2014 CRA Workshop Flashcards
Assets = Liabilities
A. Non Profit
B. For Profit
A. Non-Profit
Assets = Liabilities + Owners Equity
A. Non Profit
B. For Profit
B. For Profit
A set of financial statements that forecast the results of a new business activity by using present day data.
Proforma
Ethics is MOST commonly defined as:
A. A series of vague guidelines and uncertain predictions used to settle dispute.
B. A principle used to settle disputes without force.
C. A body of standards for conduct and moral judgement.
D. Rules and principles that define and regulate rights and duties.
C. A body of standards for conduct and moral judgement.
In the development of imaging equipment specifications prior to Bid processes, which of the following would provide the MOST valuable input?
A. Chief tech, bio-medical engineer, and COO.
B. Chief tech, radiology administrator, and radiologist.
C. IS Tech, physicians, and radiology tech.
D. CEO, radiology administrator and CFO.
B. Chief tech, radiology administrator, and radiologist.
Which of the following must be considered in construction of a new imaging center?
A. Patient room should have a restroom available with easy access from within room.
B. Patient rooms must all be ADA accessible.
C. The patient waiting area should be situated so that patients may be monitored.
D. The reception desk should be provided a clear view of patients and waiting room.
D. The reception desk should be provided a clear view of patients and waiting room.
In the planning of construction, modernization and alteration programs, fixed equipment;
A. Is not shown in construction documents if it is owner provided and installed by the vendor
B. Includes equipment with quick disconnect connections to utilities
C. Consist of major technical equipment
D. Is usually included as part of the construction contract
D. Is usually included as part of the construction contract
Most products and services enter a period of decline. Unless compelling reason prevail continuing to decline product or service is costly because;
A. Increased turnover of personnel will occur
B. Continuation will set an undesirable president concerned with maintaining the status-quo
C. The program will consume disproportionate amount of management time and will delay the search for a replacement
D. The organization will be perceived as being insensitive to the marketplace
C. The program will consume disproportionate amount of management time and will delay the search for a replacement
The purchasing/receiving process is often the weak link in a healthcare organization’s internal control of it’s inventory. Which one of the following is standard procedure in preventing problems in this area?
A. The organization should utilize a decentralize process for control receiving
B. Consolidation of receiving and store room functions will decrease the possibility of collusion
C. Review of the process by the internal auditor should be done on a routine basis.
D. The principle of a dual receiving accountability is a prerequisite for invoice payment should be enforced
D. The principle of a dual receiving accountability is a prerequisite for invoice payment should be enforced
Materials management can be defined as a system of you effective;
A. Purchasing of materials at the lowest possible cost
B. Distribution of materials on a scheduled basis
C. allocation of materials
D. Control of inventories
C. allocation of materials
Effective equipment maintenance depends on:
A. Life-cycle planning of equipment
B. An up-to-date inventory of equipment parts for replacement
C. A periodic update of preventive maintenance schedule
D. Maintain equipment on a preventive schedule
D. Maintain equipment on a preventive schedule
Which of the following rules applies to the purchase of major diagnostic or treatment equipment?
A. Physicians input is required by the accrediting body
B. Competitive bidding is required by government programs
C. The decision should be based on equipment depreciation schedules
D. Funds should be allocated annually in accordance with the organizations capital schedule
D. Funds should be allocated annually in accordance with the organizations capital schedule
When third-party policies and programs impede the healthcare facilities physical capacity to renovate and remodel it’s plant as routinely scheduled, the healthcare facility to protect itself should first
A. Delay capital improvements until funds are available
B. Reduce the level of operating services
C. Limit the number of admissions from selective third-party payment sources
D. Resort to the regulatory agency to obtain a waiver
A. Delay capital improvements until funds are available
Certificate of need laws are one mechanism by which state government seeks to reduce overall health and medical costs which of the statements below best describes CON laws?
A. CON programs or originated to regulate the number of beds in hospitals and nursing homes and to prevent over buying of expensive equipment
B. The basic assumptions underlying CON regulation is that excess capacity in the form of facility over building directly results in the healthcare price inflation
C. CON programs are aimed at restraining healthcare facility cost and allowing quart needed planning of new services and construction
D. The certificate of need CON program is a regulatory process that requires healthcare providers to obtain state approval before offering certain new or expanded services
D. The certificate of need CON program is a regulatory process that requires healthcare providers to obtain state approval before offering certain new or expanded services
One of the goals of accounting is to accurately measure a business is gross income, expenses, and net income earnings during a given period of time therefore depreciation of imaging equipment must occur in accordance to IRS guidelines for capital asset depreciation, which indicates that
A. Medical imaging equipment should be fully depreciated on the first tax year that was purchased
B. medical imaging equipment is depreciated for the duration of lifetime of that equipment
C. Medical equipment is depreciated in five years, starting with the first tax year in which equipment is purchased
D. Depreciation timeline of equipment is set by organizations finance department based on the capital asset return on investment
C. Medical equipment is depreciated in five years, starting with the first tax year in which equipment is purchased
_____ _____ allows organizations to assess key financial indicators to gauge performance against goals and compare to industry benchmarks.
Ratio Analysis
Income earned vs resources used
Profitability
Short term ability to pay debt - cash.
Liquidity
Ability to meet long term debt.
Solvency
Ability to convert items on balance sheet to cash or sales.
Activity
Skill, time and effort to perform.
Work
Overhead, fixed costs, supplies and support staff
Practice
Liability Insurance
Malpractice
A type of analysis that:
Assesses current situation
Evaluates desired outcome
Document/identify consequences of inaction
Document/identify requirements for success
Force Field Analysis
____ is the process of setting clear goals and objectives for a dept/organization over a period of time (usually 3-5 years). Planning process will identify required resources, as well as establish policies and time frames for accomplishing goals.
Strategic Plan
____ documents assumptions and key details related to a proposed venture and is utilized to present new opportunities/strategies, as well as to evaluate the potential success of these opportunities/strategies.
Business Plan
“Go vs No Go”
Proforma
(Revenue - Discounts) - Variable cost per unit
Contribution Margin
Fixed Costs / Contribution Margin
Break Even
