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CHFP STUDY SET EXAM QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS VERIFIED
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CHFP STUDY SET EXAM QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS VERIFIED Comprehensive Medical Office Budget includes... 1. Statistics 2. Operating Expenses and Revenues 3. Capital Expenditures 4. Cash Flows Control Budgets Three types: 1. Operating Budget 2. Capital Budget 3. Cash Bud...

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  • November 7, 2024
  • 21
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • chfp study set exam questions and answers with com

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  • CHFP
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CHFP STUDY SET EXAM QUESTIONS AND ANSWERS WITH

COMPLETE SOLUTIONS VERIFIED


Comprehensive Medical Office Budget includes...

1. Statistics

2. Operating Expenses and Revenues

3. Capital Expenditures

4. Cash Flows

Control Budgets

Three types: 1. Operating Budget

2. Capital Budget

3. Cash Budget

Cleverley's components of a capital project:

1. Information on alternatives available

2. Information on resources available

3. Cost data

4. Benefit data

5. Data regarding prior performance

6. Risk projection information

Payback method

,How many years it takes to recoup an initial investment based on new income the

investment generates (includes negative cash flow of initial investment). Does not

consider time value of money.

Return on Investment

Net Present Value / Initial Investment

Debt Service

Principal + Interest

Annual Debt Service

Principal + Interest for a given year

Total Debt Service

Sum of all debt service payments

Joint Venture

An additional source of capital: Benefits: attracts physician and for-profit groups as

investors; allows entities to spread the risk; allows viable entities to be competitive in the

marketplace. Drawbacks: if the deal loses money, all lose money; rewards have to be

shared; tax-exempt status could be put at risk; Medicare/Medicaid fraud and abuse

could be alleged

Leases

arrangement that allows for the payment and ownership of a capital asset as a

contractual obligation to be executed over time rather than at the time of possession.

Capital Lease

, Contains a bargain purchase option; transfers ownership at end of term; term is equal to

75% of the equipment's useful life; present value of the payments are greater than 90%

of the fair market value of the item

Operating Lease

one in which the lessee is liable for the cost for the term of the lease. No ownership

rights at the end. Payments may add up to more than if one had purchased the item

outright.

Budgeting Techniques

High-level strategic goals and objectives must be translated into department-specific

budgets. Three components of an operating budget:

Statistical

Revenue

Expense

Variance Types

Volume, Rate, Price, and Efficiency

Operating margin (%)

(total operating revenue - total operating expenses) / total operating revenue

Return on Assets

Excess of revenues over expenses / Total Assets

Excess margin (%)

(total operating revenue - total operating expenses

+ nonoperating revenue) / (total operating revenue + non-operating revenue)

Debt service coverage ratio (x)

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