Question

1. What are the primary responsibilities of the financial manager? a. If you were applying for a position as a financial manager what skills would you put at the top of your resume? 2. What are the six elements that should be present, at a minimum, in all charge masters? 3. What are the six stages of the revenue cycle? 4. Define and explain Medicare and Medicaid. a. Explain how Medicare reimburses for inpatient and outpatient services. 5. Regulatory Environment of Healthcare a. Define the Stark Law and its purpose b. Define the Anti-Kickback Statute and its purpose C. Explain the intent of HIPAA d. What is anti-trust and how is it regulated 6. NFP a. What is the difference between charity care and community benefit? b. What are the 5 factors that support a hospitals 501(c)(3) tax exempt status C. What is Schedule H, when did it become mandatory and what does it help measure. 7. What are the 6 types of budgets? 8. LIU Post is budgeting for this year's flu clinic. The college gives flu vaccines to students for $10 and faculty for $20. The cost (expense) of the vaccine is $10. In 2018 the school vaccinated 1,000 students and 500 faculty a. Create the Statistical, revenue, and expense budget for 2018. b. In 2019 the clinic 800 students and 500 faculty. Update your revenue and expense budgets to accurately reflect this change in volume. c. In 2020 the volume is identical to 2019 but the vaccine cost goes from $10 to $8? Update your revenue and expense budgets.

Answer 1

1. Primary responsibilities of financial managers are :

• Prepare business reports and financial statements
• Financial Decision making
• Analyze market trends
• Check and review financial reports of company and suggest ways to reduce costs and risks
• Do financial budgeting and financial reporting
• Keep eye on each financial details related to company

1.a. Skills require for the position of a finance manager :

• Analytical skills
• Good In Problem-Solving
• Technically Sound
• Oral and Written Communication skills
• Self-motivator
• Good initiator
• Commercial Awareness
• Ability to work as a team and make cordial working relationships
• Give attention to minute details
• It skills
• Ability to influence others

2. Six elements of charge masters:

• Department
• Revenue code
• Description
• Charge/Price
• Item number
• GL number

3. Six stages of the revenue cycle :

• In-house RCM Software or Outsourcing Processing
• Patient Pre-Authorization
• Eligibility and benefits verification
• Claims Submission
• Posting of payment and Denial management
• Reporting