Deck 2: The Business Side of Healthcare

Question 1

Consumers saving discretionary income, organizations holding off on building new facilities, and a persistent slow economy are indicative of a _______________ scenario.

A) recovery
B) recession
C) prosperity
D) depression

Answer 1

recession

Question 2

Monopoly creation, price fixing, and price discrimination are prohibited by:

A) Medicare.
B) antitrust laws.
C) Medicaid.
D) TJC.

Answer 2

antitrust laws.

Question 3

Prior to pursuing funding for a new imaging machine, the CFO assesses the economy, especially the prime rate. The CFO is concerned about the effect that the _______________ will have on the ultimate cost of the imaging machine.

A) loan
B) credit
C) inflation
D) interest

Answer 3

interest

Question 4

A single physician in practice would be an example of a:

A) sole proprietorship.
B) partnership.
C) corporation.
D) antitrust.

Question 5

Marketing:

A) includes the product, price, promotion, and distribution to the customer.
B) uses technology to manage information.
C) creates the product or service.
D) tracks the flow of money in and out of a business.

Question 6

Individuals may have to do without health care during which business cycle scenario?

A) Prosperity
B) Recession
C) Depression
D) Recovery

Question 7

Accounting:

A) creates the product or service.
B) tracks the flow of money in and out of a business.
C) uses technology to manage information.
D) includes the product, price, promotion, and distribution to the customer.

Question 8

John Q. Public has been looking for a job for 2 months, to no avail. The country is likely in which economic period?

A) Recovery
B) Unemployment
C) Underemployment
D) Recession

Question 9

Information technology:

A) creates the product or service.
B) tracks the flow of money in and out of a business.
C) includes the product, price, promotion, and distribution to the customer.
D) uses technology to manage information.

Question 10

An increase of the price level at any given time is:

A) recovery.
B) interest.
C) inflation.
D) recession.

Question 11

Which economic principle influences the cost as well as the availability of goods and services?

A) Supply and demand
B) Microeconomics
C) Recession
D) Macroeconomics

Question 12

A decrease in unemployment and interest rates occurs during the following portion of the economic cycle:

A) prosperity.
B) recession.
C) depression.
D) recovery.

Question 13

Profit is:

A) money collected from patients and insurance companies for health care services rendered.
B) the price paid when an individual or business borrows money.
C) revenue minus costs.
D) lacking during times of prosperity.

Question 14

Production:

A) uses technology to manage information.
B) tracks the flow of money in and out of a business.
C) includes the product, price, promotion, and distribution to the customer.
D) creates the product or service.

Question 15

The following part of the economic cycle occurs with increasing inflation and interest rates:

A) prosperity.
B) recession.
C) depression.
D) recovery.

Question 16

Hospitals would be inclined to purchase major equipment during the ________________ phase.

A) prosperity
B) recession
C) depression
D) recovery

Question 17

Shareholders may exist in which business ownership configuration?

A) Corporation
B) Partnership
C) Sole proprietorship
D) Collaboration

Question 18

All of the following are key economic indicators except:

A) current presidential political party.
B) unemployment rate.
C) inflation rate.
D) interest rate.

Question 19

The government's role in health care can be described as all of the following except:

A) payer.
B) regulator.
C) organizer.
D) provider.

Question 20

Increasing GDP and decreasing interest, inflation, and unemployment rates are indicative of the _______________ scenario.

A) depression
B) recession
C) recovery
D) prosperity

Question 21

A market economy is described by all of the following except:

A) is also called a private system.
B) is called a free enterprise system.
C) has competition as its central feature.
D) is not concerned with profit.

Question 22

TJC accreditation can substitute for Medicare and Medicaid federal certification.

Question 23

The _______________ Act encourages drug companies to produce drugs for rare diseases.

Question 24

TJC accreditation is required for all health care facilities.

Question 25

The Hill Burton Act:

A) is part of the Social Security Act.
B) prohibits referrals to clinical lab services where the provider has a financial interest.
C) involved the federal government funding construction of private facilities pursuant to a Certificate of Need.
D) provides for health insurance portability and protects the privacy of health records.

Question 26

A new hospital system has moved into your three-hospital city. The other two hospitals in the city have been purchased by the new hospital system. The senior leadership of the remaining hospital completes a SWOT analysis during the annual strategic planning session. The new hospital system is an example of the opportunities portion of the SWOT analysis.

Question 27

Discuss how not-for-profit organizations make money and what the not-for-profit designation means.

Question 28

All of the following are a part of a SWOT analysis except:

A) evaluate opportunities.
B) identify threats.
C) devise an action plan.
D) identify weaknesses.

Question 29

A physician's only customer is the patient.

Question 30

An environment where there are few sellers is a(n) _______________.

Question 31

The Stark I law:

A) contains special provisions to protect laid-off workers and to encourage electronic records technology.
B) prohibits referrals to clinical lab services where the provider has a financial interest.
C) involved the federal government funding construction of private facilities pursuant to a Certificate of Need.
D) provides for health insurance portability and protects the privacy of health records.

Question 32

One of the objectives of health care laws is to _______________.

Question 33

The _______________ part of the management process is the manager's feedback loop.

Question 34

A not-for-profit hospital is described by all of the following except:

A) may focus on serving the poor.
B) is not focused on profits.
C) may lose money on many of its poor patients.
D) has a goal of making money.

Question 35

This legislation required a certificate of need and provision of care to the underserved.
___________________________

Question 36

You are a senior executive at Anytown Hospital. You want a law created to standardize fees for copies of medical records nationally. Delineate the steps you will take to make this happen.

Question 37

One component of the HIPAA legislation provides patient privacy protection.