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- Course: Principle Of Healthcare Finance What is a best practice for increasing hospital profitability? Adding a service line Reduce staffing and supply costs Involve physicians in cost reduction strategies All of theseYou are in your new job as the Chief Financial Officer for a hospital that is struggling with patient collections and you may have to recommend staff reductions to keep the hospital solvent, what ways would you use to boost collection of patient financial responsibility and what would you do if the patient still cannot pay?A producer must deliver an Outline of Coverage to a prospective insured who is eligible for Medicare at which of the following times? Before the application is taken 2.After the application is signed 3.When the policy is delivered 4.When the prospects requests it
- Suppose that machinery used by a bank for sorting and clearing cheques breaks down. This is a manifestation of: Select one: a. Liquidity Risk b. Operational Risk c. Credit Risk d. Insolvency RiskYou are the owner of DDD Company. The company is engaged in providing services to telecommunication companies. It has a multi-million sales. However, on an average collection cycle, you only collect the sales after 6 months. Upon reviewing the company's financial statements, you notice a large number of receivables and a large number of payables. The company is having a hard time paying its debts since it cannot collect promptly the receivables. The sales manager told you that the company cannot stop accepting projects because there are many competitors in the market. On the other hand, the collection manager suggested collecting first the receivables before accepting a new project. If you are the owner of DDD Company, what should you do? Give three reaons and explain whyWhich of the following is a characteristic of a business. A.risk element B.production C.all of above D.exchange and sale of goods
- Organizing a Risk Analysis. You are the director of internal auditing of a large municipal hospital. You receive monthly financial reports prepared by the accounting department, and your review of them has shown that total accounts receivable from patients has steadily and rapidly increased over the past eight months.Other information in the reports shows the following conditions:a. The number of available hospital beds has not changed.b. The bed occupancy rate has not changed.c. Hospital billing rates have not changed significantly.d. The hospitalization insurance contracts have not changed since the last modification 12 months ago.Your internal audit department audited the accounts receivable 10 months ago. The audit file for that assignment contains financial information, a record of the risk analysis, documentation of the study and evaluation of management and internal risk mitigation controls, documentation of the evidence-gathering procedures used to produce evidence about the…While performing a procedure, a surgeon accidentally cuts a patient's nerve causing permanent neurological damage. After reviewing the event, the hospital's risk management committee determined that the surgeon was not qualified to perform this procedure.Which steps should be part of the hospital’s hiring process to ensure surgeons are qualified to perform procedures?Briefly explain why, with respect to Utility Bill Audits, Utility Bills should be monitored.
- Suggest ONE advantage of having an insurance policy and ONE contributingfactor to errors in allocation of deductions from the perspective of an Operational Manager in the Claims Department. Suggest ONE advantage of having an insurance policy and ONE contributingfactor to errors in allocation of deductions from the perspective of an Strategic Manager in Underwriting Department.In the process of closing the company books, you encounter a problematic transac- tion. One of the company’s customers was invoiced twice for the same project materials, resulting in a $1,000 overcharge. You immediately notify the controller, whose response is, “Let it go, it happens often. It’ll probably balance out on some future transaction.” What should you do now?Comment on how insurance can help Bob in his current situation. Bob is a 25-year-old qualified contractor who is a subcontractor to various builders. He is earning P300,000 gross but pays P100,000 in expenses, most of which are fixed expenses ie a leased car and leased equipment. Bob rents an apartment and spends the rest of his earnings of P200,000 on living and entertainment expenses. Bob has little in the way of savings. What if Bob doesn’t have insurance? Bob has a car accident and is hospitalized for one month. He then faces a long and painful rehabilitation process of 12 months to try to regain the use of one of his arms. Even with private health insurance, there are medical bills to be paid particularly for physiotherapy and rehabilitation sessions. Bob has no income for 13 months but must continue to pay his lease costs of P100,000 per annum. What little money Bob receives in disability payments from the government won’t cover his rental costs. Bob has to move back home and…
