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HSM 340 COMPLETE COURSE – DEVRY

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HSM 340 COMPLETE COURSE - DEVRY (ALL ASSIGNMENTS - DQS - QUIZEZ - MIDTERM AND FINAL EXAM) week 1Finance and the Regulatory Components (graded) a) Are there any other types of information besides financial that may be useful in making financial decisions? b) Identify the major components of a corporate compliance plan, including the establishment of internal controls relating to the finances of an organization. c) How does legal and regulatory issues shape and define good financial management of a health care organization? Reimbursement and Payment Determination (graded) 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. wek 2 Accounting Conventions and Methods (graded) Discuss the accounting conventions that affect the application of accounting principles. Financial Performance (graded) Explain why it is important to know the scope of business being reviewed when using financial statements. week 3 Cost Categories (graded) Discuss the four types of costs that might be relevant when considering alternative projects. Cost Information (graded) Describe how cost information relates to the three key activities of management: planning, budgeting, and control. weeek 4 Financial Sources (graded) List the major nonhospital and nonphysician sectors of the healthcare industry Financial Theories and Concepts (graded) Describe the two major theories used for the detection of out-of-control costs. This section lists options that can be used to view responses. week 5 discussion Capital Investments (graded) List some of the kinds of information that is needed to evaluate a capital investment project. Future and Present Value (graded) List some of the pros and cons of retiring debt early. week 6 Cash and Assets (graded) List and describe where cash is generated by an organization and where an organization uses its cash. Cash Resources (graded) List and explain the criteria that should be used when investing an organization's cash in the short term. week 7 HMO, MCO and Health Plans (graded) Discuss legal and regulatory issues that affect MCOs. Financial Policy (graded) Describe the relationship between financial planning and strategic planning. This section lists options that can be used to view responses. week 1 assignment1. What are four general phases of the working capital cycle?2. What are the three primary sources of short-term funds?3. An organization's short-term investment options for idle cash include what four areas? List and provide their characteristics.4. Discuss the term float ourse AssignmentCapital Budgeting ProcessComplete an APA-formatted two-page paper (not including the title and reference pages) answering the following questions.Organizations that decide to issue bonds generally go through a series of steps. Discuss the six steps.An alternative to traditional equity and debt financing is leasing. Leasing is undertaken primarily for what purposes?Discuss the two major types of leases.Discuss the terms short-term borrowing and long-term financing.What are the primary sources of equity financing for not-for-profit healthcare organizations?The capital budgeting process occurs in several stages, but generally includes what?Discuss and list the three discounted cash flow methods.week 6 assignmentCOURSE ASSIGNMENTCash and Working CapitalComplete an APA-formatted two-page paper (not including the title and reference pages) answering the following questions.What are four general phases of the working capital cycle?What are the three primary sources of short-term funds?An organization's short-term investment options for idle cash include what four areas? List and provide their characteristics.Discuss the term float.Submit your assignment to the Dropbox located on the silver tab at the top of this pagequiz 2TCO 2) A statement that reports inflows and outflows of cash during the accounting period in the categories of operations, investing, and financing, is called a(an): Income statementStatement of retained earningsBalance sheetStatement of cash flowsReport of management Question 2. Question :(TCO 2) Two major methods of asset valuation are: : historical cost and future costhistorical cost and acquisition costhistorical cost and replacement costacquisition cost and future cost Question 3. Question :(TCO 2) _____ is the most important financial metric to review to determine long-term financial viability. Return on equityTotal marginDays cash on handHospital cost indexNone of the above Comments: Question 4. Question :(TCO 2) What should be a firm's primary long-term financial objective? Profit growthDebt growthAsset growthEquity growth Question 5. Question :(TCO 2) Explain the difference between the accrual basis of accounting and the cash basis of accounting.? Question 6. Question :(TCO 2) What is an accounting entity? Question 7. Question :(TCO 2) The HC method, which uses unadjusted historical costs, does not take into account depreciation expenses, purchasing power, and unrealized gains in replacement value. Despite these weaknesses as a financial reporting method, the HC method is used more frequently for accounting purposes than other methods, such as the HC-GPL, CV, and CV-GPL methods. Why is this so? Question 8. Question :(TCO 2) Define and describe the purpose of fund accounting (now called net assets).quiz 3TCO 3) When considering how changes in volume affect total fixed costs, it is important to consider: the relevant rangethe variable cost per unitpriceboth A and Bboth B and C Question 2. Question :(TCO 3) To maximize the amount of profit realized from a rate increase, charges