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Healthcare Finance(questions with verified answers)
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Healthcare Finance(questions with verified answers)
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Healthcare FinanceWhat are some of the industries in the healthcare sector? - correct answer ✔✔Health services, health
insurance, medical equipment and supplies, pharmaceuticals and bio technology, and other agencies
such as consulting firms, educational institutions, or government and private research agencies
What are the two broad areas of healthcare finance? - correct answer ✔✔Financial Accounting and
Managerial Accounting
Briefly describe the following health services settings:
Hospitals - correct answer ✔✔Provides general, acute care, diagnostics, surgery, usually for patients who
need several hours of care
Briefly describe the following health services settings:
Ambulatory care - correct answer ✔✔Outpatient care for patients who need less than several hours of
care, usually cheaper than hospitals; i.e. medical practices, urgent care
Briefly describe the following health services settings:
Home Health Care - correct answer ✔✔Care is provided in the home to help people with activities of
daily living
Briefly describe the following health services settings:
Long-term Care - correct answer ✔✔healthcare and personal services for patients who lack functional
ability due to being mentally or physically handicapped and can not function as necessary; usually for
extended period of time and include inpatient and outpatient services in health, rehabilitation, and
nursing home care
What is the primary legal issue facing healthcare providers today? - correct answer ✔✔Professional
liability; malpractice suits have been taken to the extreme therefore malpractice premiums are at an all
time high
, What are the major current concerns of healthcare managers today? - correct answer
✔✔Reimbursement with Medicare and Medicaid at the top of the list. Balancing clinical and financial
issues also the revenue cycle and accessing capital
Advantages and Disadvantages of Sole Proprietorship (Primary form of business organization) - correct
answer ✔✔Definition: Business owned by one person
Advantages: Easily and inexpensively formed; subject to few governmental regulations; pays no
corporate income tax; pays lower taxes than a comparable taxable corporation
Disadvantages: Selling interest is difficult for the owners; unlimited personal liability for debts of the
business; life of the business is limited to the life of the owners; difficulty in making large amounts of
capital
Advantages and Disadvantages of Partnership (Primary form of business organization) - correct answer
✔✔Definition: a non incorporated business created by two or more people
Advantages: Low cost; easy to form; earnings are allocated to partners and taxed as personal income
Disadvantages: Selling interest is difficult for owners; unlimited personal liability for debts of the
business; life of the business is limited to the life of the owners; difficulty in making large amounts of
capital
Advantages and Disadvantages of Corporation (Primary form of business organization) - correct answer
✔✔Definition: a business that is separate and distinct from its owners and managers
Advantages: unlimited life; easy to transfer ownership; owners have limited liability
Disadvantages: Corporate earnings of taxable entities are subject to double taxation at the corporate
level and the personal level; more costly and time consuming to set up
Differences between investor-owned and not-for-profit corporations? - correct answer
✔✔owners(stockholders) of investor-owned corporations are well defined and make decisions by voting
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