CLC Laboratory Financial Management & Reimbursement 3

Question 1

In laboratory financial management, 'cost per reportable' is calculated as:

Accepted Answer

Total costs divided by the number of valid, reportable test results produced

Answer

Total reagent cost divided by number of tests ordered

Answer

Labor costs divided by total number of specimens received

Answer

Fixed costs divided by annual laboratory revenue

Question 2

In laboratory economics, 'contribution margin' for a test is defined as:

Accepted Answer

Revenue minus variable costs, showing the amount available to cover fixed costs

Answer

Total profit after all fixed and variable costs are deducted from revenue

Answer

The percentage of revenue a test contributes to the laboratory's total income

Answer

Net revenue minus direct labor costs for that specific test

Question 3

Which productivity metric is most commonly used to benchmark laboratory workforce efficiency?

Accepted Answer

Tests per full-time equivalent (FTE) employee

Answer

Revenue per square foot of laboratory space

Answer

Number of tests per patient encounter

Answer

Cost per test ordered by physician specialty

Question 4

When performing a break-even analysis for a new laboratory test, the consultant is determining:

Accepted Answer

The test volume at which total revenue equals total costs

Answer

The minimum acceptable quality score to maintain CLIA certification

Answer

The point at which test utilization exceeds laboratory capacity

Answer

The maximum allowable error rate before corrective action is required

Question 5

Analyzing 'send-out' (reference laboratory) test costs is most useful for a laboratory consultant to:

Accepted Answer

Identify high-volume or high-cost tests that may be economically justified to bring in-house

Answer

Determine which laboratory staff members are underperforming

Answer

Establish minimum billing rates for outreach laboratory clients

Answer

Calculate the laboratory's proportional contribution to hospital overhead

Question 6

A laboratory's Charge Description Master (CDM) should be reviewed periodically to ensure:

Accepted Answer

All services are correctly coded, appropriately priced, and compliant with billing regulations

Answer

Staff compensation is competitive with regional market rates

Answer

CLIA proficiency testing enrollment covers all test categories

Answer

Laboratory equipment is depreciated at the correct accounting rate

Question 7

When evaluating the true profitability of a laboratory outreach program, the most meaningful metric is:

Accepted Answer

Net revenue per test after deducting collection, transport, and processing costs

Answer

Total gross revenue generated from outreach clients

Answer

Number of new physician clients enrolled per quarter

Answer

Total specimen volume received from outreach clients monthly