should be increased most in departments with: High charge payer mix/high write-offs for bad debt, charity, & discountsLow charge payer mix/low write-offs for bad debt, charity, & discountsHigh charge payer mix/low write-offs for bad debt, charity, & discountsLow charge payer mix/high write-offs for bad debt, charity, & discounts Question 3. Question :(TCO 3) Your controller has told you that the marginal profit of DRG 209 (major joint procedure) for a Medicare patient exceeds the marginal profit for an average charge patient. Why might this occur? High fixed costs of treatmentLow Medicare paymentHigh pricesLow prices Question 4. Question :(TCO 3) Your hospital has been approached by a major HMO to perform all their DRG 225 cases (foot surgeries). They have offered a flat payment of $8,000 per case. You have reviewed your charges for DRG 225 during the last year and found the following profile: Average Charge: $11,300Average LOS: 4.5 Days data:image/png;base64,R0lGODlhWQACAHcAMSH+GlNvZnR3YXJlOiBNaWNyb3NvZnQgT2ZmaWNlACH5BAEAAAAALAEAAQBXAAEAgAAAAAAAAAIIjI+py+0PWwEAOw==Cost/Charge Variable Cost % data:image/png;base64,R0lGODlhFQACAHcAMSH+GlNvZnR3YXJlOiBNaWNyb3NvZnQgT2ZmaWNlACH5BAEAAAAALAEAAAAUAAEAgAAAAAAAAAIEjI+ZBQA7 data:image/png;base64,R0lGODlhHgACAHcAMSH+GlNvZnR3YXJlOiBNaWNyb3NvZnQgT2ZmaWNlACH5BAEAAAAALAAAAAAeAAEAgAAAAAAAAAIFjI+pawUAOw==Routine Charge $3,200 0.75 65Operating Room 1,850 0.7 80 Anesthesiology 210 0.7 75 Lab 575 0.65 40 Radiology 275 0.65 50 Medical Supplies 3,220 0.6 85 Pharmacy 955 0.55 85 Other Ancillary 1,015 0.75 55 Total Ancillary $8,100 0.7 75 In the above data set, assume that the hospital’s cost-to-charge ratio is 0.75 for routine services and 0.70 for Total Ancillary services. Using this information, what would the average cost of DRG 225 be? (Your answer might be slightly different due to rounding. Pick the closest.) $7,613$8,100$7,613$8,000$8,070Instructor Explanation: Chapter 15Points Received: 0 of 5Comments: Question 5. Question :(TCO 3) David Jones, the new administrator for a surgical clinic, was trying to determine how to allocate his indirect expenses. His staff was complaining that the current method of taking a percentage of revenues was unfair. He decided to try to allocate utilities based on square footage of each department, administration based on direct costs, and laboratory based on tests. Use the information in the chart below to answer the question. Square Footage Direct Expenses Lab TestsUtilities 200,000Administration 2,000 500,000Laboratory 2,000 625,000Day-op Suite 3,000 1,400,000 4,000Cystoscopy 1,500 350,000 500Endoscopy 1,500 300,000 500Total 10,000 3,375,000 5,000Based on the scenario above, what are the Day Op Suite's total expenses? 2342769Instructor Explanation: What are the Day Op Suite’s total expenses? What are the Cystoscopy Department’s total expenses? What are the Endoscopy Department’s total expenses? Question 6. Question :(TCO 3) Your hospital has been approached by a major HMO to perform all their MS-DRG 470 cases (major joint procedures). They have offered a flat price of $10,000 per case. You have reviewed your charges for MS-DRG 470 during the last year and found the following profile: Average Charge $15,000Average LOS 5 DaysRoutine Charge $3,600 Cost/Charge 0.80 Variable Cost % 60Operating Room 2,657 0.80 80Anesthesiology 293 0.80 80Lab 1,035 0.70 30Radiology 345 0.75 50Medical Supplies 4,524 0.50 90Pharmacy 1,230 0.50 90Other Ancillary 1,316 0.80 60Total Ancillary $11,400 0.75 50 The HMO in the above example has indicated that their doctors use less expensive joint implants. If this less expensive implant were used, your medical supply charges would be reduced by $2,000. What is the estimated reduction in variable cost? If medical supply charges would be reduced by $2,000, estimated reduction in variable cost will be $900 Question 7. Question :(TCO 3) How are costs classified? quiz 7Page 1 Question 1.1. (TCO 7) Employee covered health plans are most likely to be? (Points : 5)High deductible health plans with a savings option.HMOs.PPOs.Traditional indemnity plans Question 2.2. (TCO 7) Capitation plans are more common for physician payment because: (Points : 5)they can better control utilization.physicians want more risk in their payment plans.they are concerned about adverse selection.physicians have larger reserves and can assume more risk. Question 3.3. (TCO 7) The James Clinic is an organization of 100 physicians in a variety of specialties. They recently contracted with Prudential Health Plan on a capitated basis to provide all medical services to Prudential's members for the next three years. This HMO model would be defined as a: (Points : 5)Staff ModelGroup ModelIndividual Practice Association ModelNetwork Model Question 4.4. (TCO 7) Suppose that AT&T had made an offer to acquire Merck Pharmaceuticals. Ignoring potential antitrust problems, this merger would be classified as a: (Points : 5)Cross-border mergerHorizontal mergerConglomerate mergerVertical merger Question 5. 5. (TCO 7) An HMO has a Point of Service (POS) option for its members, but will pay only 80 percent of approved charges. If a member goes out of network for a medical procedure with a charge of $2,000, of which $1,200 is approved, how much must the member pay? (Points : 10) Question 6. 6. (TCO 7) A hospital incurs $10 million of cost to treat Medicaid patients and receives $7 million in payment. Actual charges for these Medicaid patients were $20 million. The net community benefit expense that would be reported in Schedule H of IRS Form 990 would be? (Points : 10) Question 7. 