LSUS MHA 706 Midterm Exam – Q’s And A’s The major provisions of the Patient Protection & Affordable Care Act of 2010 were? Correct Ans - -Banning of preexisting condition coverage limitations -Free preventative care -Medicaid expansion Which of the following statement(s) about the finance department a t large healthcare organizations is/are correct? Correct Ans - -The CFO typically reports directly to the chief executive officer (CEO) -The CFO is usually assisted by a comptroller and treasurer -The department is headed by the chief financial officer (CFO) (sometimes called the vice president-finance) In a not-for-profit hospital, the following are example(s) of a stakeholder.Correct Ans - -Vendor -Employee -Community Stockholders have all of the following right(s)... Correct Ans - - Claim on residual liquidation proceeds -Right of control -A possible dividend and/or capital gains Which of the following statements about finance accounting, and financial management is most correct? Correct Ans - Financial management provides the theory, concepts, and tools necessary to help managers make better financial decisions.External reporting Correct Ans - What is a DISADVANTAGE of being a corporation?Facilities management Correct Ans - Which of the following are not finance activities?What is NOT a advantage of proprietorship? Correct Ans - Unlimited liability 1 / 2
A not-for-profit corporation can also be called a 529(b). Correct Ans - False The primary goal of investor-owned corporations is shareholder wealth maximization. Correct Ans - True Copayments Correct Ans - The fixed amount for a covered service that the insurer mandates that the patient pay to the provider before the patient receives service from the provider.Coinsurance Correct Ans - Requires an individual to pay for a certain percentage of the eligible medical expenses.Adverse selection Correct Ans - Individuals at greater risk of needing health care are more likely to purchase insurance.Deductibles Correct Ans - The amount that must be paid out of pocket by the policyholder before an insurance provider will pay any expenses.Moral hazard Correct Ans - The risk of overuse of health services because the insured does not bear the full cost of the consequences.Medicare Part B Correct Ans - Covers physician services, ambulatory surgical services, outpatient services, and certain other miscellaneous services.Medicare Part A Correct Ans - Covers hospital and some skilled nursing coverage Medicare Part D Correct Ans - Covers prescription drugs Medicare Part C Correct Ans - Is often called Medicare Advantage Charge-Based Correct Ans - Payers pay based off of pre-determined "chargemaster." These payments are usually discounted up to 20% to 50%.Cost-Based Correct Ans - Providers were reimbursed for "actual" costs.
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