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(COE) Certified Ophthalmic Executive
Free COE Financial Management Questions and Answers
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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!
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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!
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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!
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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!
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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!
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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!
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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!
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