7. (TCO 7) How is charity care usually defined? (Points : 10)midtermDevry HSM340 MidtermMidterm Exam page 1 Question 1.1. (TCO 4) Budgets normally cover a period of: (Points : 5)5 years2 years3 years1 year Question 2.2. (TCO 4) Which budgetary issue causes the most strife in all areas of a health care organization? (Points : 5)Setting volume levelsSetting pricesAllocation of indirect costsDeciding whether to use a fixed or flexible budget Question 3.3. (TCO 4) Efficiency is a relationship between: (Points : 5)Outputs and organizational goalsInputs and outputsInputs and organizational goalsNone of the above Question 4.4. (TCO 3) Which of the following is the first step in any budgetary process? (Points : 5)Define standard treatment protocolsDefine required departmental volumesDefine standard cost profilesDefine volumes of patients Question 5.5. (TCO 3) Assume that the clinic used the price that they need to exactly break even at 10,000 shots. Fewer people than expected showed up and purchased the flu shot. The clinic would: (Points : 5)earn a profit.have a loss.break-even.have a reduced unit contribution margin.none of the above. Question 6.6. (TCO 2) A statement that reports inflows and outflows of cash during the accounting period in the categories of operations, investing, and financing, is called a(an): (Points : 5)Income statementStatement of retained earningsBalance sheetStatement of cash flowsReport of management Question 7.7. (TCO 2) _____ is the most important financial metric to review to determine long-term financial viability. (Points : 5)Return on equityTotal marginDays cash on handHospital cost indexNone of the above Midterm Exam page 2 Question 1. 1. (TCO 4) What is the amount of variance that can be attributed to the difference between budgeted and actual volume?Use the following data to calculate the variances.The following information has been prepared for a home health agency. BudgetActualWage Rate per Hour $16.00 $17.00Fixed Hours 320 320Variable Hours per RelativeValue Unit (RVU) 1.0 1.1Relative Value Units (RVUs) 1,000 1,200Total Labor Hours 1,320 1,640Labor Costs $21,120$27,880Cost per RVU $21.12 $23.23Budgeted costs at actual volume would be $25,344 ($21.12 × 1,200), and the total variance to be explained is $2,536 Unfavorable ($27,880 - $25,344). Be sure to specify whether the variance is favorable or unfavorable. (Points : 5) Question 2. 2. (TCO 2) Explain the difference between the accrual basis of accounting and the cash basis of accounting.? (Points : 10) Question 3. 3. (TCO 2) What is an accounting entity? (Points : 10) Question 4. 4. (TCO 1) What are social responsibility and ethics as they relate to business-oriented organizations? How should social responsibility and ethics affect the decisions of even for-profit companies? (Points : 20) Question 5. 5. (TCO 2) Define and describe the purpose of fund accounting (now called net assets). (Points : 20)final1.(TCO 4) When would it make sense to use a flexible budget as compared to a forecast budget? (Points : 30) Question 2. 2. (TCO 7) Explain the difference between a horizontal merger and a vertical merger. (Points : 30) Question 3. 3. (TCO 1) Describe the Outpatient Code Editor. (Points : 30) Question 4. 4. (TCO 1) What is the primary provision of the EMTALA. (Points : 3Question 5.5.(TCO 3) Use the following data to calculate the variances in problem. Your hospital has been approached by a major HMO to perform all their MS-DRG 470 cases (major joint procedures). They have offered a flat price of $10,000 per case. You have reviewed your charges for MS-DRG 470 during the last year and found the following profile:Estimate the variable cost per MS-DRG 470 using the departmental cost/charge ratios and variable cost percentages.(Points : 10) Question 6. 6. (TCO 2) How are revenues and expenses defined under accrual accounting? (Points : 10) Question 7. 7. (TCO 2) What is an accounting entity? (Points : 10)

HSM 340 COMPLETE COURSE – DEVRY

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HSM 340 COMPLETE COURSE - DEVRY (ALL ASSIGNMENTS - DQS - QUIZEZ - MIDTERM AND FINAL EXAM) week 1Finance and the Regulatory Components (graded) a) Are there any other types of information besides financial that may be useful in making financial decisions? b) Identify the major components of a corporate compliance plan, including the establishment of internal controls relating to the finances of an organization. c) How does legal and regulatory issues shape and define good financial management of a health care organization? Reimbursement and Payment Determination (graded) 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. wek 2 Accounting Conventions and Methods (graded) Discuss the accounting conventions that affect the application of accounting principles. Financial Performance (graded) Explain why it is important to know the scope of business being reviewed when using financial statements. week 3 Cost Categories (graded) Discuss the four types of costs that might be relevant when considering alternative projects. Cost Information (graded) Describe how cost information relates to the three key activities of management: planning, budgeting, and control. weeek 4 Financial Sources (graded) List the major nonhospital and nonphysician sectors of the healthcare industry Financial Theories and Concepts (graded) Describe the two major theories used for the detection of out-of-control costs. This section lists options that can be used to view responses. week 5 discussion Capital Investments (graded) List some of the kinds of information that is needed to evaluate a capital investment project. Future and Present Value (graded) List some of the pros and cons of retiring debt early. week 6 Cash and Assets (graded) List and describe where cash is generated by an