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132 Cards in this Set

  • Front
  • Back
How do you calculate acid test ratio?
Take the most liquid assets you have such as cash, money market funds and accounts receivables and then divide that number by your total liabilities
How do you calculate the current ratio?
Current assets divided by current liabilities
The costs of acquiring an asset spread out over the useful life of the asset is called ___________
Depreciation.
The number of years an asset can be used by a facility is called ________.
The useful life
The value at the end of an asset’s useful life is called ________
slavage value.
A cost that does not fluctuate as patient volume rises and falls is called a _____ cost
Fixed Cost
The number of meals served in a facility is dependent on the number of patients and is a _________cost
Variable cost.
How do you calculate total costs?
Add total costs and variable costs
True or false -The facility electric bill is a direct cost?
False - It is indirect since it can not be charged to a single department
True or false -The facility administrator's salary is a direct cost?
False
Setting rates for services by revenue center is called ______
rate setting.
Which department prepares the daily resident census report?
The business office
A budgeting method where an administrator or the corporate office determines the budget with little or no input from department heads and staff is called the ______ approach
The Top-Down Approach
The ____ budget includes both a revenue budget and an expense budget
An operating budget
The _______ budget lists anticipated expenses for the upcoming year and is prepared by the department heads
Operating budget
The ___ budget lists equipment purchases over $500 and a useful life of one year or more
Capital budget
The _____ is used to plan and control facility operations and results
The budget
FICA taxes are deposited how often into a bank account in the name of the federal government?
Quarterly
True or False - Paychecks should be mailed to employees instead of distributing them in person?
False - unless they are direct deposited they should be distributed by hand and have the employee sign and acknowledge receipt - etremely important
True or False - The same person who makes out a bank deposit slip should also physically make the deposit.
False - You should have 2 different people perform those functions
True or False - Resident funds should be deposited into a facility account whenever possible to save on bank charges?
False
True or False - The facility must submit one consolidated bill for each month for all Medicare residents?
False - must submit a separate claim with detailed records attached to substantiate the claim
True or False - The MDS is the key document that is used to calculate the RUG rate for a resident?
False - The key factors are the number of minutes of therapy requried, ADL score and any required specialized nursing services
True or False - A facility must submit Medicare claims on a form MCB 90?
False - It is a UB92
Revenues collected from the beauty salon, phone and television rentals, guest meals and the gift shop are called _______ revenues
Ancillary revenue
What is ancillary revenue?
Any revenues you earn which are not from your main business (therapy and nursing)
"Charges included in the daily rate or per diem rate that include room, board, meals, housekeeping and routine nursing services are called _____ charges
Routine charges - these are included in the per diem rate.
Which inventory method assumes the supplies stored the longest will be used first, thereby raising the value of the remaining inventory
FIFO
The optimal amount of supplies or materials needed or ordered on a regular basis is called __________?
Economic Order Quantity.
Medicare was passed in what year?
1965
True or false - Medicare has income and age limits?
False
True or False - Medicare provides benefits to the poor of any age?
False
What does indigent mean?
Poor
The look back period for Medicaid is ___ years?
5 years
True or False - As the ADL score increases, the RUG rate decreases?
False
If your costs to care for a Medicare patient exceed your RUG rate, you can or cannot request a higher rate?
Cannot
“PPD” stands for ___________
Person Per Day
What is the approximate weight loss for a person previously weighing 150 pounds and now weighs 135 pounds?
10 percent (150-135=15 then 10/150=.10 (check your answer 150x.10 = 15)
80 doses were prescribed, and 3 were not given and 3 were administered incorrectly. What is the approximate medication error rate?Was this a significant medication error rate?
7.5 percent (6/80=.075) (Check your answer 80x.075 = 6) AND yes it was significant since it is over 5 percent
A nursing aide worked 56 hours as of June 7th. The facility pay period starts June 1 and ends June 14. An nursing aide worked 56 hours as of June 7th. How much overtime would they have earned as of June 7th
None - it is an 80 hours paycheck. Be careful when they talk about an 80 hour week. They need to work 81 or more hours to accrue overtime
A facility has160 full time employees and 72 lost work days in a 30 day period? What is the approximate absentee rate?
1.5 percent (160x30=4800)(72/4800=.015)(Check your answer - 4800x.015=72)
Using straight line depreciation, calculate the annual depreciation for a 5 year period for an electrical generator costing $22,000 with a $2,000 salvage value?
$4000 ($22,000 - $2,000 = $20,000)($20,000/5 = $4000 dollars a year
What is the cost per resident per day if the operating cost is $30,000 for the month of June and the total number of resident days is 3000?
$10 per resident per day ($30,000/3000=10)(Check your answer 3000x10=$30,000)
What is the approximate occupancy rate for a facility with 120 beds and an average of 105 occupied beds?
87.5% (105/120=87.5)
If $40,000 is borrowed at 10% common interest for ten years and only interest is paid for the first year, the first month’s payment would be approximately how much?
$333 dollars ($40,000/10=4000)(4000/12=$333)
What is the approximate percentage of gross profit with an income of $600,000 and $275,000 in fixed expenses and $165,000 in variable expenses?
27% ($275,000+$165,000=$440,000 then $600,000 - $40,000 = $160,000/$600,000=$27%)
What is the payback period for an investment of $40,000 with an annual savings of $5,000?
8 years ($5,000 x 8 years = $40,000)
60 doses of medication were prescribed and 4 doses were not given and 4 doses were administered incorrectly. What is the approimate nedication error rate?
13% (8/160=13.3%)
What is the approximate percentage of weight loss for a person previously weighing 130 pounds and who now weighs 125 pounds?
3.8 - 4%% (130-125= 5 pounds) (5/130=.038 %)(check your answer 130 x .038 = 4.94
How many nurse aides would you need to schedule for a facility with 200 residents if you need 1 hour of nurse care per resident? Each nurse works 8 hours per shift
25 nurse (200x1=200/8=25)
A facility employed 300 employees throughout the year. At the end of the year, 10 employees had been discharged and 15 resigned. What was the approximate annual turnover rate?
Approximately 8% (25/300=.083%)
A nursing home had $500,000 in gross income and $210,000 in fixed expenses and $120,000 in variable expenses. What is the approximate percentage of gross profit?
34% ($500,000 - $330,000 = $170,000) ($170,000/$500,000 = .34) (check your answer $500,000 x.34 = $170,000)
A 120 bed facility averaged 95 residents per day in the month of June. What was the facility's approximate occupancy rate?
approximately 80% (120-95=25 (25 represents empty beds) (25/120=20%. The vacancy rate is 20% Subtract 20% from 100% = 80% that is the occupancy rate)
What is the average daily absentee rate with a total of 100 full-time employees and 90 lost work days during a 60 day period?
1.5% (60 days x 100 avg census = 6000 resident days. 90/6000 = .015)
A new dryer costs $5000 with a useful life of 10 years. How much depreciation expense is deducted on a yearly basis using the straight line method?
$500
A nursing home with 100 beds pays the administrator $90,000 a year. The current occupancy rate is 80%? What is the administrator’s approximate fixed salary cost per resident day?
$3 per resident day (80X365 days = 29200 days or approx. 30,000 days - I recommend you round numbers up and down)(90,000/30,000 is approx. $3 a day
A 150 bed facility spent $12,000 on food in June with an average daily occupancy of 90%. How much did the facility spend per resident per day?
Approximately $3 per resident per day (150*.90=135) (135x30=4050 resident days)(12000/4000 days (round down)=$3 per day approximately
The concept that all transactions which are relevant to evaluating a company’s financial well being must be recorded and disclosed to investors is called the ______ principle?
Full disclosure principle.
A complaint and summons are legal documents which initiate a _______?
Civil lawsuit
What do we mean when we say a business is "liquid"?
Its assets exceed its liabilities
If a business cannot pay its bills, and needs protection from its creditors, the business should file for ________
Bankruptcy
Where a debtor’s assets are liquidated or sold to pay creditors and its remaining debts are discharged, this called Chapter ___ bankruptcy
Chapter 7
Where a debtor ‘s business is placed under protection of a bankruptcy court and continues in business as they pay back their debts, this called Chapter ___ bankruptcy
Chapter 11
Where a debtor is allowed to setup a payment schedule for a set amount to be deducted from their income on a regular basis until the debts are paid off this is called Chapter ____ bankruptcy
Chapter 13
Right to use intellectual property owned by a business is called _______
Copyright
A logo or symbol that identifies a business is called a _______
Brand Mark
The amount on the balance sheet that represents ownership in a business is called ____
Equity
Where a third party attempts to help parties to a dispute to arrive at a mutually acceptable resolution, this is called ___
Mediation
Where a third party hears a dispute and then a renders a decision that is binding on the parties, this is called ____
Arbitration
A unique name that identifies a business is called a ______.
Brand Name
Which program under Medicare pays for medications when an individual is not being skilled in a nursing home or hospital
Medicare Part D
What is the main purpose of financial information?
To make decisions
Revenue that is earned from direct resident services (nursing, rehab, drugs) is called _____ revenue
Operating revenue
Revenue from the beauty salon, staff meals and the gift shop are called ______ revenue?
Non-operating revenue
How do you calculate Net Operating Revenues?
Operating revenues less taxes and expenses
 What are Gross Operating Revenues?
