HAC HAC Healthcare Financial Analytics 1

Question 1

Which financial metric measures the total cost incurred to treat a patient from admission through discharge and follow-up care?

Accepted Answer

Cost per episode of care

Answer

Cost per episode of care captures all expenses associated with treating a condition from initial encounter through post-discharge follow-up.

Question 2

In healthcare financial analytics, what does the term 'payer mix' refer to?

Accepted Answer

The distribution of patients by insurance type (Medicare, Medicaid, commercial, self-pay)

Answer

Payer mix describes the proportion of a hospital's patients covered by each insurance category, which directly affects reimbursement rates and revenue.

Question 3

Which financial analysis technique compares actual healthcare spending against pre-established budget targets to identify variances?

Accepted Answer

Budget variance analysis

Answer

Budget variance analysis identifies and quantifies differences between planned and actual financial performance, guiding corrective action.

Question 4

What is a charge master (chargemaster) in a hospital setting?

Accepted Answer

A comprehensive list of all billable services, supplies, and procedures with their standard prices

Answer

The chargemaster is the hospital's official price list for every service and supply, serving as the basis for all billing before payer-specific adjustments.

Question 5

Which ratio best measures a hospital's ability to cover its short-term financial obligations?

Accepted Answer

Current ratio

Answer

The current ratio (current assets ÷ current liabilities) directly measures short-term liquidity and the ability to meet near-term obligations.

(HAC) Healthcare Analytics Certification Practice Test

(HAC) Healthcare Analytics Certification Practice Test

HAC HAC Healthcare Financial Analytics 1