organization and where an organization uses its cash. Cash Resources (graded) List and explain the criteria that should be used when investing an organization's cash in the short term. week 7 HMO, MCO and Health Plans (graded) Discuss legal and regulatory issues that affect MCOs. Financial Policy (graded) Describe the relationship between financial planning and strategic planning. This section lists options that can be used to view responses. week 1 assignment1. What are four general phases of the working capital cycle?2. What are the three primary sources of short-term funds?3. An organization's short-term investment options for idle cash include what four areas? List and provide their characteristics.4. Discuss the term float ourse AssignmentCapital Budgeting ProcessComplete an APA-formatted two-page paper (not including the title and reference pages) answering the following questions.Organizations that decide to issue bonds generally go through a series of steps. Discuss the six steps.An alternative to traditional equity and debt financing is leasing. Leasing is undertaken primarily for what purposes?Discuss the two major types of leases.Discuss the terms short-term borrowing and long-term financing.What are the primary sources of equity financing for not-for-profit healthcare organizations?The capital budgeting process occurs in several stages, but generally includes what?Discuss and list the three discounted cash flow methods.week 6 assignmentCOURSE ASSIGNMENTCash and Working CapitalComplete an APA-formatted two-page paper (not including the title and reference pages) answering the following questions.What are four general phases of the working capital cycle?What are the three primary sources of short-term funds?An organization's short-term investment options for idle cash include what four areas? List and provide their characteristics.Discuss the term float.Submit your assignment to the Dropbox located on the silver tab at the top of this pagequiz 2TCO 2) A statement that reports inflows and outflows of cash during the accounting period in the categories of operations, investing, and financing, is called a(an): Income statementStatement of retained earningsBalance sheetStatement of cash flowsReport of management Question 2. Question :(TCO 2) Two major methods of asset valuation are: : historical cost and future costhistorical cost and acquisition costhistorical cost and replacement costacquisition cost and future cost Question 3. Question :(TCO 2) _____ is the most important financial metric to review to determine long-term financial viability. Return on equityTotal marginDays cash on handHospital cost indexNone of the above Comments: Question 4. Question :(TCO 2) What should be a firm's primary long-term financial objective? Profit growthDebt growthAsset growthEquity growth Question 5. Question :(TCO 2) Explain the difference between the accrual basis of accounting and the cash basis of accounting.? Question 6. Question :(TCO 2) What is an accounting entity? Question 7. Question :(TCO 2) The HC method, which uses unadjusted historical costs, does not take into account depreciation expenses, purchasing power, and unrealized gains in replacement value. Despite these weaknesses as a financial reporting method, the HC method is used more frequently for accounting purposes than other methods, such as the HC-GPL, CV, and CV-GPL methods. Why is this so? Question 8. Question :(TCO 2) Define and describe the purpose of fund accounting (now called net assets).quiz 3TCO 3) When considering how changes in volume affect total fixed costs, it is important to consider: the relevant rangethe variable cost per unitpriceboth A and Bboth B and C Question 2. Question :(TCO 3) To maximize the amount of profit realized from a rate increase, charges should be increased most in departments with: High charge payer mix/high write-offs for bad debt, charity, & discountsLow charge payer mix/low write-offs for bad debt, charity, & discountsHigh charge payer mix/low write-offs for bad debt, charity, & discountsLow charge payer mix/high write-offs for bad debt, charity, & discounts Question 3. Question :(TCO 3) Your controller has told you that the marginal profit of DRG 209 (major joint procedure) for a Medicare patient exceeds the marginal profit for an average charge patient. Why might this occur? High fixed costs of treatmentLow Medicare paymentHigh pricesLow prices Question 4. Question :(TCO 3) Your hospital has been approached by a major HMO to perform all their DRG 225 cases (foot surgeries). They have offered a flat payment of $8,000 per case. You have reviewed your charges for DRG 225 during the last year and found the following profile: Average Charge: $11,300Average LOS: 4.5 Days data:image/png;base64,R0lGODlhWQACAHcAMSH+GlNvZnR3YXJlOiBNaWNyb3NvZnQgT2ZmaWNlACH5BAEAAAAALAEAAQBXAAEAgAAAAAAAAAIIjI+py+0PWwEAOw==Cost/Charge Variable Cost % data:image/png;base64,R0lGODlhFQACAHcAMSH+GlNvZnR3YXJlOiBNaWNyb3NvZnQgT2ZmaWNlACH5BAEAAAAALAEAAAAUAAEAgAAAAAAAAAIEjI+ZBQA7 data:image/png;base64,R0lGODlhHgACAHcAMSH+GlNvZnR3YXJlOiBNaWNyb3NvZnQgT2ZmaWNlACH5BAEAAAAALAAAAAAeAAEAgAAAAAAAAAIFjI+pawUAOw==Routine Charge $3,200 0.75 65Operating Room 1,850 0.7 80 Anesthesiology 210 0.7 75 Lab 575 0.65 40 Radiology 275 0.65 50 Medical Supplies 3,220 0.6 85 Pharmacy 955 0.55 85 Other Ancillary 1,015 0.75 55 Total Ancillary $8,100 0.7 75 In the above data set, assume that the hospital’s cost-to-charge ratio is 0.75 for routine services and 0.70 for Total Ancillary services. Using this information, what would the average cost of DRG 225 be? (Your answer might be slightly different due to rounding. Pick the closest.) $7,613$8,100$7,613$8,000$8,070Instructor Explanation: Chapter 15Points Received: 0 of 5Comments: Question 5. Question :(TCO 3) David Jones, the new administrator for a surgical clinic, was trying to determine how to allocate his indirect expenses. His staff was complaining that the current method of taking a percentage of revenues was unfair. He decided to try to allocate utilities based on square footage of each department, administration based on direct costs, and laboratory based on tests. Use the information in the chart below to answer the question. Square Footage Direct Expenses Lab TestsUtilities 200,000Administration 2,000 500,000Laboratory 2,000 625,000Day-op Suite 3,000 1,400,000 4,000Cystoscopy 1,500 350,000 500Endoscopy 1,500 300,000 500Total 10,000 3,375,000 5,000Based on the scenario above, what are the Day Op Suite's total expenses? 