HCA-240
Health Care Accounting &
Billing
FINAL EXAM REVIEW
©GCU 2024/2025
,1. Multiple Choice: What is the primary purpose of the Statement
of Operations in healthcare accounting?
a) To track the patient health outcomes
b) To record the daily operations
c) To report the financial performance over a period
d) To document the staff schedules
Answer: c) To report the financial performance over a period.
Rationale: The Statement of Operations is a financial report that
provides information about a healthcare organization's revenues,
expenses, and overall financial performance during a specific
period.
2. Fill-in-the-Blank: The ________ is a financial statement that
summarizes the assets, liabilities, and equity of a healthcare
organization at a specific point in time.
Answer: Balance Sheet. Rationale: The Balance Sheet provides
a snapshot of an organization's financial condition, showing what it
owns (assets) and owes (liabilities), as well as the equity held by its
shareholders.
3. True/False: In healthcare billing, 'upcoding' refers to the practice
of using billing codes that reflect a higher level of care than was
actually provided.
©GCU 2024/2025
, Answer: True. Rationale: Upcoding is an unethical and illegal
practice in healthcare billing, where providers use codes that
indicate a more serious diagnosis or more complex procedure to
receive higher reimbursements.
4. Multiple Response: Which of the following are considered key
components of Revenue Cycle Management (RCM) in healthcare?
a) Patient registration
b) Charge capture
c) Claim submission
d) Staff hiring
e) Payment posting
f) Account reconciliation
Answers: a) Patient registration, b) Charge capture, c) Claim
submission, e) Payment posting, f) Account reconciliation.
Rationale: These components are integral parts of the RCM
process, which encompasses all the financial transactions resulting
from medical services rendered to patients.
5. Multiple Choice: The process of submitting claims to insurance
companies and following up on them is known as:
a) Revenue reconciliation
b) Medical coding
c) Claims adjudication
©GCU 2024/2025
Health Care Accounting &
Billing
FINAL EXAM REVIEW
©GCU 2024/2025
,1. Multiple Choice: What is the primary purpose of the Statement
of Operations in healthcare accounting?
a) To track the patient health outcomes
b) To record the daily operations
c) To report the financial performance over a period
d) To document the staff schedules
Answer: c) To report the financial performance over a period.
Rationale: The Statement of Operations is a financial report that
provides information about a healthcare organization's revenues,
expenses, and overall financial performance during a specific
period.
2. Fill-in-the-Blank: The ________ is a financial statement that
summarizes the assets, liabilities, and equity of a healthcare
organization at a specific point in time.
Answer: Balance Sheet. Rationale: The Balance Sheet provides
a snapshot of an organization's financial condition, showing what it
owns (assets) and owes (liabilities), as well as the equity held by its
shareholders.
3. True/False: In healthcare billing, 'upcoding' refers to the practice
of using billing codes that reflect a higher level of care than was
actually provided.
©GCU 2024/2025
, Answer: True. Rationale: Upcoding is an unethical and illegal
practice in healthcare billing, where providers use codes that
indicate a more serious diagnosis or more complex procedure to
receive higher reimbursements.
4. Multiple Response: Which of the following are considered key
components of Revenue Cycle Management (RCM) in healthcare?
a) Patient registration
b) Charge capture
c) Claim submission
d) Staff hiring
e) Payment posting
f) Account reconciliation
Answers: a) Patient registration, b) Charge capture, c) Claim
submission, e) Payment posting, f) Account reconciliation.
Rationale: These components are integral parts of the RCM
process, which encompasses all the financial transactions resulting
from medical services rendered to patients.
5. Multiple Choice: The process of submitting claims to insurance
companies and following up on them is known as:
a) Revenue reconciliation
b) Medical coding
c) Claims adjudication
©GCU 2024/2025
