HSM 340 Complete Course

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HSM 340 ENTIRE COURSE (ALL ASSIGNMENTS – DQS – QUIZZES – MIDTERM AND FINAL EXAM)

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Description

HSM 340 Complete Course,
week 1
Finance 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 assignment
1. 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 Process
Complete 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 assignment

COURSE ASSIGNMENT
Cash and Working Capital
Complete 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 page
quiz 2
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):

Income statement
Statement of retained earnings
Balance sheet
Statement of cash flows
Report of management

Question 2. Question :
(TCO 2) Two major methods of asset valuation are:

: historical cost and future cost
historical cost and acquisition cost
historical cost and replacement cost
acquisition 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 equity
Total margin
Days cash on hand
Hospital cost index
None of the above

Comments:

Question 4. Question :
(TCO 2) What should be a firm’s primary long-term financial objective?

Profit growth
Debt growth
Asset growth
Equity 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 3
TCO 3) When considering how changes in volume affect total fixed costs, it is important to consider:

the relevant range
the variable cost per unit
price
both A and B
both 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, & discounts
Low charge payer mix/low write-offs for bad debt, charity, & discounts
High charge payer mix/low write-offs for bad debt, charity, & discounts
Low 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 treatment
Low Medicare payment
High prices
Low 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: $11,300
Average LOS: 4.5 Days

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Cost/Charge Variable Cost %

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Routine Charge $3,200 0.75 65
Operating 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
$8,070
Instructor Explanation: Chapter 15
Points Received: 0 of 5
Comments:

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 Tests
Utilities 200,000
Administration 2,000 500,000
Laboratory 2,000 625,000
Day-op Suite 3,000 1,400,000 4,000
Cystoscopy 1,500 350,000 500
Endoscopy 1,500 300,000 500
Total 10,000 3,375,000 5,000
Based on the scenario above, what are the Day Op Suite’s total expenses?

2342769
Instructor 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 $15,000
Average LOS 5 Days
Routine Charge $3,600 Cost/Charge 0.80 Variable Cost % 60
Operating Room 2,657 0.80 80
Anesthesiology 293 0.80 80
Lab 1,035 0.70 30
Radiology 345 0.75 50
Medical Supplies 4,524 0.50 90
Pharmacy 1,230 0.50 90
Other Ancillary 1,316 0.80 60
Total 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 7
Page 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 Model
Group Model
Individual Practice Association Model
Network 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 merger
Horizontal merger
Conglomerate merger
Vertical 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)
midterm
Devry HSM340 Midterm
Midterm Exam page 1

Question 1.1. (TCO 4) Budgets normally cover a period of: (Points : 5)
5 years
2 years
3 years
1 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 levels
Setting prices
Allocation of indirect costs
Deciding whether to use a fixed or flexible budget

Question 3.3. (TCO 4) Efficiency is a relationship between: (Points : 5)
Outputs and organizational goals
Inputs and outputs
Inputs and organizational goals
None 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 protocols
Define required departmental volumes
Define standard cost profiles
Define 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 statement
Statement of retained earnings
Balance sheet
Statement of cash flows
Report 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 equity
Total margin
Days cash on hand
Hospital cost index
None 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.

BudgetActual
Wage Rate per Hour $16.00 $17.00
Fixed Hours 320 320
Variable Hours per Relative
Value Unit (RVU) 1.0 1.1
Relative Value Units (RVUs) 1,000 1,200
Total Labor Hours 1,320 1,640
Labor Costs $21,120$27,880
Cost per RVU $21.12 $23.23
Budgeted 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)
final
1.(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 : 3
Question 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)

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