2342769Instructor Explanation: What are the Day Op Suite’s total expenses? What are the Cystoscopy Department’s total expenses? What are the Endoscopy Department’s total expenses? Question 6. Question :(TCO 3) Your hospital has been approached by a major HMO to perform all their MS-DRG 470 cases (major joint procedures). They have offered a flat price of $10,000 per case. You have reviewed your charges for MS-DRG 470 during the last year and found the following profile: Average Charge $15,000Average LOS 5 DaysRoutine Charge $3,600 Cost/Charge 0.80 Variable Cost % 60Operating Room 2,657 0.80 80Anesthesiology 293 0.80 80Lab 1,035 0.70 30Radiology 345 0.75 50Medical Supplies 4,524 0.50 90Pharmacy 1,230 0.50 90Other Ancillary 1,316 0.80 60Total Ancillary $11,400 0.75 50 The HMO in the above example has indicated that their doctors use less expensive joint implants. If this less expensive implant were used, your medical supply charges would be reduced by $2,000. What is the estimated reduction in variable cost? If medical supply charges would be reduced by $2,000, estimated reduction in variable cost will be $900 Question 7. Question :(TCO 3) How are costs classified? quiz 7Page 1 Question 1.1. (TCO 7) Employee covered health plans are most likely to be? (Points : 5)High deductible health plans with a savings option.HMOs.PPOs.Traditional indemnity plans Question 2.2. (TCO 7) Capitation plans are more common for physician payment because: (Points : 5)they can better control utilization.physicians want more risk in their payment plans.they are concerned about adverse selection.physicians have larger reserves and can assume more risk. Question 3.3. (TCO 7) The James Clinic is an organization of 100 physicians in a variety of specialties. They recently contracted with Prudential Health Plan on a capitated basis to provide all medical services to Prudential's members for the next three years. This HMO model would be defined as a: (Points : 5)Staff ModelGroup ModelIndividual Practice Association ModelNetwork Model Question 4.4. (TCO 7) Suppose that AT&T had made an offer to acquire Merck Pharmaceuticals. Ignoring potential antitrust problems, this merger would be classified as a: (Points : 5)Cross-border mergerHorizontal mergerConglomerate mergerVertical merger Question 5. 5. (TCO 7) An HMO has a Point of Service (POS) option for its members, but will pay only 80 percent of approved charges. If a member goes out of network for a medical procedure with a charge of $2,000, of which $1,200 is approved, how much must the member pay? (Points : 10) Question 6. 6. (TCO 7) A hospital incurs $10 million of cost to treat Medicaid patients and receives $7 million in payment. Actual charges for these Medicaid patients were $20 million. The net community benefit expense that would be reported in Schedule H of IRS Form 990 would be? (Points : 10) Question 7. 7. (TCO 7) How is charity care usually defined? (Points : 10)midtermDevry HSM340 MidtermMidterm Exam page 1 Question 1.1. (TCO 4) Budgets normally cover a period of: (Points : 5)5 years2 years3 years1 year Question 2.2. (TCO 4) Which budgetary issue causes the most strife in all areas of a health care organization? (Points : 5)Setting volume levelsSetting pricesAllocation of indirect costsDeciding whether to use a fixed or flexible budget Question 3.3. (TCO 4) Efficiency is a relationship between: (Points : 5)Outputs and organizational goalsInputs and outputsInputs and organizational goalsNone of the above Question 4.4. (TCO 3) Which of the following is the first step in any budgetary process? (Points : 5)Define standard treatment protocolsDefine required departmental volumesDefine standard cost profilesDefine volumes of patients Question 5.5. (TCO 3) Assume that the clinic used the price that they need to exactly break even at 10,000 shots. Fewer people than expected showed up and purchased the flu shot. The clinic would: (Points : 5)earn a profit.have a loss.break-even.have a reduced unit contribution margin.none of the above. Question 6.6. (TCO 2) A statement that reports inflows and outflows of cash during the accounting period in the categories of operations, investing, and financing, is called a(an): (Points : 5)Income statementStatement of retained earningsBalance sheetStatement of cash flowsReport of management Question 7.7. (TCO 2) _____ is the most important financial metric to review to determine long-term financial viability. (Points : 5)Return on equityTotal marginDays cash on handHospital cost indexNone of the above Midterm Exam page 2 Question 1. 