Exam (elaborations)
CSPR - Certified Specialist Payment Rep (HFMA) questions with correct answers
- Course
- Institution
CSPR - Certified Specialist Payment Rep (HFMA) questions with correct answers
[Show more]
Content preview
CSPR - Certified Specialist Payment Rep b b b b b(HFMA) questions with correct answers
b b b b b
If a lessee is building up equity in equipment being leased, the lease is:
b b b b b b b b b b b b b
A. A capital lease.
b b b
B. An operating lease.
b b b
C. A noncancelable lease.
b b b
D. A cancelatable monthly lease agreement. - ANSWER>>A. A capital lease.
b b b b b b b b b b
Contribution margin is: b b
A. The difference between marginal revenue and the break-even point.
b b b b b b b b b
B. The difference between marginal revenue and marginal cost.
b b b b b b b b
C. Where marginal revenue equals marginal cost.
b b b b b b
D.the point where fixed cost produces a profit. - ANSWER>>B. The difference
b b b b b b b b b b b
between marginal revenue and marginal cost.
b b b b b b
Activity-based costing is - ANSWER>>A. Another term for the proportional b b b b b b b b b
allocation method
b b
**B. A method of determining product costs using cost drivers or activity
b b b b b b b b b b b
measures that cause indirect costs to be incurred
b b b b b b b b
C. Less expensive to determine due to the necessary data collection
b b b b b b b b b b
D. Generally considered a less accurate costing method
b b b b b b b
The break-even point is the level of sales volume of a product producing
b b b b b b b b b b b b
the exact amount of
b b . b b b
A. Contribution margin needed to cover fixed costs
b b b b b b b
B. Incremental cost needed to cover fixed costs
b b b b b b b
C. Contribution margin needed to cover incremental costs
b b b b b b b
D. Contribution margin needed to cover all costs - ANSWER>>A. Contribution
b b b b b b b b b b
margin needed to cover fixed costs
b b b b b b
Overhead is a common term for b b b b b
A. Direct Costs
b b
B. Variable Costs
b b
C. Fixed Costs
b b
D. Indirect Costs - ANSWER>>D. Indirect Costs
b b b b b b
Arrived at by a group or association of organizations with similar
b b b b b b b b b b
characteristics (for example, a published relative value scale).
b b b b b b b b
A. Predetermined
b
B. Negotiated
b
C. Customized standards - ANSWER>>A. Predetermined
b b b b b
,Based on the historical data of the specific institution for which the budget is
b b b b b b b b b b b b b
intended - ANSWER>>A. Predetermined
b b b b
**B. Negotiated
b
C. Customized standards
b b
Based on detailed time or activity studies within a specific department of a
b b b b b b b b b b b b
specific institution.
b b
A. Predetermined
b
B. Negotiated
b
C. Customized standards - ANSWER>>C. Customized standards
b b b b b b
Which type of cost behavior varies more or less in direct proportion to
b b b b b b b b b b b b
volume? - ANSWER>>**A. Variable cost
b b b b b
B. Fixed cost
b b
C. Semi-variable cost
b b
D. Semi-fixed cost
b b
The wage variance is determined by: - ANSWER>>A. The "difference in the
b b b b b b b b b b b
actual and budgeted paid hours" times the "budgeted wage rate."
b b b b b b b b b b
B. The "budgeted units of service" times the "budgeted labor hours per unit of
b b b b b b b b b b b b b
service" times the "actual average wage rate per hour."
b b b b b b b b b
C. The variance in the "labor hours per unit of service" times the "actual units
b b b b b b b b b b b b b b
of service" times the "budgeted average wage rate."
b b b b b b b b
**D. The "difference in the budgeted and actual average wage per
b b b b b b b b b b
hour" times the "actual paid hours."
b b b b b b
The hospital staffing for a regular acute unit is an example of -
b b b b b b b b b b b b
ANSWER>>**A. Semi- fixed or stepped variable cost
b b b b b b b
B. Variable cost
b b
C. Fixed cost
b b
D. A fixed cost pattern
b b b b
Which of the following is NOT a type of expense variance?
b b b b b b b b b b
A. Price Variance
b b
B. Volume Variance
b b
C. Efficiency Variance
b b
D. Stepped Variance - ANSWER>>D. Stepped Variable
b b b b b b
When a hospital's actual patient census is greater than budgeted, the
b b b b b b b b b b
management views this as favorable. Generally, the effect on the actual
b b b b b b b b b b b
expenses being less than the budgeted amounts is: - ANSWER>>**A. Also
b b b b b b b b b b b
favorable
b
B. Unfavorable
b
C. Mostly favorable
b b
D. A positive volume variance
b b b b
,Which of the following is not one of the current trends moving away from the
b b b b b b b b b b b b b b
fee for service delivery payment system: - ANSWER>>A. MIPS
b b b b b b b b b
B. Comprehensive Care for Joint Replacement (CJR)
b b b b b b
C. Accountable Care Organizations (ACO)
b b b b
**D. Resource Based Relative Value System (RBRVS)
b b b b b b
Which type of payment method is intended to cover all inpatient services
b b b b b b b b b b b
utilized for each procedure (e.g., joint replacement) while the beneficiary is
b b b b b b b b b b b
in the hospital? - ANSWER>>A. Fee-for-service
b b b b b b
B. Per diem rate
b b b
**C. Case rate
b b
D. Capitation
b
Which one of the following options is a managed care product that is easy to
b b b b b b b b b b b b b b
evaluate? - ANSWER>>A. Capitation
b b b b
B. Fee schedule
b b
C. Case rate
b b
**D. Fee-for-service
b
Healthcare providers should develop different modeling tools depending on
b b b b b b b b
. - ANSWER>>**A. The reimbursement method proposed in the b b b b b b b b
contract.
