CHFP BUSINESS OF HEALTHCARE EXAM QUESTIONS AND
ANSWERS WITH COMPLETE SOLUTIONS VERIFIED
Which doctors are hospital-based physicians?
Radiologist, Anesthesiologist, Pathologist
Which group of words represent participants in the healthcare system that are
NOT directly involved with patient care?
Insurers, regulators, suppliers
Which of the following is NOT true regarding fees provided for service?
There is always one provider to which fees are paid
Which of the following statements describes how healthcare can be financed?
All of these:
- Patient pays fees directly to the provider
- Patient pays premiums for individual insurance. The insurer then pays the provider.
- Patient has employer provided insurance programs
Which of the following statements is true regarding Medicare?
Medicare provides insurance coverage to people over 64, persons with disabilities and
persons with end-stage renal disease
Which of the following statements below is NOT true regarding provider
networks?
even in emergency situations, the patient must use an in-network provider to receive the
highest benefit
, The ACA has created the necessity of competition between which of the
following?
Healthcare providers with eachother
Which of the following terms is not a part of the affordable care act's reforms?
Spend down
Which of the situations listed below does NOT put inflationary pressure on
expenses in the healthcare industry?
Increased patient volume
Is cash basis accounting ever acceptable in a business setting?
Yes
Pinewoods Pediatrics uses the cash basis of accounting and had the following
transactions during the past year:
Provided and billed for $800,000 worth of services
Collected $750,000 in cash for billings for services
Incurred $750,000 in operating expenses
Paid $725,000 in expense invoices
Using the formula: Revenue - expenses = profit, calculate profit for Pinewoods
Pediatrics.
25,000 (750,000-725,000)
Again, let's look at Westwood Surgery's transactions during the past year:
Provided and billed for $950,000 worth of services
Collected $1,050,000 in cash billings for services
Incurred $625,000 in operating expenses
ANSWERS WITH COMPLETE SOLUTIONS VERIFIED
Which doctors are hospital-based physicians?
Radiologist, Anesthesiologist, Pathologist
Which group of words represent participants in the healthcare system that are
NOT directly involved with patient care?
Insurers, regulators, suppliers
Which of the following is NOT true regarding fees provided for service?
There is always one provider to which fees are paid
Which of the following statements describes how healthcare can be financed?
All of these:
- Patient pays fees directly to the provider
- Patient pays premiums for individual insurance. The insurer then pays the provider.
- Patient has employer provided insurance programs
Which of the following statements is true regarding Medicare?
Medicare provides insurance coverage to people over 64, persons with disabilities and
persons with end-stage renal disease
Which of the following statements below is NOT true regarding provider
networks?
even in emergency situations, the patient must use an in-network provider to receive the
highest benefit
, The ACA has created the necessity of competition between which of the
following?
Healthcare providers with eachother
Which of the following terms is not a part of the affordable care act's reforms?
Spend down
Which of the situations listed below does NOT put inflationary pressure on
expenses in the healthcare industry?
Increased patient volume
Is cash basis accounting ever acceptable in a business setting?
Yes
Pinewoods Pediatrics uses the cash basis of accounting and had the following
transactions during the past year:
Provided and billed for $800,000 worth of services
Collected $750,000 in cash for billings for services
Incurred $750,000 in operating expenses
Paid $725,000 in expense invoices
Using the formula: Revenue - expenses = profit, calculate profit for Pinewoods
Pediatrics.
25,000 (750,000-725,000)
Again, let's look at Westwood Surgery's transactions during the past year:
Provided and billed for $950,000 worth of services
Collected $1,050,000 in cash billings for services
Incurred $625,000 in operating expenses