1. (TCO 4) What is the amount of variance that can be attributed to the difference between budgeted and actual volume?Use the following data to calculate the variances.The following information has been prepared for a home health agency. BudgetActualWage Rate per Hour $16.00 $17.00Fixed Hours 320 320Variable Hours per RelativeValue Unit (RVU) 1.0 1.1Relative Value Units (RVUs) 1,000 1,200Total Labor Hours 1,320 1,640Labor Costs $21,120$27,880Cost per RVU $21.12 $23.23Budgeted costs at actual volume would be $25,344 ($21.12 × 1,200), and the total variance to be explained is $2,536 Unfavorable ($27,880 - $25,344). Be sure to specify whether the variance is favorable or unfavorable. (Points : 5) Question 2. 2. (TCO 2) Explain the difference between the accrual basis of accounting and the cash basis of accounting.? (Points : 10) Question 3. 3. (TCO 2) What is an accounting entity? (Points : 10) Question 4. 4. (TCO 1) What are social responsibility and ethics as they relate to business-oriented organizations? How should social responsibility and ethics affect the decisions of even for-profit companies? (Points : 20) Question 5. 5. (TCO 2) Define and describe the purpose of fund accounting (now called net assets). (Points : 20)final1.(TCO 4) When would it make sense to use a flexible budget as compared to a forecast budget? (Points : 30) Question 2. 2. (TCO 7) Explain the difference between a horizontal merger and a vertical merger. (Points : 30) Question 3. 3. (TCO 1) Describe the Outpatient Code Editor. (Points : 30) Question 4. 4. (TCO 1) What is the primary provision of the EMTALA. (Points : 3Question 5.5.(TCO 3) Use the following data to calculate the variances in problem. Your hospital has been approached by a major HMO to perform all their MS-DRG 470 cases (major joint procedures). They have offered a flat price of $10,000 per case. You have reviewed your charges for MS-DRG 470 during the last year and found the following profile:Estimate the variable cost per MS-DRG 470 using the departmental cost/charge ratios and variable cost percentages.(Points : 10) Question 6. 6. (TCO 2) How are revenues and expenses defined under accrual accounting? (Points : 10) Question 7. 7. (TCO 2) What is an accounting entity? (Points : 10)

HSM 340 COMPLETE COURSE – DEVRY

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HSM 340 COMPLETE COURSE - DEVRY (ALL ASSIGNMENTS - DQS - QUIZEZ - MIDTERM AND FINAL EXAM) week 1Finance and the Regulatory Components (graded) a) Are there any other types of information besides financial that may be useful in making financial decisions? b) Identify the major components of a corporate compliance plan, including the establishment of internal controls relating to the finances of an organization. c) How does legal and regulatory issues shape and define good financial management of a health care organization? Reimbursement and Payment Determination (graded) 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. wek 2 Accounting Conventions and Methods (graded) Discuss the accounting conventions that affect the application of accounting principles. Financial Performance (graded) Explain why it is important to know the scope of business being reviewed when using financial statements. week 3 Cost Categories (graded) Discuss the four types of costs that might be relevant when considering alternative projects. Cost Information (graded) Describe how cost information relates to the three key activities of management: planning, budgeting, and control. weeek 4 Financial Sources (graded) List the major nonhospital and nonphysician sectors of the healthcare industry Financial Theories and Concepts (graded) Describe the two major theories used for the detection of out-of-control costs. This section lists options that can be used to view responses. week 5 discussion Capital Investments (graded) List some of the kinds of information that is needed to evaluate a capital investment project. Future and Present Value (graded) List some of the pros and cons of retiring debt early. week 6 Cash and Assets (graded) List and describe where cash is generated by an organization and where an organization uses its cash. Cash Resources (graded) List and explain the criteria that should be used when investing an organization's cash in the short term. week 7 HMO, MCO and Health Plans (graded) Discuss legal and regulatory issues that affect MCOs. Financial Policy (graded) Describe the relationship between financial planning and strategic planning. This section lists options that can be used to view responses. week 1 assignment1. What are four general phases of the working capital cycle?2. What are the three primary sources of short-term funds?3. An organization's short-term investment options for idle cash include what four areas? List and provide their characteristics.4. Discuss the term float ourse AssignmentCapital Budgeting ProcessComplete an APA-formatted two-page paper (not including the title and reference pages) answering the following questions.Organizations that decide to issue bonds generally go through a series of steps. Discuss the six steps.An alternative to traditional equity and debt financing is leasing. Leasing is undertaken primarily for what purposes?Discuss the two major types of leases.Discuss the terms short-term borrowing and long-term financing.What are the primary sources of equity financing for not-for-profit healthcare organizations?The capital budgeting process occurs in several stages, but generally includes what?Discuss and list the three discounted cash flow methods.week 6 assignmentCOURSE ASSIGNMENTCash and Working CapitalComplete an APA-formatted two-page paper (not including the title and reference pages) answering the following questions.What are four general phases of the working capital cycle?What are the three primary sources of short-term funds?An organization's short-term investment options for idle cash include what four areas? List and provide their characteristics.Discuss the term float.Submit your assignment to the