HAC Healthcare Analyst Financial Management & Budgeting 1

Question 1

Which financial metric measures the percentage of billed services that a healthcare organization actually collects?

Accepted Answer

Collection rate

Answer

The collection rate measures the percentage of billed charges that are actually collected after adjustments and write-offs.

Question 2

In healthcare budgeting, what does a 'variance analysis' primarily examine?

Accepted Answer

Differences between budgeted and actual financial results

Answer

Variance analysis compares budgeted (planned) figures to actual results to identify discrepancies and their causes.

Question 3

What is the primary purpose of a healthcare organization's operating budget?

Accepted Answer

To plan and control day-to-day revenues and expenses

Answer

The operating budget plans and controls the routine revenues and expenses necessary for daily healthcare operations.

Question 4

Which of the following best describes 'days in accounts receivable (AR)' in healthcare?

Accepted Answer

The average number of days it takes to collect payment after service delivery

Answer

Days in AR measures the average time between providing a service and receiving payment, indicating billing and collection efficiency.

Question 5

A healthcare analyst notices that supply costs increased by 15% while patient volume increased by only 5%. This is an example of what type of variance?

Accepted Answer

Unfavorable efficiency variance

Answer

An unfavorable efficiency variance occurs when costs grow faster than the corresponding volume or output, indicating inefficient resource use.

(HAC) Healthcare Analyst Certification Practice Test

(HAC) Healthcare Analyst Certification Practice Test

HAC Healthcare Analyst Financial Management & Budgeting 1