Exam 10: Financial Management

In the acute care setting, patient condition can fluctuate quickly. Choose the correct CMS reimbursement requirement for history and physical completion for inpatient care.

Based on the new total average monthly projected working hours for the 12 month period and the new wage structure for registered nurses, your new budget in monthly nursing hours will cost:

Budgets may be developed in various formats. An incremental budget is:

What is the definition of one inpatient day?

The best definition of a rate variance is:

Why is it essential to consider goals and objectives when developing a budget?

The nurse manager prepares a monthly financial statement that identifies actual revenues and expenses and compares those to the monthly break down of the annual budget. In order to effectively monitor the budget, the nurse manager must:

One duty of the nurse manager is analyzing the budget. The questions below are based on the more commonly used nursing department economic evaluation methods.What is cost analysis?

The best definition of an efficiency variance is:

The revenue budget represents:

What are the new total average monthly projected working hours for the 12 month period?

A zero-based budget requires nurse managers to:

Nurse managers use a budget variance report to gauge department performance by comparing one set of figures to another. A well-rounded budget variance report will address:

CMS financial reimbursement guidelines state that upon inspection, medications must be secured at all times. The oversight role of the nurse manager is to:

Health policies usually emerge in the form of laws, rules and regulations, judicial decisions, resource allocations, and broad global health care budgets. Nurse manager participation in the policy process as mentor and facilitator to staff nurses ensures inclusion of nursing's unique perspective into private and governmental heath policy decisions. A framework to streamline health policy analysis in order to enhance nursing's involvement in the hospital health policy agenda has been popularized in the professional setting over the last few years. It goes by the acronym PAM.PAM stands for

The best definition of a volume variance is:

Variances may be indicative of:

Federal law provides both legal and ethical constraints which can be affected by nurse manager oversight of funds allotted to the department. Key principles that affect care of patients and impact departmental fiscal concerns are:

Inside the revenue category in your departmental budget, subsets of this category should include:

Successful nurse managers provide ever-increasing justifications of budget variances, labor costs, staffing effectiveness, return-on-investment, and a host of other financial indicators that drive the "bottom line." An essential component of your budgeting process is identifying the goals or drivers used to measure your financial performance. Successful financial management is measured on the basis of three goals: