GP1 Report - Group Number 8 (final)- Checked

PRINCIPLE OF HEALTHCARE FINANCE

1. What are the four elements of financial management? 2. Briefly explain The Information Flow.  3. How can social media help a hospital manage the patient experience? 4. Briefly explain the difference between short-term and long-term assets. 5. What are the major differences in Government Sourcesand Managed Care Source? 6. Explain the two types of disbursements for services. 7. What is the difference between direct and indirect costs? Explain.

1. Briefly explain The Information Flow.  2. How can social media help a hospital manage the patient experience? 3. Briefly explain the difference between short-term and long-term assets. 4. What are the major differences in Government Sourcesand Managed Care Source? 5. Explain the two types of disbursements for services. 6. What is the difference between direct and indirect costs? Explain.

Question 29 Experience rating removes the incentive to _______, the practice whereby insurance companies select out healthier clients. Question 29 options: churn price-fixing game cream skim Question 30 According to a study of 11 countries by Schoen and colleagues, the _______ system was in the greatest need of reform, especially concerning the health disparities related to socioeconomic status and financial access to care. Question 30 options: United States United Kingdom Germany Thailand Question 31 Much of the interest in health system strengthening, or health system development, is from _______ organizations. Question 31 options: national international decentralized thirty-party

Problem 6 Listed below are several costs incurred by the loan department of J P Morgan and Chase Bank. For each cost, indicate which of the following classification best describe the cost. More than one classification may apply to the same cost item. Cost classification Controllable by the loan department Uncontrollable by the loan department Direct cost of the loan department Indirect cost of the loan department а. b. C. d. е. Differential cost Marginal cost g. Opportunity cost f. h. Sunk cost i. Out-of-pocket cost Cost items Salary of the loan department manager Salary of a loan department clerk Cost of office supplies used in the loan department Cost of the department's personal computer purchased by the department manager last year. Cost of general advertising by the bank, which is allocated to the loan department. Revenue that the loan department would have generated for the bank if a branch loan office had been located downtown instead of in the next province. Difference in the…

PRINCIPLE OF HEALTHCARE FINANCE

Question 10

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A1

Jackson County Senior Services is a nonprofit organization devoted to providing essential services to seniors who live in their own homes within the Jackson County area. Three services are provided for seniors-home nursing, Meals On Wheels, and housekeeping. Data on revenue and expenses for the past year follow: Home Meals On House- keeping $ 918,000 $ 263,000 $ 400,000 $ 255,000 151,000 104, 000 Total Nursing Wheels Revenues Variable expenses 462,000 456,000 111,000 152,000 200,000 200,000 Contribution margin Fixed expenses: Depreciation Liability insurance Program administrators’ salaries General administrative overhead* 70,500 44,000 114,900 183,600 413,000 8,700 20,500 40,500 52,600 122,300 40,800 8,000 38,800 80,000 167,600 21,000 15,500 35,600 51,000 123,100 Total fixed expenses Net operating income (loss) $ 43,000 $ 29,700 $ 32,400 $(19,100) *Allocated on the basis of program revenues. The head administrator of Jackson County Senior Services, Judith Miyama, considers last year's…

Create a cross volume profit chart. Select an item or product used in an healthcare organization and describe how you would calculate the break - even point. Describe why this break - even information is useful.

W4  Private health insurance In the US, about 2/3 of individuals are covered by private health insurance, and most of the private insurance is provided through the large firms. Usually in this big firms, workers are offered with the same kind of health insurance. People pay for health insurance through reduced wages. Discuss the potential redistribution effects (progressive or regressive?) and efficiency effects of this system.

Which of he following stalements BEST describes the primary difference between a Health Maintenance Organizalion (HMO) and a Preferred Provider Organization (PPO)? A.Under a PPO lhe insured may use any medical provider whereas providers are restricted with HMOs. B.Under an tvo the deductibles are higher than are those of PPOs. C.POs do not provide preventive care benefits whereas HMOs do D.HMOs utilize larger cost sharing than do PPOs

1.4 ETHICS CASE: MANAGING COSTS Adapted from Textbook Case 2-32 High drug costs are often in the news. Consumer groups contend that the pricing for some drugs (e.g., HIV anti-retrovirals, Betaseron for multiple sclerosis) is "too high" considering that the cost to manufacture each dose is so low. They talk of price gouging and excessive profits. Pharmaceutical companies defend the prices charged on the basis of research and development costs. They state that the percentage of successful drugs emanating from research efforts is low and that it may take years before a promising drug passes through Food and Drug Administration (FDA) requirements and becomes available for sale. Exhibit 2.7 Understanding Different Cost Definitions VALUE CHAIN COMPONENT COST EXAMPLES MANAGERIAL OBJECTIVE External Financial Reporting • Inventory, cost of goods sold, and gross margin • Operating expenses (aggregated costs) Internal Strategic Analyses • New product development • Pricing decisions • Product mix…

Unk The costs of the Accounting Department at Central Hospital would be considered by the Surgery Department to be: A. a) direct costs. B. b) indirect costs. C. c) incremental costs. D. d) opportunity costs. E. e) sunk costs.

Cost Behavior, High-Low Method, Pricing Decision St. Teresa's Medical Center (STMC) offers a number of specialized medical services, including neuroscience, cardiology, and oncology. STMC's strong reputation for quality medical care allowed it to branch out into other services. It is now ready to expand its orthopedic services and has just added a free-standing orthopedic clinic offering a full range of outpatient, surgical, and physical therapy services. The cost of the orthopedic facility is depreciated on a straight-line basis. All equipment within the facility is leased. Since the clinic had no experience with in-patient orthopedic services (for patients recovering from hip and knee replacements, for example), it decided to operate the orthopedic center for two months before determining how much to charge per patient day on an ongoing basis. As a temporary measure, the clinic adopted a patient-day charge of $190, an amount equal to the fees charged by a hospital specializing in…

How does having an effective payment model impact the role of a manager / administrators in a healthcare organization .