b
B. Whether it will result in additional business.
b b b b b b b
C. Cost estimates for each scheduled rate
b b b b b b
D. What the cost structure would be
b b b b b b
Managed care arrangements generally result in providers: - ANSWER>>A.
b b b b b b b b
Receiving, on average, a higher level of reimbursement.
b b b b b b b b
**B. Assuming greater financial risk for the level of services provided.
b b b b b b b b b b
C. Relaxing their management for the level of services provided.
b b b b b b b b b
D. Being fairly and adequately reimbursed for the level of services provided.
b b b b b b b b b b b
Which option is NOT a general category of provider excess loss insurance? -
b b b b b b b b b b b b
ANSWER>>A. Per-Person
b b
B. Aggregate
b
C. Carve-Out
b
**D. Quality Indicators
b b
Which option is NOT a function of the Centers for Medicare and Medicaid
b b b b b b b b b b b b
Services (CMS)? - ANSWER>>A. Establishment and promulgation of clear
b b b b b b b b b
policy on eligibility for CMS programs, coverage and reimbursement of
b b b b b b b b b b
healthcare services, standards for providers and program administration
b b b b b b b b
B. Administration of comprehensive agreements with contractors and states
b b b b b b b b
that stipulate the conditions under which CMS programs are carried out, the
b b b b b b b b b b b b
performance standards that must be met in their administration, and the
b b b b b b b b b b b
programmatic results that are to be achieved
b b b b b b b
, C. Monitoring the performance of contractors and states in administering
b b b b b b b b b
CMS programs consistent with program and performance standards, as well
b b b b b b b b b b
as the direct monitoring of healthcare providers to make sure that
b b b b b b b b b b b
programmatic goals are achieved
b b b b
**D. Regulation of federal and state legislation related to life and safety
b b b b b b b b b b b
issues, business compliance, and licensure requirements. Regulatory
b b b b b b b
Environment and Corporate Compliance
b b b b
Accrued salaries and payroll Taxes -b b b b b
ANSWER>>**Yes No
b b
What is the second objective of risk management? - ANSWER>>A. To
b b b b b b b b b b
minimize the cost of financing the risk
b b b b b b b
B. To allow direct access the reinsurance market
b b b b b b b
NOT - C. To establish regulatory requirements that must be met to
b b b b b b b b b b b
operate an insurance company
b b b b
D. To minimize the establishment of a segregated cash account, or trust, from
b b b b b b b b b b b b
which claims are paid
b b b b
What is the purpose of an investment policy? - ANSWER>>A. To establish a
b b b b b b b b b b b b
framework to make investment decisions and evaluate results
b b b b b b b b
B. To form a cushion to protect creditors if the operating environment
b b b b b b b b b b b
were to deteriorate
b b b
NOT - C. To maximize returns while ensuring that there is cash on hand for
b b b b b b b b b b b b b b
day-to-day operations
b b
D. To define how the organization intends to match the maturity of the
b b b b b b b b b b b b
investments with the projected need for the proceeds
b b b b b b b b
What is the purpose of the IRS Form 990? - ANSWER>>**A. To provide
b b b b b b b b b b b b
information to the IRS and the public regarding the tax-exempt
b b b b b b b b b b
organization's programs
b b
B. To require recognition of post-employment costs on an accrual basis
b b b b b b b b b b
C. To report a more detailed break-down of an individual's compensation
b b b b b b b b b b
D. To require numerous disclosures regarding the compensation
b b b b b b b
arrangements for officers, directors, trustees, and key employees
b b b b b b b b
Which option is false concerning return on investment? - ANSWER>>A. The
b b b b b b b b b b
formula to calculate the return is income plus realized gains minus realized
b b b b b b b b b b b b
losses.
b
**B. The formula to calculate the return is losses plus realized gains minus
b b b b b b b b b b b b
realized income.
b b
C. The expected return from an investment is correlated to the risk profile.
b b b b b b b b b b b b
D. While it is difficult to quantify risk, it is easy to calculate the return of an
b b b b b b b b b b b b b b b b
investment
b
Health or social clubs dues or fees -
b b b b b b b
ANSWER>>**Yes No
b b
Under HIPAA and federal regulations, what is the difference between "fraud"
b b b b b b b b b b
and "abuse"? - ANSWER>>A. There is no difference.
b b b b b b b b
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Prose1. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $15.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
72042 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now