[SOLUTION] Captain of the Ship
HAP 410 Take Home Exam / Spring, 2021Enter Your Name:Due by Sunday, Sunday, March 14 at 11:59 pm:Modules (weeks): 1-6Point totals (56) = for grading the exam for the total course this equals 25 points for final gradeRespond below in BOLD font on this document, and post on assignment board in Blackboard1. (1 point) a. Define the Captain of the Ship concept as it relates to the training and mindset of physicians in medical practices.(1 point) b. Why can physicians be challenging for an administrator to work with?2. Board of Directors in a medical practice:(1point) a. What do we mean by fiduciary responsibility for board members?(1point) b. What do we mean by the ex-officio role of the practice administrator in working with the board?1point) c. Give an example of a board member violating fiduciary responsibility.3.(3 points) a. Name and describe three issues which are appropriate for the physician board to directors address as part of their governing role?b. (1 point) b. Name an issue which is not appropriate?4. (2 points) Explain the term contractual adjustment for managed care contracts and reimbursement by insurance companies5. (2 point) a. Define a buy/sell agreement for the physician entering the partnership and the physician leaving the practice.(1 point) b. Identify and explain an example of how a medical practice is valued.6. (5 points) List five key financial reports reviewed in class which should be presented and explained to the physicians. Include a brief description and/ or formula for each report.7. (1 points) For patient balances, what is the difference between a bad debt write off and charity care write off?8. (2 point) what is the purpose of a physician compensation plan?9. (2 points) For the fiscal year ending 12/31/19.Description Amount or PercentageBilled charges $150,000Insurance and patient collections/payments $80,000Insurance contractual adjustment $60,000Patient bad debts write off $5,000Charity Care writes off $5,000Collection ratio equals Enter percentage:Total discount per insurance contract Enter amount:10. (1 point) Balance Sheet, Practice OB/GYN, March 31, 2013Description Debit CreditAssets $590,000Liabilities $180,000Owners Equity Leave blank ?11. (1 point) a. Income Statement, PracticeInternal Medicine, March 31, 2013Description AmountNet Collections $400,000Variable Expenses $100,000Fixed Expenses ?Net Income $40,000(1 point) b. What is the difference between a fixed expense, and a variable expense?12. (1 point) Cash Flow Statement, Cash Account Basis, Month End Feb. 29, 2016Description Debit Credit BalanceCash Balance, Feb. 1 ¬¬¬¬¬¬¬ $300,000Deposit, Feb. 11 $50,000Payment for Supplies, Feb. 15 $30,000Payment for Payroll, Feb. 18 $70,000Deposit, Feb. 28 $100,000 Leave blankEnding Cash Balance, Feb. 29 Leave blank Leave blank 13. (2 points) Calculate days in accounts receivable: Gross accounts receivable as of 12/31/17 = $800,000 Gross billing for the year was $10,000,000 Applying the formula, what is days in AR as of 12/31/17. Use the full year of 360 days in calculation average daily revenue needed to complete the calculation. What is the answer?14. (1 point) a. What is the difference between volume- based vs. value- based reimbursement?(1 point) b. Provide an example of a clinical standard for valued based reimbursement whichrelates to a health or wellness outcome.15. (3 points) Explain a High Deductible Health Plans. (HDHP), and two components.16. (3 points) A patient is making an initial visit for a surgical procedure, and then has the surgery. Explain the differences between a deductible, co-insurance, and a co-pay, as related to this process17. (2 points) a. Define a Patient Centered Medical Home, and its main purpose.(3 points) b. Name three medical specialties which frequently offer PCMH in conjunction with insurance companies?18. (2 points) Define a line of credit, who issues it, and how it works as related to the practice checking account.19. (2 points) a. Define the elements of a well written management objective (SMART)(1 points) b. Provide an example of an objective in this format for a medical practice.21. (1 points) a. Why would a company decide to self- insure instead of buying insurance directly from a health plan?(1 point) b. Name of the contractor hired to process claims received from the provider under a self-insured plan.22. (3) List and describe three government sponsored health plans.23 (3). List three issues you would address in preparing for a managed care contract negotiation .
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