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1. (2) Explained why the Medicare fee schedule is used to benchmark to compare
reimbursement rates received from other payers.
2. (3) a. Name three ways the training and background of physicians and administrators
differ?
(2) . b. Why do these present challenges in working with physicians?
3. . Board of Directors in a medical practice:
a. (3) Name three responsibilities an administrator has in working with the Board of
Directors in the board meeting.
b. (3) What are three potentials pitfalls an administrator must be aware of in working
with the Board of Directors in the board meeting?
4. a. (1) Define a buy/sell agreement for owners in a private medical practice.
b. (2) Provider two examples of method/criteria in how a medical practice is valued.
5 (5). List five key financial reports reviewed in class which should be presented and explained
to the physicians. Include a brief description and/ or formula for each report.
6. (2) a. Write and explain the formula for Days in Accounts Receivable.
(2) b. Why is accounts receivable usually the highest valued asset category for a
medical group based on how the healthcare system operates?
7.
(2) Provide an explanation of the concept of a physician compensation plan.
8.
For the fiscal year ending 12/31/22.
Billed charges $300,000
Insurance and patient collections/payments $210,000
Insurance contractual adjustment $80,000
Patient bad debts write off $5,000.
Charity Care writes off $5,000
a. (2) Collection ratio =_________________%.
b. (2) Total dollar discount per insurance contract____________.
9. (1) Balance Sheet, Practice OB/GYN, March 31, 2013
Assets
$190,000
Liabilities
$170,000
Owners’ Equity
X ______________
b. (2) Would you describe this as a healthy balance sheet? Explain….
.
10(2)
Cash Flow Statement, cash accounting
basis, Month end Feb. 28, 2023
Beginning Cash Balance, Feb. 1
$300,000
DR
Deposit, Feb. 11
CR
$100,000
Payment for supplies, Feb. 15
$40,000
Payment for Payroll, Feb 18
$70,000
Deposit, Feb. 28
$90,000
Ending Cash Balance, Feb. 28,
2023
X
11. (2) Calculate days in accounts receivable:
-Gross accounts receivable as of 12/31/22 = $700,000
-Gross billing for the year was $9,000,000
a) Showing the formula, what is days in AR as of 12/31/22. (Use the full year of 360
days in calculation average daily revenue needed to complete the calculation)
12.a. (1) What is the difference between volume- based vs. value- based reimbursement
b. (2) Provide an example of a clinical standard for valued based reimbursement
which relates to a health or wellness outcome?
13.. (3) List the five elements of emotional intelligence.
14.(3) Name three tasks you would do in preparation for a managed care negotiation with an
insurance company.
15. (2)
Explain a Consumer Directed Health Plan (CDHP) / also called High Deductible
Health Plan (HDHP) how it is structured, and why it is a popular option for those purchasing
health insurance?
16. (3) Name three internal financial controls which should be implemented to guard against
embezzlement.
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