Final Exam Review Flashcards
(74 cards)
What type of Medicaid does Haley Carr’s facility accept?
No Medicaid Accepted
This indicates the facility may rely on other funding sources or private pay.
What are the components of effective leadership styles mentioned?
Interdisciplinary team (IDT)
IDT includes nurses, therapists, and remote interns.
What are the key focuses of staff training and development?
Utilize staff, continuing education
These organizations provide resources for professional growth.
What strategies are mentioned for retention improvement?
Creativity, PTO plans, supportive organization
PTO stands for Paid Time Off.
What is essential in budgeting and financial planning according to the speaker?
Resource allocation, cost-saving, patient care above all
This emphasizes prioritizing patient care in financial decisions.
What are the different revenue streams mentioned?
CMS, GPO (Group Purchasing Organization)
CMS stands for Centers for Medicare & Medicaid Services.
What does QAPI stand for?
Quality Assurance and Performance Improvement
This is a systematic approach to improving quality of care.
What are the key components of risk management?
Emergency preparedness, staff training, risk assessment, incident reporting
Incident reporting helps in learning and improving care.
What is emphasized in ethics and culture regarding patient care?
Involve families in care and communicate
Family involvement can enhance patient support and satisfaction.
What role do community partnerships play in the facility?
Enhance care through collaboration
Partnerships can provide additional resources and support for patients.
What technological advancement is mentioned as improving care?
AI (Artificial Intelligence)
AI can help in various aspects of patient care and operational efficiency.
What is a key focus in self-care for staff?
Time and stress management
Stress management is crucial to prevent burnout.
Fill in the blank: The facility does not accept _______.
Medicaid
operating budget?
generated Revs + resources used
Who establishes the fiscal year in budgeting?
governing board
What key question does the budgeting process ask?
What can we reasonably expect to achieve?
What are some variables included in budgeting assumptions?
- changes in market competition
- local economic trends
- expected Medicare & Medicaid reimbursement
- labor market conditions
- inflation
- strategy implementation results
What types of expenses are considered fixed costs?
- telephone
- postage
- insurance
What do budgeting worksheets record?
historical data and assumptions
What is the purpose of a collection statement?
monitors receivables and evaluates performance
aging schedule is time amounts in accounts are outstanding
What does the collection period indicate?
days to bill and collect revenues
days in A/R
What is the formula for net assets in a nonprofit?
NA = Assets - Liabilities
Why is payer mix essential for revenue management?
maintains expected census levels
mix of patients by payer type
What does variance analysis measure?
differences between reality and budget plan