Dropbox located on the silver tab at the top of this pagequiz 2TCO 2) A statement that reports inflows and outflows of cash during the accounting period in the categories of operations, investing, and financing, is called a(an): Income statementStatement of retained earningsBalance sheetStatement of cash flowsReport of management Question 2. Question :(TCO 2) Two major methods of asset valuation are: : historical cost and future costhistorical cost and acquisition costhistorical cost and replacement costacquisition cost and future cost Question 3. Question :(TCO 2) _____ is the most important financial metric to review to determine long-term financial viability. Return on equityTotal marginDays cash on handHospital cost indexNone of the above Comments: Question 4. Question :(TCO 2) What should be a firm's primary long-term financial objective? Profit growthDebt growthAsset growthEquity growth Question 5. Question :(TCO 2) Explain the difference between the accrual basis of accounting and the cash basis of accounting.? Question 6. Question :(TCO 2) What is an accounting entity? Question 7. Question :(TCO 2) The HC method, which uses unadjusted historical costs, does not take into account depreciation expenses, purchasing power, and unrealized gains in replacement value. Despite these weaknesses as a financial reporting method, the HC method is used more frequently for accounting purposes than other methods, such as the HC-GPL, CV, and CV-GPL methods. Why is this so? Question 8. Question :(TCO 2) Define and describe the purpose of fund accounting (now called net assets).quiz 3TCO 3) When considering how changes in volume affect total fixed costs, it is important to consider: the relevant rangethe variable cost per unitpriceboth A and Bboth B and C Question 2. Question :(TCO 3) To maximize the amount of profit realized from a rate increase, charges should be increased most in departments with: High charge payer mix/high write-offs for bad debt, charity, & discountsLow charge payer mix/low write-offs for bad debt, charity, & discountsHigh charge payer mix/low write-offs for bad debt, charity, & discountsLow charge payer mix/high write-offs for bad debt, charity, & discounts Question 3. Question :(TCO 3) Your controller has told you that the marginal profit of DRG 209 (major joint procedure) for a Medicare patient exceeds the marginal profit for an average charge patient. Why might this occur? High fixed costs of treatmentLow Medicare paymentHigh pricesLow prices Question 4. Question :(TCO 3) Your hospital has been approached by a major HMO to perform all their DRG 225 cases (foot surgeries). They have offered a flat payment of $8,000 per case. You have reviewed your charges for DRG 225 during the last year and found the following profile: Average Charge: $11,300Average LOS: 4.5 Days data:image/png;base64,R0lGODlhWQACAHcAMSH+GlNvZnR3YXJlOiBNaWNyb3NvZnQgT2ZmaWNlACH5BAEAAAAALAEAAQBXAAEAgAAAAAAAAAIIjI+py+0PWwEAOw==Cost/Charge Variable Cost % data:image/png;base64,R0lGODlhFQACAHcAMSH+GlNvZnR3YXJlOiBNaWNyb3NvZnQgT2ZmaWNlACH5BAEAAAAALAEAAAAUAAEAgAAAAAAAAAIEjI+ZBQA7 data:image/png;base64,R0lGODlhHgACAHcAMSH+GlNvZnR3YXJlOiBNaWNyb3NvZnQgT2ZmaWNlACH5BAEAAAAALAAAAAAeAAEAgAAAAAAAAAIFjI+pawUAOw==Routine Charge $3,200 0.75 65Operating Room 1,850 0.7 80 Anesthesiology 210 0.7 75 Lab 575 0.65 40 Radiology 275 0.65 50 Medical Supplies 3,220 0.6 85 Pharmacy 955 0.55 85 Other Ancillary 1,015 0.75 55 Total Ancillary $8,100 0.7 75 In the above data set, assume that the hospital’s cost-to-charge ratio is 0.75 for routine services and 0.70 for Total Ancillary services. Using this information, what would the average cost of DRG 225 be? (Your answer might be slightly different due to rounding. Pick the closest.) $7,613$8,100$7,613$8,000$8,070Instructor Explanation: Chapter 15Points Received: 0 of 5Comments: Question 5. Question :(TCO 3) David Jones, the new administrator for a surgical clinic, was trying to determine how to allocate his indirect expenses. His staff was complaining that the current method of taking a percentage of revenues was unfair. He decided to try to allocate utilities based on square footage of each department, administration based on direct costs, and laboratory based on tests. Use the information in the chart below to answer the question. Square Footage Direct Expenses Lab TestsUtilities 200,000Administration 2,000 500,000Laboratory 2,000 625,000Day-op Suite 3,000 1,400,000 4,000Cystoscopy 1,500 350,000 500Endoscopy 1,500 300,000 500Total 10,000 3,375,000 5,000Based on the scenario above, what are the Day Op Suite's total expenses? 2342769Instructor Explanation: What are the Day Op Suite’s total expenses? What are the Cystoscopy Department’s total expenses? What are the Endoscopy Department’s total expenses? Question 6. Question :(TCO 3) Your hospital has been approached by a major HMO to perform all their MS-DRG 470 cases (major joint procedures). They have offered a flat price of $10,000 per case. You have reviewed your charges for MS-DRG 470 during the last year and found the following profile: Average Charge $15,000Average LOS 5 DaysRoutine Charge $3,600 Cost/Charge 0.80 Variable Cost % 60Operating Room 2,657 0.80 80Anesthesiology 293 0.80 80Lab 1,035 0.70 30Radiology 345 0.75 50Medical Supplies 4,524 0.50 90Pharmacy 1,230 0.50 90Other Ancillary 1,316 0.80 60Total Ancillary $11,400 0.75 50 The HMO in the above example has indicated that their doctors use less expensive joint implants. If this less expensive implant were used, your medical supply charges would be reduced by $2,000. What is the estimated reduction in variable cost? If medical supply charges would be reduced by $2,000, estimated reduction in variable cost