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6209 Midterm 2
memorization info
| Question | Answer |
|---|---|
| the ACA created _______ in the year _____ | Section 501r , 2010 |
| the ACA created what 4 requirements for NFP hospitals | 1 - CHNA every 3 years, 2 - written financial assistance policy (FAP), 3 - charges for insured & uninsured the same, 4 - no harsh collections w/o checking against FAP |
| CHNA components | C - community served, A - assessment methods, N - needs identified, D - data collection methods, C - current/existing resources |
| ___ orgs are defined under IRS Rule 501(c)(3) | NFP |
| under IRS Rule 501(c)(3), healthcare orgs are qualified under | charitable orgs |
| _____ - year that the IRS interpreted that tax exempt orgs must provide care for those unable to pay | 1956 |
| _____ - community benefit standard introduced | 1969 |
| community benefit standard requirements | R - representative board of trustees, O - operate ER & can't deny patients, O - otherwise couldn't access without paying, M - medical staff open to all, E - excess funds reinvested |
| NFP orgs do not have to pay these taxes | F - federal income tax (34%), F - FUTA (6%), S - sales tax, L - less postage, A - access to tax-exempt bond market, P - property tax, S - state/local income tax |
| year + state of Morristown hospital case | 2015, PA |
| in 2009, the IRS added what document to the list of annual requirements for NFP hospitals? | Schedule H |
| Schedule H ONLY applies to | hospitals |
| Schedule H sections | C - community benefit & charity care, C - community building activities, B - bad debt + Medicare, F - facilities info, M - management companies & joint ventures, S - supplemental info |
| ____ - IRS changed the rules to revoke NFP status if CHNA isn't disclosed | 2017 |
| if NFP status is revoked, what happens? | P - pay fines, C - can't receive 501(c)(3) donations, N - no tax-exempt bonds, N - no tax exemptions |
| types of community benefit | C - charity care (not the same as bad debt), O - other community benefits (free screenings, patient support groups, patient education classes) M - Medicare unpaid patient balances, M - Medicaid unreimbursed cost of care |
| how is community benefit quantified? | all $ reported on community benefit tax form, must track # of patients helped |
| Payroll process steps | S - set up new employee, T - time & attendance system, T - time worked --> payroll subledger, S - salary calculated, P - paychecks prepped & sent (mail or DD), E - expenses (in payroll subledger) sent to GL, S - submit witheld taxes & benefit deductions |
| medicare unreimbursed pt balances are an example of | community benefit |
| what item must survey community members every 3 years and exert an action plan? | CHNA |
| T/F - the CHNA must be posted on the hospital website | T |
| IRS rule 501(c)(3) defines | NFP status |
| ____ was created by the IRS in 2009 | Schedule H |
| _____ was created by the IRS in 1969 | community benefit standard |
| a building lease is an example of a (fixed/variable/semi-fixed) expense | fixed |
| lab reagent is an example of a (fixed/variable/semi-fixed) expense | variable |
| lab staff salaries are an example of a (fixed/variable/semi-fixed) expense | semi-fixed |
| self-employed individuals with an area of expertise are | independent contractors |
| employer must provide this form to employees | W-2 |
| when a company provides ongoing services it is... | outsourcing |
| what type of work is most expensive - employees generally paid 2x hourly? | temp agency |
| T/F - HSAs are pre-tax deductions | T |
| in ___, employers match employee contributions a) HSA b) FICA c) FUTA d) garnishments | b |
| employee taxes & benefits are recorded on the | balance sheet |
| ___ encompasses Social Security & Medicare taxes a) HSA b) FICA c) FUTA d) garnishments | b |
| the employee doesn't pay for this a) HSA b) FICA c) FUTA d) garnishments | c |
| "6% u pto $7,000 = $420" a) HSA b) FICA c) FUTA d) garnishments | c |
| the employer doesn't pay this a) HSA b) FICA c) FUTA d) garnishments | d |
| ___ - the IRS clarified that tax-exempt HC orgs must provide care tot hose who are unable to pay in order to receive NFP status | 1956 |
| which is an indirect cost? a) utilities b) housekeeping c) lab staff salaries d) employee benefits | c |
| an ER nurse salary is... (direct/indirect) (fixed/variable/semi) (controllable/non) (sunk/avoidable) | direct, semi, controllable, avoidable |
| a DaVinci robot maintenance contract is (direct/indirect) (fixed/variable/semi) (controllable/non) (sunk/avoidable) | direct, fixed, non, sunk |
| A/C used in an OR is (direct/indirect) (fixed/variable/semi) (controllable/non) (sunk/avoidable) | indirect, fixed, non, avoidable |
| security guard SS benefits are (direct/indirect) (fixed/variable/semi) (controllable/non) (sunk/avoidable) | indirect, fixed, non, sunk |
| FICA includes | social security (6.2%) & Medicare (1.45%) |
| ___ is when an asset is recorded at total cost on the balance sheet & debited over it's useful life a) depreciation b) interest expense c) inventory d) prepaids | a |
| ___ is located on the statement of ops a) depreciation b) interest expense c) inventory d) prepaids | b |
| ____ comes on loans, bonds, and other debts a) depreciation b) interest expense c) inventory d) prepaids | b |
| ____ could be drug & supply expense a) depreciation b) interest expense c) inventory d) prepaids | c |
| ___ are quarterly or annual invoices for licenses, equipment, software maintenance, etc. a) depreciation b) interest expense c) inventory d) prepaids | d |
| ___ are recorded an an asset on the balance sheet and then amortized over the given time period by expensing the asset a) depreciation b) interest expense c) inventory d) prepaids | d |
| ____ - the FDA required all drugs to implement a car code containing the NDC | 2004 |
| ____ - the institute of medicine reported that up to 98K patients were dying every year due to preventable medical errors | 1999 |
| the NDC includes what 3 elements | labeler, product code, package code |
| ___ - the final rule was published by Congress to require the FDA to create a new numbering system for medical devices & implants | 2013 |
| the UDI system was phased in over ___ years | 5 |
| components of a UDI | device identifier & production identifier |
| T/F - there is a global UDI system | T |
Created by:
maggiemcel