Operating revenues before deductions
A proceeding where a defendant is formally charged in a criminal matter is called a(n) _______
Arraignment
Money taken out of a debtor's paycheck and then turned over to creditor by court order is a _____
Garnishment
The final decree of a court is called a ______
A Judgment
When you say something that damages another person's reputation this is called ____
Slander
When you write something that damages an individual's reputation this is called ___
Libel
A violation of a state law is called a _____.
Misdemeanor
A violation of federal law is called a _____
Felony
A document that describes the purpose of a corporation is called _____
The mission statement
Which law determines the fire rating of nursing homes?
Life Safety Code
Substandard care begins with which letter (A-L)
G
The phase of the state survey where the survey team gathers information from OSCAR, the ombudsman and other sources prior to entering a facility is called _______
Offsite Preparation
When services in a facility are not consistent from day to day and from shift to shift this is called the ___________ rule
Inconsistency Rule
What type of document would the state survey office send to the administrator of a facility with only isolated or minor problems which caused no actual harm, and no plan of correction is required?
Notice of isolated deficiencies
The key consideration in determining the minimum level of staffing in a nursing facility is _______
Patient Acuity Levels
True or False - The main purpose of the Risk Management Committee is to reduce injuries?
False - the main purpose is to limit legal liability and money damages
What is one key way businesses limit their legal liability?
Purchase insurance policies
Which insurance policy covers a facility for malpractice?
Professional liability insurance
Each level or story of a building that houses patient sleeping and treatment areas must be divided into a minimum of how many smoke compartments?
2 compartments
A fire extinguisher is checked how often and serviced how often?
Quaterly and Annually
Doors must be ____’ thick, solid bodied ___ core, or with ____ minutes of resistance fire rating.
1 3/4 inches, wood core and 20 minute fire rating
ADA guidelines and standards are developed and approved by _____
ANSI.
A violation with a severity requiring immediate action due to risk of injury, harm, impairment or death to a resident is a level ________ violation
Level 4 violation.
A charge nurse is which level of management?
Lower management
The _________ is the foundation that guides an organization
The philosophy
The _________ specifies the composition of the governing body, functions, timing of corporate meetings and the purpose of a corporation
By laws
The ___________ communicates the purpose of the organization?
Mission statement
The ________ has ultimate responsibility for management and quality of care in a facility
The governing body
The _____ is the fundamental law of the U.S that establishes the responsibilities and rights of the federal courts
The U.S. Constitution
Any action taken by a facility to punish or penalize residents is called ________
Discipline
True or False - A facility may not charge a reasonable fee for clerical time to copy resident records
False - It may do so
Written instructions relating to the provision of health care when an individual is incapacitated is called a(n) _________
Advanced directive
Residents do or do not have the right to form a resident council if they wish to do so?
They do
The facility is or is not required to provide the resident council a meeting place in the facility?
The facility is required to do so
The admininstrator may or may not attend resident council meetings whenever they want?
May not - must be invited by the council
The facility is or is not required to provide a staff member to the resident council to assist in meetings
The facility is required to do so
The gastrointestinal tract is also known as the ______________
Digestive tract.
Name three types of specialized rehabilitation services?
Physical therapy, occupational therapy and speech therapy
Under HIPAA, when a worker moves from one job to another, their new employer’s health plan can exclude coverage for a pre-existing health condition for no more than _____ months.
12 months
The first step in formulating a marketing strategy is to do a ________
Market audit
A respiratory condition where bacteria damage the functional ability of the lungs is called ______.
Tuberculosis
A respiratory condition where the bronchial tubes are irritated and produce large amounts of mucus and a cough is called _________.
Bronchitis
COPD stands for __________.
Chronic Obsructive Pulmonary Disease
True or False - In a fire drill, residents must be physcially evacuated from their rooms
False - they do not need to be removed from their beds
How must spilled blood be cleaned from the floor?
Immediately wipe up the blood and then sanitize the affected area.
A resident must be removed from a restraint for what length of time?
1 hour
Valiadation therapy works best with residents with what type of cognitive impairment?
Severely demented
Reality therapy works best with residents with what type of cognitive impairment?
With some cognitive deficits or senile dementia
An overwieght resident would be prescribed what type of diet?
Low fat diet
Which therapy focuses on the lower body weight bearing muscles?
Physcial therapy
Which therapy focuses on upper body strength and performing activities of daily living?
Occupational therapy
What does CIO stand for?
Congress of Industrial organizations
What does AFL stand for?
American Federation of Labor
Exit signs may not be placed more than ____ feet from the nearest exit
100 feet
Fire extinguishers can be placed no more than ____ feet apart
50 feet
Under what circumstances can a resident's medical information be provided to a third party without the resident's consent?
Pursuant to a third party contract (An insurance company) and A court order
What does SEIU stand for?
Service Employees International Union