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Exam (elaborations)

HCAD Final Test Questions and Answers

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HCAD Final Test Questions and Answers

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  • November 7, 2024
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  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • HCAD
  • HCAD
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Zanaya
HCAD final




Many facilites employ or contract with ________________________ to perform accounting/financial
analysis - Answer-large corporations



What has led to increased healthcare costs? - Answer--"Defensive medicine"

-uninsured

-prescriptions

-living longer

-more care

-lifestyle choices

-technology advances

-chronic disease



What has led to decreased healthcare costs? - Answer--preventative care

-technology (limiting error)

-education

-improved management techniques

-EMR

-generic drugs

,-workplace wellness

-increase cost-conciousness

-evidence-based medicine

-value-based purchasing



Proprietary - Answer--profit oriented

-pay all taxes

-corporation, partnership, individuals



Not-for-Profit - Answer--not profit oriented

-do not pay income, property, or sales tax

-voluntary or government



Whats an example of how an organizational structure might influence a LTC administrators role in
financial management - Answer--how involved they are in finances

-how they look at/interpret finances



Managerial Accounting - Answer--compares results against goals

-determines reason for variations

-helps identify corrective action

-forecasting and planning

-analyze information



Financial Accounting - Answer--records transactions

-classifies transactions

-reconciles records

,-summarizes transactions

-presents financial data



The Accounting Period - Answer-A period of time covered by an accounting report (typically one year)



What is the basic accounting equation? - Answer-Assets = Liabilities + Equity



Accrual accounting method - Answer-Accounting method generally used in healthcare



Why do many organizations hire financial specialists? - Answer-The rules and regulations that follow
CMS require special forms/paperwork and very specific protocol. To make sure everything is done
correctly, a person who is well-informed in that area is an ideal addition to any facility.



Bookkeeper - Answer-handles many of the important entries that are eventually passed on to the
facilities accountant



What is another term for the income statement? - Answer-Profit and loss statement



Balance sheet - Answer-examines financial status at a point in time



Income Statement - Answer-examines financial activity over a period of time



Examples of commonly used integrated financial electronic health records information systems? -
Answer-Acute care= EPIC

Long-Term care= PCC and Matrix



SNFs commonly set up their Chart of Accounts to mimic what? - Answer-Medical Cost Reports

, What is the purpose of conducting a financial audit? Who usually conducts an organizations audit? -
Answer-Validating accuracy of balance sheet information conducted outside CPA firm



Describe the major difference between cash vs. accrual accounting.



Which type is most commonly used in healthcare? - Answer-Difference is that you record transactions
at the time it occurs vs when the cash changes hands.



Accrual



Asset - Answer-Anything of value that is owned

EX:

-cash

-accounts receivable

-inventory

-lands

-building



Liability - Answer-An amount owed by a business

EX:

-accounts payable

-payroll taxes due

-notes payable

-mortgage payable

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