Free COE Financial Management Questions and Answers

Which of the following is the primary purpose of creating a budget in an ophthalmic practice?

To ensure compliance with legal standards

To plan for future financial needs and control spending

To determine employee salaries

To track patient satisfaction

Correct! Wrong!

Which of the following is NOT a competent of the revenue cycle management in an ophthalmic practice?

Patient registration

Coding and billing

Inventory management

Accounts receivable follow-up

Correct! Wrong!

What does a high current ratio indicate about an ophthalmic practice's financial health?

The practice has a high level of dept

The practice is generating significant profit

The practice has a strong has a strong liquidity position

The practice has low operating expenses

Correct! Wrong!

What is the primary objective of performing a cost- benefit analysis in an ophthalmic practice?

To evaluate the financial impact of hiring new staff

To compare the costs of different suppliers

To determine the potential return on investment of a new service or equipment

To analyze the effectiveness of marketing strategies

Correct! Wrong!

What is the main function of a balance sheet in financial reporting?

To show the profitability of the practice over a specific period

To detail the cash inflows and outflows of the practice

To provide a snapshot of the practice's financial position at a specific point in time

To list all expenses incurred by the practice

Correct! Wrong!

Which of the following strategies is most effective for improving cash flow in an ophthalmic practice?

Extending the accounts payable period

Reducing the accounts receivable period

Increasing inventory levels

Decreasing marketing expenses

Correct! Wrong!

Which coding system is primarily used for reporting medical diagnoses and inpatient procedures in an ophthalmic practice?

CPT (Current Procedural Terminology)

HCPCS (Healthcare Common Procedure Coding System)

ICD-10 (International Classification of Diseases, 10th Revision)

DRG (Diagnosis-Related Group)

Correct! Wrong!

Free COE Financial Management Questions and Answers

Which of the following is the primary purpose of creating a budget in an ophthalmic practice?

Which of the following is NOT a competent of the revenue cycle management in an ophthalmic practice?

What does a high current ratio indicate about an ophthalmic practice's financial health?

What is the primary objective of performing a cost- benefit analysis in an ophthalmic practice?

What is the main function of a balance sheet in financial reporting?

Which of the following strategies is most effective for improving cash flow in an ophthalmic practice?

Which coding system is primarily used for reporting medical diagnoses and inpatient procedures in an ophthalmic practice?

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Free COE Information Technology Questions and Answers

Free COE Human Resources Questions and Answers

Which of the following is the primary purpose of creating a budget in an ophthalmic practice?

Which of the following is NOT a competent of the revenue cycle management in an ophthalmic practice?

What does a high current ratio indicate about an ophthalmic practice's financial health?

What is the primary objective of performing a cost- benefit analysis in an ophthalmic practice?

What is the main function of a balance sheet in financial reporting?

Which of the following strategies is most effective for improving cash flow in an ophthalmic practice?

Which coding system is primarily used for reporting medical diagnoses and inpatient procedures in an ophthalmic practice?

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