Exam (elaborations)
CRCE-P Revenue Cycle Management Section With Complete Solutions
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CRCE-P Revenue Cycle Management Section With Complete Solutions...
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CRCE-P Revenue Cycle Management Section WithComplete Solutions
What do I need to consider when designing an incentive plan in a Patient Accounts
office? - ANSWER Any incentive plan requires careful consideration by managers. A
successful plan should lead to improvements in production as well as morale and
motivation among employees who are eligible to participate and are successful.
Success should also be reflected in increased cash collection.
However, a poorly executed plan would be a very bad experience for those employees
who are not successful or cannot participate. If not carefully trained/monitored,
employees might get too aggressive in their collection practices and create negative
public reactions.
What are some items a manager should consider benchmarking and monitoring in a
physician practice? - ANSWER A manger should consider establishing a benchmark and
monitoring key metrics and activities like the following:
1. Number of procedures performed
2. New patients versus established patients
3. Average length of appointment times
4. Relative Value Units
5. POS collections
6. Number of referrals
7. Payer reimbursement methodologies
8. Income versus expenses
9. Customer satisfaction
Originated when a business provides services and creates charges - ANSWER Revenue
Snapshot of the business - ANSWER Balance Sheet
, Salaries, collection agency fees and postage - ANSWER Expense
Income recognized when earned and expenses booked when incurred - ANSWER
Accrual Method
The difference between assets and liabilities - ANSWER Equity
Cash or can quickly be turned into cash - ANSWER Current Assets
Used to evaluate ability to pay debts and to earn income - ANSWER Income Statement
Expected to be settled in cash within one year - ANSWER Current Liabilities
Land, buildings, and large equipment - ANSWER Capital
Income recognized when collected and expenses booked when paid - ANSWER Cash
Method
Charity care - ANSWER Deduction from Revenue
Bad debt - ANSWER Deduction from Revenue
Collection agency's commission - ANSWER Expense
Contractual allowance - ANSWER Deduction from Revenue
What are some strategies for improving cash flow? - ANSWER 1. Ensure that staff is
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