will be $900 Question 7. Question :(TCO 3) How are costs classified? quiz 7Page 1 Question 1.1. (TCO 7) Employee covered health plans are most likely to be? (Points : 5)High deductible health plans with a savings option.HMOs.PPOs.Traditional indemnity plans Question 2.2. (TCO 7) Capitation plans are more common for physician payment because: (Points : 5)they can better control utilization.physicians want more risk in their payment plans.they are concerned about adverse selection.physicians have larger reserves and can assume more risk. Question 3.3. (TCO 7) The James Clinic is an organization of 100 physicians in a variety of specialties. They recently contracted with Prudential Health Plan on a capitated basis to provide all medical services to Prudential's members for the next three years. This HMO model would be defined as a: (Points : 5)Staff ModelGroup ModelIndividual Practice Association ModelNetwork Model Question 4.4. (TCO 7) Suppose that AT&T had made an offer to acquire Merck Pharmaceuticals. Ignoring potential antitrust problems, this merger would be classified as a: (Points : 5)Cross-border mergerHorizontal mergerConglomerate mergerVertical merger Question 5. 5. (TCO 7) An HMO has a Point of Service (POS) option for its members, but will pay only 80 percent of approved charges. If a member goes out of network for a medical procedure with a charge of $2,000, of which $1,200 is approved, how much must the member pay? (Points : 10) Question 6. 6. (TCO 7) A hospital incurs $10 million of cost to treat Medicaid patients and receives $7 million in payment. Actual charges for these Medicaid patients were $20 million. The net community benefit expense that would be reported in Schedule H of IRS Form 990 would be? (Points : 10) Question 7. 7. (TCO 7) How is charity care usually defined? (Points : 10)midtermDevry HSM340 MidtermMidterm Exam page 1 Question 1.1. (TCO 4) Budgets normally cover a period of: (Points : 5)5 years2 years3 years1 year Question 2.2. (TCO 4) Which budgetary issue causes the most strife in all areas of a health care organization? (Points : 5)Setting volume levelsSetting pricesAllocation of indirect costsDeciding whether to use a fixed or flexible budget Question 3.3. (TCO 4) Efficiency is a relationship between: (Points : 5)Outputs and organizational goalsInputs and outputsInputs and organizational goalsNone of the above Question 4.4. (TCO 3) Which of the following is the first step in any budgetary process? (Points : 5)Define standard treatment protocolsDefine required departmental volumesDefine standard cost profilesDefine volumes of patients Question 5.5. (TCO 3) Assume that the clinic used the price that they need to exactly break even at 10,000 shots. Fewer people than expected showed up and purchased the flu shot. The clinic would: (Points : 5)earn a profit.have a loss.break-even.have a reduced unit contribution margin.none of the above. Question 6.6. (TCO 2) A statement that reports inflows and outflows of cash during the accounting period in the categories of operations, investing, and financing, is called a(an): (Points : 5)Income statementStatement of retained earningsBalance sheetStatement of cash flowsReport of management Question 7.7. (TCO 2) _____ is the most important financial metric to review to determine long-term financial viability. (Points : 5)Return on equityTotal marginDays cash on handHospital cost indexNone of the above Midterm Exam page 2 Question 1. 1. (TCO 4) What is the amount of variance that can be attributed to the difference between budgeted and actual volume?Use the following data to calculate the variances.The following information has been prepared for a home health agency. BudgetActualWage Rate per Hour $16.00 $17.00Fixed Hours 320 320Variable Hours per RelativeValue Unit (RVU) 1.0 1.1Relative Value Units (RVUs) 1,000 1,200Total Labor Hours 1,320 1,640Labor Costs $21,120$27,880Cost per RVU $21.12 $23.23Budgeted costs at actual volume would be $25,344 ($21.12 × 1,200), and the total variance to be explained is $2,536 Unfavorable ($27,880 - $25,344). Be sure to specify whether the variance is favorable or unfavorable. (Points : 5) Question 2. 2. (TCO 2) Explain the difference between the accrual basis of accounting and the cash basis of accounting.? (Points : 10) Question 3. 3. (TCO 2) What is an accounting entity? (Points : 10) Question 4. 4. (TCO 1) What are social responsibility and ethics as they relate to business-oriented organizations? How should social responsibility and ethics affect the decisions of even for-profit companies? (Points : 20) Question 5. 5. (TCO 2) Define and describe the purpose of fund accounting (now called net assets). (Points : 20)final1.(TCO 4) When would it make sense to use a flexible budget as compared to a forecast budget? (Points : 30) Question 2. 2. (TCO 7) Explain the difference between a horizontal merger and a vertical merger. (Points : 30) Question 3. 3. (TCO 1) Describe the Outpatient Code Editor. (Points : 30) Question 4. 4. (TCO 1) What is the primary provision of the EMTALA. (Points : 3Question 5.5.(TCO 3) Use the following data to calculate the variances in problem. Your hospital has been approached by a major HMO to perform all their MS-DRG 470 cases (major joint procedures). They have offered a flat price of $10,000 per case. You have reviewed your charges for MS-DRG 470 during the last year and found the following profile:Estimate the variable cost per MS-DRG 470 using the departmental cost/charge ratios and variable cost percentages.(Points : 10) Question 6. 6. (TCO 2) How are revenues and expenses defined under accrual accounting? (Points : 10) Question 7. 7. (TCO 2) What is an accounting entity? (Points : 10)