost of a medical visit/process/diagnostic test increases, how does this effect the demand for the item?