CHFP

CHFP SECTION I EXAM QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS VERIFIED CHFP Module I Big Picture of Healthcare Finance Hospital-based physician Offers most of their services within a hospital; does not equal a hospitalist Which providers can patients receive bills from during episodes of care? Patients can receive bills from any provider who provided services during an episode of care Biggest differences between healthcare finance and other areas of finance In healthcare, there is a ...

HFMA CHFP COURSE 2: FINANCIAL ACCOUNTING CONCEPTS EXAM QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS VERIFIED Double entry system with this type of bookkeeping, each accounting transaction has two sides that are equal or "in balance". Asset _____ is what you have or are owed. Liability _______ is what you owe. Net assets or equity ______ is what you get to keep. Accounting equation Assets = (Liabilities + Net Assets) [for a not-for-profit entity] or Assets = (Liabilities + Equ...

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 describe...

HFMA CHFP RATIO ANALYSIS EXAM QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS VERIFIED Operating Margin (Total Operating Revenue - Operating Expenses) / Total Operating Revenue Return on Total Assets Net Income / Total Assets Return on Equity Net Income / Net Assets Current Ratio Current Assets / Current Liabilities Quick Ratio (Cash + Marketable Securities + Net Accounts Receivable) / Current Liabilities Net Days in Patient Accounts Receivable Net Patient Accounts Receivable / (Net Pa...

CHFP PRACTICE TEST EXAM QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS GRADED A++ What are the key factors that have contributed to the higher cost of healthcare? Contributing key factors to increased health care costs: Technology Aging population Chronic disease Litigation What changed the basis of payment for hospital OP services from a flat fee for individual services to fixed reimbursement for bundled services? Ambulatory payment classifications (APC) What is cost shifting? When p...

CHFP KEY TERMS & CONCEPTS EXAM QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS VERIFIED Medicare Cost Report Annual report that institutional providers participating in the Medicare program must submit to their Medicare administrative contractor. For providers paid prospectively, the cost report determines reimbursement for certain add on payments but does not affect the overall payment rate. For providers paid retrospectively, the cost report determines the payment rate. CMS uses cost report ...

CHFP STUDY SET - DISBURSEMENT FUNCTION EXAM QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS GRADED A++ Payroll forms I-9 Employment Eligibility Verification: Citizen? W-4: Allowances SS8 Determination of Worker Status W-2 Wage and Tax Statement 1099 Misc Income Annualized Method for FTE Calculation The equivalent of one 2,080-hour employee. productive only for 239 days (or 1,912 hours) when weekends, holidays and unproductive time is removed. Scheduled Position Method for FTE Calculation ...

CHFP MODULE 1 CERTIFICATION TEST EXAM QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS VERIFIED is a pre-determined amount that the patient pays before the insurer begins to pay for services deductible a percentage of the insurance payment amount that is paid by the patient, along with the amount paid by the insurer. coinsurance a flat amount that the patient pays at each time of service copayment payment also includes amounts for services that are not included in the patient's benefit de...

CHFP STUDY SET - INTERNAL CONTROL EXAM QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS VERIFIED Internal Control A process implemented by an entity's board of directors, management, and other personnel designed to provide reasonable assurance in reaching these objectives: 1. Effectiveness and efficiency of operations 2. Reliability of financial reporting 3. Compliance with applicable laws and regulations. Five interrelated components of internal control 1. Control Environment 2. Risk ...

CHFP INTERNAL CONTROLS EXAM QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS VERIFIED Internal Control A process implemented by an entity's board of directors, management, and other personnel Internal Controls: Reasonable Assurances -Effectiveness and efficiency of operations -Reliability of financial reporting -Provide Examples of administrative and accounting and financial controls -Compliance with applicable laws and regulations Internal Control Involves safeguarding assets and stew...