HSM 340 Week 4 Midterm 1. Question : (TCO 4) Budgets normally cover a period of: Question 2. Question : (TCO 4) Which budgetary issue causes the most strife in all areas of a health care organization? Question 3. Question : (TCO 4) Effectiveness is a relationship between: Question 4. Question : (TCO 3) Which of the following is the first step in any budgetary process? Question 5. Question : (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: Question 6. Question : (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): Question 7. Question : (TCO 2) _____ is the most important financial metric to review to determine long-term financial viability. 1. Question : (TCO 4) Formulate your answer based on the below information. Costs per case increased to $4,900 from a budgeted value of $4,750. This increased actual total costs by what amount? You have been asked by management to explain the variances in costs under your inpatient capitated contract. The following data is provided. Use the following data to calculate the variances. Budget Actual Inpatient Costs $12,568,500 $16,618,350 Members 42,000 42,000 Admission Rate 0.070 0.095 Case Mix Index 0.90 0.85 Cost per Case (CMI = 1.0) $4,750 $4,900 Question 2. Question : (TCO 4) Based on the information below, what rate must be set to generate the required $80,000 in profit in the preceding example? You have been asked to establish a pricing structure for radiology on a per-procedure basis. Present budgetary data is presented below: Budgeted Procedures $10,000 Budgeted Cost $400,000 Desired Profit $80,000 It is estimated that Medicare patients comprise 40 percent of total radiology volume and will pay on average $38.00 per procedure. Approximately 10 percent of the patients are cost payers. The remaining charge payers are summarized below: Payer Volume% Discount% Blue Cross 20 4 Unity PPO 15 10 Kaiser 10 10 Self Pay 5 40 50% Question 3. Question : (TCO 4) What is the amount of variance that is attributed to the change in labor productivity? Use the following data to calculate the variances. The following information has been prepared for a home health agency. Budget Actual 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 Ã— 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. Question 4. Question : (TCO 2) How are revenues and expenses defined under accrual accounting? Question 5. Question : (TCO 2) What is an audit (in the context of financial accounting)? Question 6. Question : (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? Question 7. Question : (TCO 2) Define and describe the purpose of fund accounting (now called net assets).
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